01
原文：Hau H, Huang Y, Lin C, et al. FinTech credit and entrepreneurial growth[J]. Journal of Finance, 2024, 79: 3309-3359.
FinTech Credit and Entrepreneurial Growth
ABSTRACT: Based on automated credit lines to vendors trading on Alibaba’s online retail platform and a discontinuity in the credit decision algorithm, we document that a vendor’s access to FinTech credit boosts its sales growth, transaction growth, and the level of customer satisfaction gauged by product, service, and consignment ratings. These effects are more pronounced for vendors characterized by greater information asymmetry about their credit risk and less collateral, which reveals the information advantage of FinTech credit over traditional credit technology.
金融科技信贷与中小企业成长
摘要：基于阿里巴巴在线零售平台对供应商交易的自动信贷额度和信贷决策算法的不连续性，文章证明了供应商获得FinTech信贷促进了其销售增长、交易增长，以及以产品、服务和寄售评级衡量的客户满意度水平。这些影响对于信用风险信息不对称程度更大、抵押品更少的供应商更为明显，这揭示了金融科技信贷相对于传统信贷技术的信息优势。
亮点：（1）研究利用了蚂蚁集团（Ant Group）提供的数亿笔交易数据，采用断点回归设计（RDD）方法，通过信用评分的阈值来推断信贷获取对企业增长的因果效应。这种方法论允许研究者在控制其他变量的情况下，分析信贷获取对企业表现的直接影响。（2）文章基于阿里巴巴在线零售平台上的自动化信贷数据，研究了金融科技（FinTech）信贷对小微电商企业销售增长、交易增长以及客户满意度的影响。这项研究为理解金融科技革命对创业精神和小企业发展的结构性影响提供了实证支持，尤其是在新兴经济体中。（3）研究结果对政策制定者具有启示意义，尤其是在考虑是否允许更多的金融科技贷款机构参与政府贷款项目时。文章的发现表明，金融科技信贷的扩展可以提高小微企业的信贷获取，促进其增长，这对于非危机时期的小企业贷款效率同样具有积极影响。同时，文章也讨论了涉及金融科技贷款机构参与政府项目的潜在成本，如欺诈风险和隐私问题。
02
原文：Chen T, Huang Y, Lin C, et al. Finance and firm volatility: evidence from small business lending in China[J]. Management Science, 2022, 68(3): 2226-2249.
Finance and Firm Volatility: Evidence from Small Business Lending in China
ABSTRACT: The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation of credit, we apply a fuzzy regression discontinuity design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is stronger for firms with fewer alternative sources of financing. We further look at firm exit probability and find that firms with access to FinTech credit are less likely to go bankrupt or exit the business in the future. Additional channel tests reveal that firms with FinTech credit invest more in advertising and product/sector diversification, particularly during business downturns, which serves as effective mechanisms through which credit access reduces firm volatility. Overall, our findings contribute to a better understanding of the role of FinTech credit in MSMEs.
金融与企业波动：来自中国小企业贷款的证据
摘要：阿里巴巴网上交易平台为数以百万计的中小微企业提供金融科技信贷。利用一个新的日销售额数据集和一个控制信贷分配的内部信用评分阈值，文章应用模糊断点回归设计（RDD）来探讨信贷准入对企业波动的因果效应。文章发现，信贷可得性显著降低了企业的销售波动率，并且这种效应对于可替代融资来源较少的企业更为显著。文章进一步研究了企业的退出概率，发现获得金融科技信贷的企业在未来破产或退出业务的可能性较小。另外的渠道测试显示，拥有金融科技信贷的公司在广告和产品/部门多样化方面的投资更多，特别是在业务低迷时期，这充当了信贷准入降低公司波动性的有效机制。总体而言，文章的研究结果有助于更好地理解金融科技信贷在中小微企业中的作用。
亮点：（1）文章聚焦于金融科技（FinTech）信贷对小微企业（MSMEs）销售波动性的影响，这是一个在现有文献中较少探讨的领域。通过利用中国作为研究背景，文章提供了关于FinTech信贷如何影响企业运营和风险的新见解。（2）研究者使用了阿里巴巴提供的新型数据集，包括每日销售数据和一个内部信用评分阈值，该阈值决定了信贷分配。文章应用了断点回归设计（RDD）方法，探索信贷获取对企业波动性的因果效应，这种方法在信贷获取研究中较为新颖。（3）文章不仅停留在信贷获取与企业波动性之间的关系，还进一步探讨了信贷获取如何通过增加广告投入和产品/行业多样化来降低企业波动性。这些分析有助于揭示FinTech信贷降低企业风险的潜在机制，为相关领域的研究提供了新的理论支持。
03
原文：Luo M, Yu S. Financial reporting for cryptocurrency[J]. Review of Accounting Studies, 2024, 29: 1707-1740.
Financial Reporting for Cryptocurrency
ABSTRACT: This study compares and contrasts US and international accounting and financial reporting practices for cryptocurrency. We analyze the financial statements of 40 global companies that have exposure to cryptocurrencies, including cryptocurrency purchases, mining, payments, trading, and investments in ICOs and earlystage blockchain ventures. We document inconsistency between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), as well as distortions that can mislead users in assessing asset value, liquidity, profitability, and cash-generating abilities across firms. In particular, firms receiving cryptocurrencies in revenue-generating activities account for cryptocurrencies as intangibles using different measurement bases and classify the associated cash inflows differently. Some firms place cryptocurrencies in the usual long-term location of intangibles, while others consider intangibles as liquid, short-term assets. Limited guidance about crypto-assets from both IFRS and GAAP lets companies choose which existing standard to apply and how to apply it. Understanding the financial and valuation implications of these new virtual assets is vital for future accounting research and professional practice.
针对加密货币的财务报告
摘要：研究比较和对比了美国和国际会计和财务报告对加密货币的实践。文章分析了40家持有加密货币的全球公司的财务报表，包括加密货币购买、开采、支付、交易以及对ICO和早期区块链企业的投资。文章记录了一般公认会计准则（GAAP）和国际财务报告准则（IFRS）之间的不一致，以及可能误导用户评估资产价值、流动性、盈利能力和现金产生能力的扭曲。特别地，在创收活动中获得加密货币的企业，使用不同的计量基础将加密货币作为无形资产进行核算，并对关联的现金流入进行不同的分类。一些公司将加密货币放置在通常的无形资产的长期位置，而另一些公司则认为无形资产是流动性的短期资产。IFRS和GAAP对加密资产的有限指导使得企业可以选择适用哪种现有标准以及如何适用。理解这些新型虚拟资产的财务和估值含义对于未来的会计研究和专业实践至关重要。
亮点：（1）鉴于加密货币的特殊性和现有会计准则的不足，文章建议会计监管机构应为加密货币制定具体的会计准则，而不是允许公司选择适用的现有标准。这一建议对于未来会计研究和专业实践具有重要意义，强调了对这些新型虚拟资产的财务和估值影响的理解至关重要。（2）文章比较了美国和国际会计以及财务报告实践在处理加密货币方面的差异。这种比较分析有助于理解不同国家和地区在加密货币财务报告方面的异同，为全球范围内的会计准则制定提供了参考。
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总编：游家兴
解析：李姝蕾
审校：刘乾 秦会
编辑：潘芳妍
