辽宁大学经济学前沿高端讲座第一百零六讲 Reaping the Richest: Revisiting FinTech’s Pricing Power

来源：

学校官网

收录时间：

2026-03-17 19:20:55

时间：

2025-12-12 10:00:00

地点：

辽宁大学崇山校区五洲园一楼会议室

报告人：

吴鹏

学校：

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关键词：

FinTech, pricing power, alternative data, AI, satellite remote sensing, price discrimination, digital finance, lending, risk assessment

简介：

We analyze fintech’s pricing power using a sample of small business loans granted by a leading fintech platform and incumbent banks in China. We first show that the fintech lender charges significantly higher interest rates than banks, a result consistent with prior studies. However, we find that this interest rate premium cannot be explained by fintech’s exposure to inherently riskier borrowers or by borrowers’ urgent liquidity needs. To uncover the underlying mechanism, we exploit the fintech lender’s Dashanque (DSQ) program, which integrates satellite remote sensing and AI into rural credit assessments to enrich fintech’s alternative-data set. Strikingly, enriching alternative data and information set further widens the fintech premium, especially so for agricultural firms. However, the delinquency rate of fintech borrowers does not rise compared to bank borrowers. Further test reveals that the incremental premium is driven by increased interest rates charged on larger and high‐sales borrowers, consistent with the fintech lender using superior data to identify low‐elasticity clients and extract additional surplus. Our findings provide novel evidence of data-driven price discrimination in fintech lending.

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