主讲人：吴鹏 讲师（浙江财经大学经济学院）

主持人：兰兰 助理教授（辽宁大学李安民经济研究院）

嘉宾介绍：程诗雨 助理教授（辽宁大学李安民经济研究院）

时间：2025年12月12日（周五） 10：00-11：30（北京时间）

地点：辽宁大学崇山校区五洲园一楼会议室

线上地址：腾讯会议730-281-8924

语言：中文/英文

摘要： 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.

主讲人简介：

吴鹏，浙江大学经济学博士，浙江财经大学经济学院讲师。任浙江财经大学党委人才办专聘副主任，中国信息经济学会理事，浙江大学中国数字贸易研究院兼职研究员。研究领域为数字经济与数字贸易。研究成果录用或发表于《经济学(季刊)》《世界经济》《中国工业经济》《财贸经济》、The World Economy、International Review of Economics and Finance、Structural Change and Economic Dynamics等国内外期刊。主持国家社科青年项目一项。