The Employment Effect of Bank Fintech：A Perspective on Heterogeneous Credit Expansion

Li Yifei, Wang Zilu, Li Maolin

The Journal of World Economy ›› 2024, Vol. 47 ›› Issue (11) : 92-115.

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The Journal of World Economy ›› 2024, Vol. 47 ›› Issue (11) : 92-115.

The Employment Effect of Bank Fintech：A Perspective on Heterogeneous Credit Expansion

  • Li Yifei, Wang Zilu, Li Maolin
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Abstract

Technological advancements in the financial sector enhance the completeness of credit markets and reduce corporate financing constraints, thereby enabling firms to create jobs through production expansion. Using fintech patent data from Chinese commercial banks between 2010 and 2018, this paper provides evidence that technological progress in the banking industry promotes employment expansion in the real economy. Our findings indicate that banking fintech has a significant positive effect on corporate employment. Compared to non-growth firms, growth firms can obtain more credit loans and increase labor demand following improvements in banks' information screening capabilities. The employment-promoting effect of banking fintech is more pronounced in firms with a higher degree of digital transformation, in regions with larger labor forces, and in manufacturing firms. Furthermore, the low-skilled job creation driven by growth firms does not reduce the labor income share, and employment expansion is also observed in growth-oriented small and medium-sized enterprises. This study has important implications for constructing more effective financial support mechanisms to promote high-quality employment under the impact of digital finance.

Key words

bank fintech / credit allocation / employment stabilization / SMEs

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Li Yifei, Wang Zilu, Li Maolin. The Employment Effect of Bank Fintech：A Perspective on Heterogeneous Credit Expansion[J]. The Journal of World Economy, 2024, 47(11): 92-115

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