监管沙盒与金融科技融资-原文-31页.pdf

Regulatory Sandboxes and FintechFunding: Evidence from the UK*Giulio Cornelli1,2, Sebastian Doerr1, Leonardo Gambacorta1,and Ouarda Merrouche31Monetary and Economic Department, Bank for International Settlements, Basel, Switzerland,2University of Zurich, Zu¨rich, Switzerland and 3Universite´ Paris Nanterre and EconomiX CNRSUMR 7235, Paris, FranceAbstractOver fifty countries have introduced regulatory sandboxes to foster financial innov-ation. This article conducts the first evaluation of their ability to improve fintechs’ ac-cess to capital and attendant real effects. Exploiting the staggered introduction ofthe UK sandbox, we establish that firms entering the sandbox see an increase of15% in capital raised post-entry. Their probability of raising capital increases by50%. Sandbox entry also has a significant positive effect on survival rates and pat-enting. Investigating the mechanism, we present evidence consistent with lowerasymmetric information and regulatory costs.Keywords: Regulatory sandbox, Fintech, Start-ups, Venture capital, InnovationJEL classification: G24, G38, M13, O38Received November 2, 2021; accepted April 6, 2023 by Editor Christine Parlour.*We would like to thank Matteo Aquilina, Raphael Auer, Matthias Bauer, Vicente Bermejo, LauraBlattner, Marcel Bluhm, Fabio Braggion, Fabrizio Core, Nick Clark, Juanita Gonza´lez-Uribe, Ralph DeHaas, Jon Frost, Luigi Guiso, Sebastian Hillenbrand, Beata Javorcik, Ivo Jenik, Michelle Lowry,Daphne´e Papiasse, and Manos Schizas, as well as participants at the European Finance AssociationAnnual Meeting, Swiss Winter Conference on Financial Intermediation, FINEST Autumn Workshop,Bank of Italy and Bocconi University—BAFFI CAREFIN conference on Financial Stability andRegulation, SKEMA-ESSEC 2022 Finance Workshop, SSES Annual Conference, the BIS research sem-inar, the European Bank for Reconstruction and Development research seminar, and meetings of theInter-American Development Bank, the Asian Development Bank, the Arab Regional Fintech WorkingGroup, and the BIS Innovation Hub. Ouarda Merrouche acknowledges financial support from ANRthrough grant number ANR-19-CE26-0016-01. The views expressed here are those of the authors only,and not necessarily those of the Bank for International Settlements.VC The Author(s) 2023. Published by Oxford University Press on behalf of the European Finance Association. All rightsreserved. For permissions, please email: journals.permissions@oup.comReview of Finance, 2024, 203–233https://doi.org/10.1093/rof/rfad017Advance Access Publication Date: 24 April 2023Downloaded from https://academic.oup.com/rof/article/28/1/203/7140150 by guest on 02 March 20241. IntroductionThe rapid growth of innovative companies in the financial sector that use new technologyholds the promise of spurring competition, leading to efficiency gains and more choice forconsumers. However, “fintechs” offer novel products in an environment of high regulatoryuncertainty, so they often struggle to raise enough c