美联储-银行与创业中的信息技术（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Information Technology in Banking and EntrepreneurshipToni Ahnert, Sebastian Doerr, Nicola Pierri, Yannick Timmer2024-083Please cite this paper as:Ahnert, Toni, Sebastian Doerr, Nicola Pierri, and Yannick Timmer (2024).“Infor-mation Technology in Banking and Entrepreneurship,” Finance and Economics Discus-sion Series 2024-083.Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2024.083.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Information Technology in Banking and EntrepreneurshipToni Ahnert∗Sebastian Doerr†Nicola Pierri‡Yannick Timmer§August 2024AbstractWe study the importance of information technology (IT) in banking for entrepreneurship.Guided by a parsimonious model, we establish that job creation by young firms is strongerin US counties more exposed to banks with greater IT adoption. We present evidenceconsistent with banks’ IT adoption spurring entrepreneurship through a collateral chan-nel: entrepreneurship increases by more in IT-exposed counties when house prices rise.Further analysis suggests that IT improves banks’ ability to determine collateral values,in particular when collateral appraisal is more complex. IT also reduces the time andcost of disbursing collateralized loans.JEL classification: D82, G21, L26.Keywords: technology in banking, entrepreneurship, information technology, collateral, screen-ing.We would like to thank our discussants Diana Bonfim, Marti Guasch, Daniil Kashkarov, Ralf Meisenzahl,Mikhael Paaso, Mitchell Petersen, Tarun Ramadorai, Glenn Schepens, Consuelo Silva, and Huan Tang, aswell as Manuel Adelino, Nigel Chalk, Giovanni Dell’Ariccia, Jon Frost, Davide Malacrino, Andrea Presbitero,Anke Weber, and Wei Xiong for their insightful comments. We are grateful to seminar participants at theSantiago Finance Workshop 2022, FIRS, the Barcelona GSE Summer Forum, the 4th IMF Annual Macro-Financial Research Conference, the 2nd DC Junior Finance Conference, Midwest Finance Association AnnualConference, the Price College of Business Colloquium on The Peril & Promise of Artificial Intelligence forCorporations, International Network for Economic Research Conference, EFiC 2021 Conference in Bankingand Corporate Finance, Corporate Finance Day at RSM, The Future of Growth Conference, the IBEFA sessionat ASSA 2022, EBA Policy Research Workshop, the IMF, University of Bonn, and University of Halle. Wethank Chenxu Fu