【摘要】 以抵押资产约束为核心的金融加速器理论是解释宏观经济波动的重要理论之一。本文基于金融加速器理论考察金融科技对实体经济运行的稳定器作用及其内在机理，这对跨周期宏观调控政策的科学设计具有重要的价值。研究发现：金融科技显著抑制上市企业投资波动，表明金融科技对实体经济运行具有稳定器作用。机制识别发现：金融科技发展通过减少银企间信息不对称，降低抵押品在债务契约中的重要性，从而显著弱化金融加速器效应。异质性检验发现：金融科技对企业投资的稳定作用在非国有企业、房价波动较大地区以及金融监管更严格地区的样本中更显著。本文研究从金融加速器理论视角揭示了金融科技影响实体经济运行的内在机理，可为跨周期调控以及金融科技政策的设计提供理论依据。更多还原

【Abstract】 The operating rules of macroeconomy are a comprehensive manifestation of micro-level aggregate behaviors. Corporate investment, as an indispensable component of overall social investment, plays a crucial role in maintaining macroeconomic stability. According to the financial accelerator theory, excessive reliance on mortgage assets can lead to a vicious cycle of credit, investment, and economic development due to the sharp fluctuations in the fair value of collateral assets during economic downturns and upturns. While China’s capital market has seen substantial development, the financial system remains largely dominated by banks. Due to information asymmetry, bank credit contracts necessitate real estate as collateral assets. Fluctuations in the value of these assets can profoundly influence bank risk management practices, thereby impacting the balance between supply and demand in the credit market. Therefore, diminishing the prominence of collateral assets in bank credit contracts is pivotal for mitigating the financial accelerator effect and stabilizing corporate investment. The rapid evolution of fintech has fundamentally reshaped the dynamics of bank-enterprise relationships. Leveraging big data and machine learning, fintech has redefined the credit supply patterns, diminishing the importance of collateral assets in loan contracts. This, in turn, alleviates the financial accelerator effect, ensuring the stability of corporate investment and financing. Consequently, exploring how fintech can tactfully navigate corporate investment volatility holds paramount theoretical and practical significance in fostering macroeconomic stability.Using the data from A-share listed companies over the period 2011-2021, this paper investigates the impact and underlying mechanisms of fintech on investment volatility based on the financial accelerator theory. Our findings indicate that fintech development helps reduce corporate investment volatility, highlighting its significant role as an economic stabilizer. This conclusion holds true after endogeneity handling and a series of robustness tests. Mechanism identification reveals that fintech development weakens the financial accelerator effect by reducing information asymmetry between banks and enterprises and diminishing the importance of collateral assets in debt contracts. Heterogeneity tests demonstrate that the inhibitory effect of fintech on micro-level corporate investment volatility is prominent in non-state-owned enterprises or enterprises located in regions with substantial fluctuations in housing prices or subject to more stringent financial regulations.The main contributions of this study are as follows. Firstly, by revealing the intrinsic logic of how fintech affects the financial accelerator through the collateral channel, this study expands and deepens our understanding of the relationship between fintech and the financial accelerator effect. The research shows that fintech, represented by big data, blockchain, and artificial intelligence, significantly reduces the role of collateral assets in debt contracts, leading to the weakening of the financial accelerator effect. Secondly, based on the financial accelerator theory, this study uncovers the intrinsic logic of how fintech stabilizes the macroeconomy, providing theoretical support for the design of cross-cycle macroeconomic policies. Thirdly, employing rigorous econometric methods, this study scientifically assesses the role of fintech as an economic stabilizer, contributing to a more comprehensive understanding of the development of fintech and the operational rules of the real economy. Given the increasing downside risks in the current macroeconomic environment, leveraging the power of fintech to stabilize the macroeconomic landscape becomes more crucial. Additionally, amidst the rapid development of fintech, debates persist regarding fintech risks and regulatory issues. This study, based on rigorous econometric methods, evaluates the role of fintech as an economic stabilizer, providing theoretical support for continued optimization and guidance of fintech development policies.更多还原