监管沙盒与金融科技融资-原文-31页

ReviewofFinance,2024,203–233Downloadedfromhttps://academic.oup.com/rof/article/28/1/203/7140150bygueston02March2024https://doi.org/10.1093/rof/rfad017AdvanceAccessPublicationDate:24April2023RegulatorySandboxesandFintechFunding:EvidencefromtheUKGiulioCornelli1,2,SebastianDoerr1,LeonardoGambacorta1,andOuardaMerrouche31MonetaryandEconomicDepartment,BankforInternationalSettlements,Basel,Switzerland,2UniversityofZurich,Zu¨rich,Switzerlandand3Universite´ParisNanterreandEconomiXCNRSUMR7235,Paris,FranceAbstractOverfiftycountrieshaveintroducedregulatorysandboxestofosterfinancialinnov-ation.Thisarticleconductsthefirstevaluationoftheirabilitytoimprovefintechs’ac-cesstocapitalandattendantrealeffects.ExploitingthestaggeredintroductionoftheUKsandbox,weestablishthatfirmsenteringthesandboxseeanincreaseof15%incapitalraisedpost-entry.Theirprobabilityofraisingcapitalincreasesby50%.Sandboxentryalsohasasignificantpositiveeffectonsurvivalratesandpat-enting.Investigatingthemechanism,wepresentevidenceconsistentwithlowerasymmetricinformationandregulatorycosts.Keywords:Regulatorysandbox,Fintech,Start-ups,Venturecapital,InnovationJELclassification:G24,G38,M13,O38ReceivedNovember2,2021;acceptedApril6,2023byEditorChristineParlour.WewouldliketothankMatteoAquilina,RaphaelAuer,MatthiasBauer,VicenteBermejo,LauraBlattner,MarcelBluhm,Fabio...