从竞争对手到合作伙伴：银行对金融科技的风险投资（英）-62页

FromCompetitorstoPartners:Banks’VentureInvestmentsinFintechManjuPuriYimingQian†XiangZheng‡March18,2024AbstractWehypothesizeandfindevidencethatbanksuseventureinvestmentsinfintechstartupsasastrategicapproachtonavigatefintechcompetition.Wefirstdocumentthatbanks’ventureinvestmentshaveincreasinglyfocusedonfintechfirms.Wefindthatbanksfacinggreaterfintechcompetitionaremorelikelytomakeventureinvestmentsinfintechstartups.Bankstargetfintechfirmsthatexhibithigherlevelsofassetcomplementaritieswiththeirownbusiness.Finally,instrumentalvariableanalysesshowthatventureinvestmentsincreasethelikelihoodofoperationalcollaborationsandknowledgetransferbetweentheinvestingbankandthefintechinvestee.Keywords:Fintech,Bank,VentureInvestments,Competition,CollaborationJELclassification:G21,G24DukeUniversity,FDIC,andNBER.Email:mpuri@duke.edu.†UniversityofConnecticut.Email:yiming.qian@uconn.edu.‡UniversityofConnecticut.Email:xiang.zheng@uconn.edu.WethankCrunchbaseforprovidingacademicaccesstotheirdata.Forhelpfulcommentsanddiscussions,wethankPaulBeaumont(discussant),ZhiguoHe(discussant),JinyuanZhang(discussant),conferenceandseminarparticipantsfromthe2023GSU-RFSFintechConference,2024MidwestFinanceAssociationAnnualMeeting,DukeUniversity,FudanUniversity,PekingUniversityHSBCSchoolofBusiness,SeoulNationalUniversity,SunYat-senUniversity,Virgin...