本文 探討在借貸需求增加時，金融科技是否能為借貸市場提供更好的流動性 以及讓消費者更容易取得貸款，因而創造額外借貸市場。以 2 019 年 美國房貸市場為例， 本文分別以借款金額、債務收入比、借貸金額收入比及借款人信用分數作為放款準則進行檢驗， 研究結果顯示金融科技貸款機構相較於傳統銀行有比較寬鬆的放貸準則，在借貸需求增加時，能增加放款機率， 且傳統銀行 容易 拒絕 較 高債務收入比的借款申請 金融科技貸款機構則無此現象， 因此 本 研究結果支持假說 ：金融科技創造額外借貸市場。

This paper examines whether Fintech can create an additional lending market by providing better liquidity and making loans more accessible to consumers in the wake of credit demand. Applying the U.S. mortgage market sample in 2019, we investigate the lending standards of borrowing amount, debt-to-income ratio, loan-to-income ratio, and borrower credit score. The results suggest that Fintech lenders ease lending standards compared to traditional banks and can increase lending accessibility when lending demand surges, and we also find that traditional banks are more likely to reject applications with high debt-to-income ratios. In contrast, we cannot find the evidence in the Fintech lenders sample. Therefore, the results of this study support the hypothesis that Fintech lenders create an additional lending market.

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