谢谢分享！

必备技能

谢谢分享！

有谁可以翻译一下吗

Financial Statements not Required
MIT Sloan Research Paper No. 6843-23

75 Pages Posted: 19 Apr 2023 Last revised: 6 Oct 2023
Michael Minnis
University of Chicago - Booth School of Business

Andrew Sutherland
Massachusetts Institute of Technology

Felix Vetter
University of Mannheim

Date Written: September 25, 2023

Abstract
Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks’ use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances provide lenders with access to a growing array of borrower information sources that can substitute for AFS. Second, banks are increasingly competing with nonbank lenders that rely less on AFS in screening and monitoring. Our results illustrate how technology adoption and changes in credit market structure can render AFS less efficient than alternative information sources for screening and monitoring.

Keywords: banks, lending standards, financial statements, auditing, SME lending, nonbank lending, fintech

JEL Classification: G21, G23, M41, M42, D82, G30, O31

Suggested Citation:
Minnis, Michael and Sutherland, Andrew and Vetter, Felix, Financial Statements not Required (September 25, 2023). MIT Sloan Research Paper No. 6843-23, Available at SSRN: https://ssrn.com/abstract=4408334 or http://dx.doi.org/10.2139/ssrn.4408334