关键词: 银行金融科技, 债券信用利差, 信息透明度, 溢出效应

Abstract: Bank fintech can enhance banks’ service efficiency and quality. However, the existing studies have primarily focused on the direct impact of bank fintech on the credit market, while overlooking its potential spillover effects on the bond market. Based on this, this study examines the relationship between bank fintech and bond credit spreads by taking the issuance data of listed companies as samples. The results indicate that bank fintech can effectively reduce bond credit spreads, revealing the spillover effect of bank fintech on the bond market. The mechanism and heterogeneity analyses show that bank fintech reduces bond credit spreads by lowering information asymmetry between enterprises and investors and improving the credit ratings of bond issuers, with greater effects observed in samples where bond issuers have higher default expectations, weaker bond liquidity, no bond guarantees, lower external audit quality, or weaker corporate repayment capacity. Further analysis reveals that bank fintech has the effect of real economy, and can expand the scale of enterprises’ fixed assets investment by reducing the bond credit spread. Therefore, banks should further increase their investment in financial technology, improve their ability to collect information and identify risks, and strengthen their role as external governance of enterprises. Enterprises should proactively adapt to the external regulatory environment under the background of financial technology, actively improve the quality of information disclosure, and thereby reduce financing costs.

Key words: bank fintech, bond credit spread, information transparency, spillover effect