Purpose

This study aims at determining the portfolio value at risk (VAR) and market value of Fintech firms and compare it with their counterparts.

Design/methodology/approach

By using on a dataset from 46 countries between 2009 and 2018, the authors use five measures of VaR to investigate their empirical dynamics in relation with the market value of Fintech and non-Fintech companies.

Findings

The empirical results indicate that Fintech firms' portfolios have a higher financial risk and a higher market value in comparison to non-fintech firms' portfolios. Furthermore, the authors also report that the Fintech firm portfolios experience more financial risk regardless of the holding period as long-term (one year) or short-term (quarter).

Research limitations/implications

There are some limitations in this research. This research does not segregate Fintech firms into their different types of services, such as direct financial investment services, loan provision services, insurance services (InsurTech), etc. The authors only aggregate the Fintech firms by country and region. Future research may consider analysing Fintech firms by differentiating the kind of financial services they offer

Practical implications

Given the importance of their market value, the results imply that Fintech companies might contribute significantly to financial fluctuations in case of large variations of the market. In terms of policy recommendation, this observation requires a particular attention from the regulatory bodies who need to find the best economic balance between promoting innovation/financial technology and regulating the Fintech companies.

Originality/value

This paper is the first study clarifying the relation of financial risk and market value for the Fintech firms, using the large enough database to obtain significant results. This article implies that Fintech companies require a robust risk management framework

中文翻译：

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金融科技公司的VaR与市值：来自全球数据的分析与证据

目的

本研究旨在确定金融科技公司的风险投资组合价值 (VAR) 和市场价值，并将其与同行进行比较。

设计/方法/方法

通过使用 2009 年至 2018 年间来自 46 个国家/地区的数据集，作者使用 VaR 的五种度量来调查其与金融科技和非金融科技公司的市场价值相关的实证动态。

发现

实证结果表明，与非金融科技公司的投资组合相比，金融科技公司的投资组合具有更高的财务风险和更高的市场价值。此外，作者还报告说，无论持有期是长期（一年）还是短期（季度），金融科技公司的投资组合都会经历更多的财务风险。

研究限制/影响

本研究存在一些局限性。本研究并未将金融科技公司划分为不同类型的服务，例如直接金融投资服务、贷款提供服务、保险服务（InsurTech）等。作者仅按国家和地区汇总了金融科技公司。未来的研究可能会考虑通过区分他们提供的金融服务类型来分析金融科技公司

实际影响

鉴于其市值的重要性，结果表明金融科技公司可能会在市场波动较大的情况下对财务波动做出重大贡献。在政策建议方面，这一观察需要监管机构的特别关注，他们需要在促进创新/金融技术和监管金融科技公司之间找到最佳经济平衡。

原创性/价值

本文是第一次阐明金融科技公司财务风险与市场价值关系的研究，使用足够大的数据库获得了显着的结果。本文暗示金融科技公司需要强大的风险管理框架