网络司法拍卖与信贷资源供给

Abstract

This paper uses unique data from the Alibaba judicial auction platform to examine how the gradual implementation of online judicial auctions by local courts since the 18th National Congress of the Communist Party of China affects credit resource allocation. The results show that: (1) online judicial auctions significantly increase the credit supply level of local commercial banks. The mechanism is that online judicial auctions protect bank claims more effectively through improving judicial execution efficiency and promoting judicial execution fairness, thereby increasing bank credit supply; (2) the effect is more pronounced when the local housing auction ratio is higher, the conditions for traditional judicial auctions are poorer, and the market demand for judicial auctions is greater; (3) the incremental credit supply brought by online judicial auctions significantly alleviates the financing constraints of small and medium-sized enterprises (especially private enterprises). This paper is the first to empirically test the microeconomic impact of online judicial auctions, providing important policy reference value for promoting the coordinated development of the 'legal system - financial system - real economy'.