Table 2 Data characteristics and summary statistics
From: Fintech, regtech, and financial development: evidence from China
Variable | Measurement | Source | Obs | Mean | SD | Min | Max | Expected Sign |
|---|---|---|---|---|---|---|---|---|
Financial Depth (\({\mathrm{FD}}_{(\mathrm{D})}\)) | Financial institutions deposit balances (log) | Wind Data Service | 2,312 | 16.786 | 1.046 | 14.415 | 21.083 | Criterion 1 |
Financial Access (\({\mathrm{FD}}_{(\mathrm{A})}\)) | Financial institutions loans (log) | Wind Data Service | 2,312 | 16.351 | 1.143 | 11.974 | 20.380 | Criterion 2 |
Financial Stability (\({\mathrm{FD}}_{(\mathrm{S})}\)) | Urban and rural residents’ savings (log) | Wind Data Service | 2,312 | 16.186 | 0.906 | 13.684 | 19.517 | Criterion 3 |
Fintech Index (\(\mathrm{Fintech}\)) | The Peking University- Digital Financial Inclusion Index of China (log) | Institute of Digital Finance, Peking University (2019) | 2,311 | 4.668 | 0.719 | 1.590 | 5.654 |  +  |
Financial Regulation (\(\mathrm{Finreg}\)) | Fiscal expenditure on financial regulatory matters (log) | China City Statistical Yearbook (2010–2018) | 2,279 | 38.912 | 9.029 | 0 | 71.805 |  ±  |
GDP per capita (\(\mathrm{GDPpc}\)) | GDP per capita in RMB (log) | China City Statistical Yearbook (2010–2018) | 2,311 | 10.577 | 0.597 | 8.576 | 13.056 |  +  |
Financial Openness (\(\mathrm{FOP}\)) | Actual foreign investment USD 10,000 (log) | EPS Database (2019) | 2,311 | 3.856 | 0.272 | 1.656 | 4.497 |  ±  |
Industrialization (\(\mathrm{IND}\)) | Secondary industry value added as a % of GDP (log) | EPS Database (2019) | 2,242 | 9.970 | 2.053 | -7.272 | 15.336 |  ±  |
Mobile phone users (\(\mathrm{Mpu}\)) | Number of mobile phone users (log) | EPS Database (2019) | 2,311 | 5.716 | 0.787 | 3.354 | 8.313 |  ±  |