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In this paper, the risks of FinTech firms between China and the U.S. during a time of fast technological advances based on a GARCH-VaR Model have been compared. Then the daily returns of the SSE Internet Finance Index, the S&P Kensho Democratized Banking Index, which can respectively measure the overall performance of China's and America’s listed FinTech firms, and the S&P 500 Index, known as the stock barometer, have been selected as our empirical objects. By the comparison of Value at Risk on the indices, we find that FinTech companies have brought vitality to the financial market, especially in times of economic downturns, and U.S. FinTech firms are more susceptible to extreme losses than in China. These results have underscored the significance of enhancing the supervision and regulation of innovative activities within FinTech companies to maintain stability for the financial market worldwide.

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Comparative Analysis of FinTech Risks in China and the U.S.: An Application of the GARCH-VaR Model

  • 会议论文

  • 发表日期：

    2025年

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  • Ming Zhao,
  • Meiling Du

摘要

In this paper, the risks of FinTech firms between China and the U.S. during a time of fast technological advances based on a GARCH-VaR Model have been compared. Then the daily returns of the SSE Internet Finance Index, the S&P Kensho Democratized Banking Index, which can respectively measure the overall performance of China's and America’s listed FinTech firms, and the S&P 500 Index, known as the stock barometer, have been selected as our empirical objects. By the comparison of Value at Risk on the indices, we find that FinTech companies have brought vitality to the financial market, especially in times of economic downturns, and U.S. FinTech firms are more susceptible to extreme losses than in China. These results have underscored the significance of enhancing the supervision and regulation of innovative activities within FinTech companies to maintain stability for the financial market worldwide.