金融科技对传统银行行为的影响--基于互联网理财的视角  

How does FinTech Development Affect Traditional Banking in China?The Perspective of Online Wealth Management Products

作　　者：邱晗[1] 黄益平[1] 纪洋 QIU Han;HUANG Yiping;JI Yang(National School of Development,Peking University;Institute of Digital Finance,Peking University;Department of Finance,School of Economics, Xiamen University)

机构地区：[1]北京大学国家发展研究院/数字金融研究中心,北京100872 [3]厦门大学经济学院金融系,福建厦门361005

出　　处：《金融研究》2018年第11期17-29,共13页Journal of Financial Research

基　　金：国家社会科学基金重大项目(编号18ZDA091);国家自然科学基金青年项目(编号71803163)资助.

摘　　要：本文使用2011-2015年263家银行的年报数据和北京大学数字金融研究中心基于蚂蚁金服用户数据构建的地市级数字金融普惠指数,探究金融科技的发展对银行行为的影响。研究发现金融科技的发展实质上推动了一种变相的利率市场化,改变了银行的负债端结构,使得银行负债端越来越依赖于同业拆借等批发性资金。负债端结构的改变导致银行资产端风险承担偏好上升,但是借贷利率和净息差都有所下降。即银行选择了更高风险的资产来弥补负债端成本上升所造成的损失,但并没有将成本向下游企业转移。此外,本文还发现规模越大的银行受到金融科技的冲击越小。This paper uses the annual report data of 263 banks from 2011 to 2015 and the city-level Digital-financial inclusion index constructed by Institute of Digital Finance to explore the impact of the Fintech development on bank behavior. The study finds that the Fintech development actually promotes the interest rate liberalization at the depository side, changes the bank's debt structure, reduces the proportion of banks' retail deposits, and increases the proportion of wholesale financing such as interbank liabilities. Change of liabilities structure leads to a rise in the bank asset risky, but both the average interest rate of assets and net interest margin decline. It suggests that banks choose to use higher-risk assets to make up for the losses caused by rising costs on the liability side rather than transferring costs to downstream companies. At the same time, this paper also finds that larger banks are less affected by the Fintech development.

关 键 词：金融科技 银行负债结构 银行风险承担 

分 类 号：E40[军事—军事理论] G18[文化科学]