数字金融是否影响商业银行特许权价值?  

Does Digital Finance Affect Commercial Banks’Charter Value?

作　　者：顾海峰[1] 朱慧萍 GU Haifeng;ZHU Huiping(Glorious Sun School of Business and Management,Donghua University,Shanghai 200050,China)

机构地区：[1]东华大学旭日工商管理学院,上海200050

出　　处：《当代经济科学》2022年第4期88-102,共15页Modern Economic Science

基　　金：教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(20YJA790014)。

摘　　要：选取2011-2020年中国202家商业银行年度数据,构建面板回归模型对数字金融对银行特许权价值的影响及其作用机制进行实证分析。研究发现:(1)数字金融对银行特许权价值具有抑制作用。相对于股份制银行与东中部地区银行,数字金融对城市及农村银行与西部地区银行特许权价值的抑制力度更大。(2)金融开放与宏观审慎对数字金融与银行特许权价值的关系均具有正向调节作用,金融开放程度与宏观审慎政策力度的提高均会加剧数字金融对银行特许权价值的抑制作用。(3)净息差在数字金融与银行特许权价值的关系中承担着中介作用,数字金融通过信贷配给与金融脱媒渠道降低了银行净息差,进而降低了银行特许权价值,“数字金融-净息差-银行特许权价值”的传导渠道有效。In recent years,the field of digital finance in China has developed rapidly.As a new financial model,digital finance complements traditional financial system and in the meantime competes with it,which has exerted a significant impact on the business model and business innovation of the banking industry.In this context,the development of digital finance is bound to impact the bank charter value,thus posing a potential threat to the operation stability of banks.However,a review of the existing literature reveals that there is no literature on the impact of digital finance on bank charter value,and the existing literature does not involve the heterogeneity characteristics and mechanism of the impact of digital finance on bank charter value.This paper theoretically explains the effect and shows the impacting path of digital finance on the bank charter value.The major source of the data used in this paper includes WIND database and CSMAR database.Referring to the practice of Xie et al.(2018),Ma et al(2021),this paper adopts the digital inclusive finance index compiled by the digital finance research center of Peking University to measure the development of digital finance.With reference to the research of Xiang et al(2020),the pre-tax profit method is applied in calculating the bank charter value.The empirical results show that digital finance has a negative effect on the bank charter value.Compared with joint-equity banks and banks in eastern and central regions,digital finance has a larger negative effect on the bank charter value of urban rural commercial banks and banks in western regions.The mechanism test results reveal that both financial openness and macro-prudential supervision have a positive moderating effect on the relationship between digital finance and bank charter value,and net interest margin also plays a mediating role in the relationship.The transmission channel of“digital finance-net interest margin-bank charter value”is effective.In terms of the main innovation of this paper lies in the follow

关 键 词：数字金融 银行特许权价值 金融开放 宏观审慎 净息差 

分 类 号：F832.33[经济管理—金融学] F49