金融科技与担保品政策结构效应:强化还是削弱?  

Fintech and Structural Effects of Collateral Policy:Strengthening or Weakening?

作　　者：朱新蓉[1] 刘银双 Zhu Xinrong;Liu Yinshuang

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《证券市场导报》2023年第2期68-79,共12页Securities Market Herald

基　　金：国家社科基金重大项目“新形势下资本市场重大风险防范与化解研究”(项目编号:19ZDA061);湖北省社会科学基金重点项目“湖北实现瓶颈突破对策研究”(项目编号:HBSK2021705);中南财经政法大学博士研究生科研创新项目(项目编号:202110589)。

摘　　要：本文以MLF担保品扩容政策为准自然实验,构建双重和三重差分模型,探究金融科技对担保品政策结构效应的影响及其作用路径。结果表明,宽松的担保品政策有助于提高小微企业信贷可得性,促进其信贷期限结构延长。该结构效应在高金融发展水平地区、低融资成本以及处于成长期和成熟期的小微企业中表现尤为突出。进一步研究发现,金融科技发展水平的提高通过弱化银行信贷传导机制和减少银行信贷需求,降低了担保品政策对小微企业融资的调控效果,此“替代效应”在强监管套利与弱银行竞争条件下尤为明显。本文结论能为完善货币政策担保品框架与充分发挥金融科技贷款优势,以建立长效的小微企业服务机制提供经验借鉴。This paper takes the MLF collateral policy expansion as a quasi-natural experiment,utilizing Difference-in-Difference(DID)and Difference-in-Difference-in-Difference(DDD)models to explore the impact and mechanism of the Fintech on structural effects of collateral policy.The results show that the easing of collateral policy helps to improve the credit availability of small and micro enterprises(SMEs)and promote the extension of their credit term structure.This structural effect is particularly prominent in areas with high financial development levels,with low financing costs,and for SMEs in the growth and maturity stages.Further evidence finds that the increased level of Fintech development reduces the regulatory effect of collateral policy on SMEs financing by weakening the bank credit transmission mechanism and reducing bank credit demand.This substitution effect of Fintech on collateral policy is particularly significant under conditions of strong regulatory arbitrage and weak bank competition.The conclusion of this paper can provide experience and reference for improving the framework of collateral policy and making full use of the advantages of Fintech loans to establish a long-term service mechanism for SMEs.

关 键 词：金融科技 担保品政策 小微企业 信贷渠道 

分 类 号：F822.0[经济管理—财政学] F832.3F276.3