金融科技与银行行为——基于流动性创造视角  

FinTech and Banking Behavior:A Liquidity Creation Perspective

作　　者：宋科[1] 李振 杨家文 SONG Ke;LI Zhen;YANG Jiawen(School of Finance,Renmin University of China;Yanqi Lake Beijing Institute of Mathematical Sciences and Applications;School of Business,The George Washington University)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]北京雁栖湖应用数学研究院,北京101408 [3]美国乔治华盛顿大学商学院,美国华盛顿哥伦比亚特区

出　　处：《金融研究》2023年第2期60-77,共18页Journal of Financial Research

基　　金：广东省哲学社会科学“十四五”规划青年项目(GD21YYJ07);中国博士后科学基金面上项目(2020M680048)的资助。

摘　　要：当前,稳妥发展金融科技、加快金融机构数字化转型,已经成为构建现代金融体系和更好服务实体经济的重要抓手。本文基于流动性创造视角,考察金融科技发展对银行行为的影响及其作用机制。结果表明:(1)金融科技发展带来的外部竞争效应大于技术溢出效应,对银行流动性创造产生抑制作用。这主要体现在对资产端流动性创造和表外流动性创造的负向影响,但对负债端流动性创造没有显著影响。金融科技的覆盖广度和使用深度的增加均会抑制银行流动性创造,但其数字化程度提高则会促进银行流动性创造。(2)金融科技发展通过经营效率和风险承担等渠道影响银行流动性创造,即金融科技发展通过降低银行成本效率和利润效率,以及抑制银行总体违约风险承担、资产风险承担和资本短缺风险承担,从而对银行流动性创造产生负向影响。(3)随着金融科技发展,大型银行或高数字化银行均会增加流动性创造,但高市场化地区银行的流动性创造受到更加明显的抑制。本文为在新时期正确把握金融科技与传统银行关系,进一步稳妥推动金融科技发展,提供了经验证据和决策参考。With the development of digital technologies such as big data,cloud computing,blockchain and artificial intelligence and their widespread application in the financial field,FinTech has become an important force in promoting financial development and serving the real economy.The literature shows that FinTech is playing an increasingly important role in alleviating information asymmetry,reducing financial service costs,improving operating efficiency and enhancing financial accessibility.FinTech has also profoundly affected traditional financial products and services,especially the activities of traditional financial institutions.Thus,to better serve the real economy,promote high-quality economic development and further enhance the construction of the modern financial system,we need to have a better understanding of the development of FinTech and its relationship with traditional banks.According to contemporary intermediation theory,banks fulfill two important economic functions:risk transformation and liquidity creation.However,although some studies discuss the impact of FinTech on bank risk-taking,little research examines the factors that affect the creation of bank liquidity.By realizing the function of liquidity creation,banks can effectively improve their capital allocation and promote the growth of the real economy.However,little theoretical and empirical research examines how FinTech affects bank liquidity creation.This paper theoretically and empirically explores the relationship between FinTech and traditional finance with the aim of promoting the integrated development of financial innovation and the high-quality development of the financial sector.Based on data from 145 commercial banks in China from 2011 to 2020,this paper examines the impact of FinTech development on bank liquidity creation and its mechanism.The results show that(1)the external competition effect brought by the development of FinTech is greater than the technology spillover effect,which inhibits bank liquidity creation.This is mainly re

关 键 词：金融科技 银行行为 流动性创造 经营效率 风险承担 

分 类 号：F832[经济管理—金融学]