金融科技赋能与结构性货币政策有效性——基于有调节的中介模型检验  

Fintech Empowerment and the Effectiveness of Structural Monetary Policy——Based on Moderated Mediation Model Testing

作　　者：朱新蓉[1] 刘银双 ZHU Xin-rong;LIU Yin-shuang(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《经济体制改革》2023年第4期151-158,共8页Reform of Economic System

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

摘　　要：从融资可持续性视角,基于2010~2021年新三板企业面板数据,运用有调节的中介模型探究金融科技背景下定向支持政策对特定部门信贷融资的有效性及传导机制。结果表明,定向中期借贷便利提高了小微企业信贷可得性及长期信贷获得率。尽管定向中期借贷便利增加了银行体系流动性供给,但主要以利率渠道便利了小微企业融资。尤其是通过金融科技赋能增强了利率传导的正向效应,并有助于弱化流动性渠道的负向作用,进而提高了定向中期借贷便利工具的调控效果,增强了商业银行服务小微企业信贷的可持续性。据此,解决结构性货币政策调控的可持续性问题,关键在于加快现代商业银行服务模式数字化转型。This paper uses a moderated intermediation model to explore the effectiveness and transmission mechanism of targeted support policies on sector-specific credit financing in the context of fintech from a financing sustainability perspective,based on a panel data of New Third Board firms from 2010 to 2021.The results show that the operation of targeted medium-term lending facilities by the central bank has increased the availability of credit and longterm credit access for micro and small enterprises(MSEs).Although the targeted medium-term lending facility increases the supply of liquidity to the banking system,it mainly facilitates MSEs' access to finance through the interest rate channel.In particular,it enhances the positive effect of interest rate transmission through fintech empowerment and helps to weaken the negative effect of the liquidity channel,thereby improving the regulatory effect of the targeted medium-term lending facility instrument and enhancing the sustainability of commercial banks in serving credit to MSEs.Accordingly,the key to addressing the sustainability of structural monetary policy regulation lies in accelerating the digital transformation of modern commercial banks' service models.

关 键 词：定向中期借贷便利 融资可得性 金融科技 商业银行服务创新 

分 类 号：F822.0[经济管理—财政学]