金融业务创新的微观投入产出机制——基于生产系统视角的实证研究  

Micro Input-output Mechanism of Financial Business Innovation:An Empirical Study From the Perspective of Production System

作　　者：端利涛 李思瑞 DUAN Li-tao;LI Si-rui(Institute of Quantitative and Technological Economics,Chinese Academy of Social Sciences,Beijing 100732,China;ECARES,UniversitéLibre de Bruxelles,Brussels 1050,Belgium)

机构地区：[1]中国社会科学院数量经济与技术经济研究所,北京100732 [2]布鲁塞尔自由大学欧洲经济学与统计学高级研究中心,布鲁塞尔1050

出　　处：《东北财经大学学报》2023年第6期26-39,共14页Journal of Dongbei University of Finance and Economics

基　　金：国家自然科学基金重点项目“大数据环境下金融风险传导与防范研究”(71532013);国家自然科学基金面上项目“考虑因应行为的股市多主体行为演化特征与推理方法研究”(71871210)。

摘　　要：本文从生产系统视角,以金融企业人力资本投入和知识产权资本投入向金融业务创新的转化机制为核心,结合分支机构作为金融企业生产设施在上述转化过程中扮演的角色,建构了一个包含生产系统规模异质性的分析框架。在此基础上,本文以中国商业银行为样本,运用门限面板模型和交互效应模型进行实证分析。研究显示:对小型金融企业而言,人力资本投入对金融业务创新有正向影响,知识产权资本投入对金融业务创新的影响依赖于分支机构扩张的正向影响,但两类投入要素对金融业务创新的正向影响存在明显的替代关系;分支机构扩张会直接干扰金融业务创新并抑制投入要素向金融业务创新的转化。对大型金融企业而言,两类投入要素对金融业务创新的正向影响相对于小型金融企业显著减弱,两者之间不再存在明显的替代关系;分支机构扩张对金融业务创新直接或间接的负向影响亦不再明显。研究结果支持了生产系统分析框架在解释金融业务创新投入产出机制问题时较强的适用性,为未来研究提供了框架性工具;具体结论揭示了金融业务创新的人力资本投入主导特征和分支机构扩张对金融企业生产组织的影响,为监管实践提供了参考。In recent years,with the development of internet information technology and the further popularization of financial services among various income groups,new financial products continue to emerge,and financial innovation has gradually become a core issue in the management of financial enterprises and the supervision of financial markets.However,existing research on financial innovation mainly focuses on financial governance,and there is little empirical research on the"origin"of financial innovation from the perspective of enterprises.From the perspective of production systems,this study takes the mechanism of the transformation from human capital and intellectual property capital inputs of financial enterprises to financial business innovation as the core.It combines the role of branch institutions as production facilities of financial enterprises in the aforementioned transformation process,constructs a unified framework considering the scale heterogeneity of production systems,and proposes corresponding research hypotheses.On this basis,using Chinese commercial banks as samples,this study conducts empirical analysis considering threshold effects and various interaction effects.Specifically,this study finds that as for small financial enterprises,human capital input has a positive effect on financial business innovation,while the positive effect of intellectual property capital input on financial business innovation depends on the expansion of branch institutions,but there is an obvious substitution relation between the two input factors'positive effects on financial business innovation.Meanwhile,branch expansion directly interferes with the output of financial business innovation and inhibits the transformation of input factors into financial business innovation.In comparison,as for large financial enterprises,the positive effects of the two input factors on financial business innovation are significantly weakened compared with small financial enterprises,and there is no longer an apparent substitution relation

关 键 词：金融业务创新 人力资本 知识产权资本 分支机构 生产系统 规模异质性 

分 类 号：F27[经济管理—企业管理] F83[经济管理—国民经济] F062.3