金融科技的经济稳定器作用:金融加速器理论的视角  

Role of Fintech as an Economic Stabilizer:A Financial Accelerator Theory Perspective

作　　者：王红建 张科 李青原[4] WANG Hongjian;ZHANG Ke;LI Qingyuan(Key Laboratory of Data Science in Finance and Economics,Jiangxi University of Finance and Economics;School of Finance,Jiangxi University of Finance and Economics;School of Economics&Management,Nanchang University;Economics and Management School,Wuhan University)

机构地区：[1]江西财经大学财经数据科学重点实验室 [2]江西财经大学金融学院,330013 [3]南昌大学经济管理学院,330031 [4]武汉大学经济与管理学院,430072

出　　处：《经济研究》2023年第12期4-21,共18页Economic Research Journal

基　　金：国家自然科学基金面上项目(72072079);国家自然科学基金地区项目(71962020);国家自然科学基金重点项目(72332003)的资助。

摘　　要：以抵押资产约束为核心的金融加速器理论是解释宏观经济波动的重要理论之一。本文基于金融加速器理论考察金融科技对实体经济运行的稳定器作用及其内在机理,这对跨周期宏观调控政策的科学设计具有重要的价值。研究发现:金融科技显著抑制上市企业投资波动,表明金融科技对实体经济运行具有稳定器作用。机制识别发现:金融科技发展通过减少银企间信息不对称,降低抵押品在债务契约中的重要性,从而显著弱化金融加速器效应。异质性检验发现:金融科技对企业投资的稳定作用在非国有企业、房价波动较大地区以及金融监管更严格地区的样本中更显著。本文研究从金融加速器理论视角揭示了金融科技影响实体经济运行的内在机理,可为跨周期调控以及金融科技政策的设计提供理论依据。The operating rules of macroeconomy are a comprehensive manifestation of micro-level aggregate behaviors.Corporate investment,as an indispensable component of overall social investment,plays a crucial role in maintaining macroeconomic stability.According to the financial accelerator theory,excessive reliance on mortgage assets can lead to a vicious cycle of credit,investment,and economic development due to the sharp fluctuations in the fair value of collateral assets during economic downturns and upturns.While China's capital market has seen substantial development,the financial system remains largely dominated by banks.Due to information asymmetry,bank credit contracts necessitate real estate as collateral assets.Fluctuations in the value of these assets can profoundly influence bank risk management practices,thereby impacting the balance between supply and demand in the credit market.Therefore,diminishing the prominence of collateral assets in bank credit contracts is pivotal for mitigating the financial accelerator effect and stabilizing corporate investment.The rapid evolution of fintech has fundamentally reshaped the dynamics of bank-enterprise relationships.Leveraging big data and machine learning,fintech has redefined the credit supply patterns,diminishing the importance of collateral assets in loan contracts.This,in turn,alleviates the financial accelerator effect,ensuring the stability of corporate investment and financing.Consequently,exploring how fintech can tactfully navigate corporate investment volatility holds paramount theoretical and practical significance in fostering macroeconomic stability.Using the data from A-share listed companies over the period 2011-2021,this paper investigates the impact and underlying mechanisms of fintech on investment volatility based on the financial accelerator theory.Our findings indicate that fintech development helps reduce corporate investment volatility,highlighting its significant role as an economic stabilizer.This conclusion holds true after endogeneity han

关 键 词：金融科技 金融加速器理论 投资波动 稳定器作用 

分 类 号：F832[经济管理—金融学]