数字化转型与银行信贷配置——基于银行贷款投向实体经济的视角  

Digital Transformation and Bank Credit Allocation:Based on the Perspective of Bank Lending to the Real Economy

作　　者：丁鑫 周晔[2] Ding Xin;Zhou Ye(School of Finance, Zhejiang University of Finance and Economics;School of Finance, Capital University of Economics and Business)

机构地区：[1]浙江财经大学金融学院 [2]首都经济贸易大学金融学院

出　　处：《数量经济技术经济研究》2024年第3期193-216,共24页Journal of Quantitative & Technological Economics

基　　金：国家社会科学基金面上项目(22BJY008)的资助。

摘　　要：在建设数字中国、构建适应现代经济发展的数字金融新格局下,数字化转型能够缓解银企之间信息不对称,精准识别企业信贷需求,成为金融供给侧结构性改革的重要路径。基于成本优化和信息传递视角,本文在微观银行经济学理论框架中引入数字化转型进行理论分析,并采用2010~2021年217家商业银行的面板数据,实证检验银行数字化转型对信贷配置的影响及其内在机理。研究发现,银行数字化转型能够促进信贷供给增加,促使银行信贷由金融业配置到实体行业。作用机制为数字化转型利用信息技术与数据要素增强银行信息甄别能力,缓解银企之间信息不对称性,并通过降低银行经营成本与人力费用,推动信贷配置到实体行业。进一步地,数字化转型具有“顶层设计”的特征,不同转型路径中“创新理念型”对信贷配置的效果最优;相较于“合作式”转型,“自主式”转型方式的信贷配置效果更佳;银行实体网点数量的增加和人力成本的减少有助于数字化转型推动信贷投向实体行业,数字化转型在经济繁荣和信贷上行阶段具有更明显的顺周期性。异质性检验发现,规模较小、盈利较高与贷款质量较低的银行在数字化转型过程中对信贷投向实体行业的边际影响更强。本文的研究为进一步优化金融供求结构,推动商业银行支持实体经济发展提供理论参考。In the context of building a digital China and establishing a new digital financial pattern that adapts to modern economic development,digital transformation can alleviate the information asymmetry between banks and enterprises,accurately identify corporate credit demand,and become an important path for structural reforms in the financial supply side.This study uses a cost optimization and information transmission perspective to analyze the theoretical implications of digital transformation within the framework of micro-banking economics.The empirical analysis is based on panel data from 217commercial banks from 2010 to 2021,examining the impact and underlying mechanism of digital transformation on credit allocation.The study finds that digital transformation in banks can boost credit supply,shifting credit allocation from the financial sector to the real economy and thus facilitating a transition of credit allocation toward tangible sectors.This conclusion holds after various robustness tests.Digital transformation enhances banks' information identification capabilities by utilizing information technology and data elements,reducing information asymmetry between banks and enterprises,and lowering operating costs and labor expenses,thereby promoting credit allocation toward tangible sectors.A comparison of different paths and modes of digital transformation in banks reveals that it is characterized by a “top-down design,” with the “innovation-oriented” path having the most optimal credit allocation effect.Compared to the “cooperative” transformation,the “independent” transformation mode has a better effect on credit allocation.Additionally,an increase in physical branches and a decrease in labor costs contribute to digital transformation's ability to drive credit allocation toward tangible sectors,having more procyclicality during economic prosperity and credit expansion phases.Smaller banks with higher profitability and lower loan quality have a stronger marginal impact on driving credit allocatio

关 键 词：数字化转型 信贷配置 实体经济 信贷供给 

分 类 号：F832.33[经济管理—金融学]