金融科技发展会提升金融稳定性吗?——基于宏观审慎监管有效性的视角  

Does Advancement in FinTech Bolster Financial Stability?An Examination through the Prism of Macroprudential Regulatory Effectiveness

作　　者：陈宇峰 吴金旺[2,3] 吴忠睿 Chen Yufeng;Wu Jinwang;Wu Zhongrui

机构地区：[1]浙江师范大学经济与管理学院,杭州310018 [2]浙江金融职业学院金融管理学院,杭州310018 [3]浙江工商大学统计与数学学院,杭州310018 [4]浙江金融职业学院,杭州310018

出　　处：《浙江学刊》2024年第2期117-128,240,共13页Zhejiang Academic Journal

基　　金：浙江省哲学社会科学规划领军人才培育课题“偏向型能源技术进步与环境治理:理论与中国经验”(22QNYC13ZD);教育部人文社科重点研究基地重大项目“现代流通体系促进经济高质量发展的协同机制和政策评估研究”(22JJD790080)阶段性成果。

摘　　要：金融科技已逐渐成为国内金融业转型升级的新引擎,但也引致“涉众太广而不能倒”等一系列难题,对金融稳定具有重要影响。本文基于宏观审慎监管有效性视角,用系统性金融风险测度金融稳定,分析金融科技发展对系统性金融风险的影响及作用机制。结果表明:金融科技发展会增加系统性金融风险,且具双门槛性质;传染性是风险传递的中介机制;单一实施宏观审慎政策对系统性金融风险效果有限,但宏观审慎政策可以有效缓释金融科技对系统性金融风险的影响,在经济下行区更加明显。研究结论为金融科技发展和监管提供了有益的经验证据和政策启示。Amid the ongoing expansion,optimization,and fortification of the digital economy,FinTech has progressively emerged as a pivotal catalyst for the transformation and enhancement of the domestic financial sector.Nevertheless,the evolution of FinTech has given rise to a myriad of challenges,including the“too systemic to fail”issue,warranting a comprehensive examination of its implications for financial stability.This paper adopts a macroprudential regulatory lens to gauge financial stability through the measure of systemic financial risk,and scrutinizes the influence and operational mechanism of FinTech development on this systemic risk.Empirical evidence indicates that FinTech development augments systemic financial risk,presenting a dual-threshold phenomenon as the level of development escalates.The contagion effect manifests as the intermediary variable in the model,mediating the impact of FinTech on systemic financial risk.While the exclusive implementation of macroprudential policies exhibits limited efficacy in mitigating systemic financial risk,these policies can effectively temper the impact of FinTech on systemic risk,particularly during economic downturn.The findings offer valuable empirical insights and policy guidance for the ongoing development and regulation of FinTech.

关 键 词：金融科技 金融稳定 宏观审慎政策 

分 类 号：F832[经济管理—金融学]