金融科技会诱发企业超额银行借款吗?——基于央行金融科技应用试点政策的准自然实验  

Will Fintech Induce Excess Bank Loans?A Quasi-natural Experiment Based on the Central Bank's Pilot Policies on Fintech Applications

作　　者：陈克兢[1] 甄嘉华 熊熊[2,3] 张维[2,3] Chen Kejing;Zhen Jiahua;Xiong Xiong;Zhang Wei(School of Accounting,Dongbei University of Finance and Economics,Dalian 116025,China;Laboratory of Computation and Analytics of Complex Management Systems,Tianjin University,Tianjin 300072,China;College of Management and Economy,Tianjin University,Tianjin 300072,China)

机构地区：[1]东北财经大学会计学院,辽宁大连116025 [2]天津大学复杂管理系统实验室,天津300072 [3]天津大学管理与经济学部,天津300072

出　　处：《财经研究》2024年第2期47-62,共16页Journal of Finance and Economics

基　　金：国家社会科学基金项目“公司章程自治性条款识别、经济后果及治理机制研究”(23BGL114);国家自然科学基金专项项目“基于中国‘实体经济—金融系统’复杂关联的计算实验建模研究”(72141304);教育部人文社会科学研究规划基金项目“中小投资者保护制度创新与资本市场信息效率研究:基于投服中心行权的经验证据”(22YJA630006);科技部重点研发项目“基于市场行为提取特征及信息经济学的智能化仿真系统”(2022YFC3303304)。

摘　　要：作为现代信息技术驱动的金融创新,金融科技给银行等传统金融机构带来了冲击。文章以2016-2021年沪深A股上市公司为样本,探讨了金融科技对企业超额银行借款的影响。研究发现,金融科技会诱发超额银行借款。金融科技所带来的银行业竞争会导致银行为争抢客户资源而过度放贷,使得业绩较差的企业有机会获得超出最优债务规模的银行借款。这种影响在股东与债权人代理冲突严重或者经理人自利严重的企业中更加显著。经济后果分析表明,金融科技所诱发的超额银行借款会增加企业债务违约风险。文章从金融科技的视角探究了银行资金配置效率的影响因素,丰富了金融科技微观经济后果的研究,为防范金融风险提供了经验证据和政策启示。Fintech,as a technology-driven financial innovation,serves as a crucial engine for deepening the structural reform of the financial supply side and enhancing the capacity of financial services for the real economy.Relying on China's extensive experience in the long-term reform and opening up,regulatory authorities often create a favorable environment for the innovative transformation of new financial models through a"pilot and fault-tolerance"approach.This provides robust theoretical support and inspirations for the exploration of a series of issues triggered by the interplay between"Fintech"and"capital allocation efficiency".Taking A-share listed companies in Shanghai and Shenzhen from 2016 to 2021 as the sample,this paper examines the impact of Fintech on firms'excess bank loans.The results reveal that Fintech can induce excess bank loans.The intensification of competition in the financial industry due to Fintech exacerbates banks'tendency to over-lend,leading to firms obtaining excess bank loans.In terms of the flow of credit funds,Fintech indeed enables less profitable and financially distressed firms to secure excess bank loans.In firms with severe conflicts of interest between shareholders and creditors or significant managerial opportunism,the impact of Fintech on firms'excess bank loans is more pronounced.Economic consequence analysis indicates that Fintech-induced excess bank loans elevate the risk of corporate debt default.This paper takes excess bank loans by firms as its entry point,extending the economic consequences of Fintech to the micro level of firms and enriching the existing literature on Fintech.Meanwhile,it effectively solves the endogeneity problems in existing Fintech research by leveraging the exogenous impact of pilot policies for Fintech applications,providing useful references for subsequent research on the economic consequences of Fintech.This paper provides empirical evidence and policy implications for preventing financial risks.On the one hand,government authorities should strength

关 键 词：金融科技 超额银行借款 银行业竞争 委托代理冲突 

分 类 号：F275[经济管理—企业管理] F832.4[经济管理—国民经济]