银行业管制放松与地区金融科技发展  

Banking Deregulation and Regional Fintech Development

作　　者：胡海峰[1] 白宗航 班元浩 HU Haifeng;BAI Zonghang;BAN Yuanhaole(School of Business,Bejing Normal University,Beijing 100875,China;School of Finance,Shandong University of Finance and Economics,Jinan 250014,China;Institute of Quantitative&Technical Economics,Chinese Academy of Social Sciences,Beijing 100732,China)

机构地区：[1]北京师范大学经济与工商管理学院金融系 [2]山东财经大学金融学院 [3]中国社会科学院数量经济与技术经济研究所

出　　处：《金融评论》2024年第3期23-48,155,156,共28页Chinese Review of Financial Studies

基　　金：国家社会科学基金重大项目《新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究》(项目批准号:21&ZD111)的资助。

摘　　要：以金融科技赋能金融高质量发展是推进中国式现代化的内在要求,也是优化中国金融体系结构、探索中国特色金融发展道路的根本遵循。本文基于2003~2021年全国工商注册企业和银行业分支机构数据,系统考察银行业管制放松对地区金融科技发展的影响及其作用机制。研究发现,银行业管制放松显著促进地区金融科技发展,这一结论在经过一系列内生性处理和稳健性检验后依然稳健。机制分析表明,银行业管制放松主要通过金融可得性和人才集聚两条路径促进地区金融科技发展,并且适当严格的监管环境有利于强化银行业管制放松对地区金融科技发展的促进作用。异质性分析表明,银行业管制放松对于地区金融科技发展的促进作用在高银行业结构多样性、高金融稳定性地区以及中心和内陆城市更加显著。进一步地,银行业管制放松对地区金融科技的推动作用虽然能够改善家庭金融市场参与度,但也会导致金融鸿沟和网络金融风险。本文的研究为数字经济时代以金融科技推动构建中国式现代化金融体系提供政策参考。Ensuring reasonable and robust liquidity is crucial for fostering economic growth.This paper investigates the role of liquidity in shaping corporate financing decisions and its subsequent impact on corporate investment choices and macroeconomic growth.By examining the dual aspects of corporate financingliquid demand and investment demand-this study elucidates how liquidity dynamics influence economic behavior.Our analysis indicates that merely increasing nominal liquidity without a corresponding rise in liquidity value support can diminish real purchasing power and exacerbate liquidity constraints.As a result,companies often allocate a larger share of their financing to meet immediate liquidity needs for survival.Furthermore,a reduction in liquidity value support leads firms to increase their overall financing demand.Even when firms obtain liquidity,they tend to prioritize these funds for immediate operational expenses rather than long-term investments.This study highlights the complex relationship between liquidity and economic activity,emphasizing the need for policymakers to accurately gauge and maintain adequate liquidity levels to ensure that finance effectively supports the real economy.By preventing liquidity-induced financial risks,policymakers can better safeguard economic stability and promote sustainable growth.

关 键 词：金融科技 银行业管制放松 金融监管 金融高质量发展 

分 类 号：F832[经济管理—金融学]