数字金融发展、影子银行消弭与系统性风险防范  

Development of Digital Finance,Elimination of Shadow Banking,and Prevention of Systemic Risks

作　　者：田野 胡文涛[3] Tian Ye;Hu Wentao(Postdoctoral Research Workstation,Suzhou International Development Group Co.,Ltd.,Suzhou 215000,China;School of Finance and Economics,Renmin University of China,Beijing 100872,China;School of Finance,Henan University of Economics and Law,Zhengzhou 450046,China)

机构地区：[1]苏州国际发展集团有限公司博士后科研工作站,江苏苏州215000 [2]中国人民大学财政金融学院,北京100872 [3]河南财经政法大学金融学院,河南郑州450046

出　　处：《当代经济管理》2024年第12期87-96,共10页Contemporary Economic Management

基　　金：国家社会科学基金面上项目“金融高水平开放进程中系统性金融风险的传播路径及防范对策研究”(22BJY168)。

摘　　要：数字金融发展和系统性风险防范是金融学界和业界普遍关心的问题。研究使用双重固定效应下的面板数据方法,采用中国上市商业银行2011—2021年相关数据,对数字金融发展促进金融利率市场化、抑制影子银行发展、稳定金融系统的功能进行了分析。研究的主要创新点在于,以信托产品收益率作为影子银行强弱衡量指标,并以影子银行发展强弱作为机制分析数字金融发展对系统性风险的影响。研究结果表明,数字金融发展使得中国上市商业银行的系统性金融风险平均降低了0.242。机制分析表明,系统性风险降低的原因来源于商业银行战略数字化、业务数字化和管理数字化转型,以及数字金融发展带来的利率市场化,进而引发影子银行的消弭,金融系统得以稳定,系统性金融风险降低。The development of digital finance and the prevention of systemic risks are issues of widespread concern in both academic and industrial finance circles.This paper employs a panel data method under a dual fixed-effects framework,utilizing data from China’s listed commercial banks spanning from 2011 to 2021,to analyze the functions of digital finance development in promoting the liberalization of financial interest rates,inhibiting the expansion of shadow banking,and stabilizing the financial system.The primary innovation of this paper lies in using the yield rate of trust products as a metric to measure the strength of shadow banking and,subsequently,examining the impact of digital finance development on systemic risks through the lens of shadow banking’s development.The research findings reveal that the development of digital finance has led to an average reduction of 0.242 in systemic financial risks among China’s listed commercial banks.The mechanism analysis indicates that this reduction in systemic risks stems from the strategic,operational,and managerial digital transformation of commercial banks.Additionally,the marketizaiton of interest rates facilitated by digital finance development has contributed to the dissolution of shadow banking,the stabilization of the financial system and the reduction of systemic financial risks.

关 键 词：数字金融 影子银行 系统性金融风险 

分 类 号：F49[经济管理—产业经济] F832