金融科技能否提升实体企业信贷韧性?  

Can Fintech Enhance the Credit Resilience of Real Enterprises?

作　　者：张骏 陈东晖 郭娜 ZHANG Jun;CHEN Dong-hui;GUO Na(School of Digital Economics and Management,Tianjin University of Finance and Economics,Tianjin 300222,China;School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学数字经济与管理学院,天津300222 [2]天津财经大学金融学院,天津300222

出　　处：《东北财经大学学报》2024年第6期85-96,共12页Journal of Dongbei University of Finance and Economics

基　　金：国家社会科学基金后期资助项目“金融科技、银行信贷资源配置与实体经济高质量发展研究”(23FJYB033);教育部人文社会科学研究青年基金项目“经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究”(23YJC790038);国家自然科学基金青年项目“系统性风险防范视角下我国货币政策与宏观审慎政策协调机制研究”(71903142)。

摘　　要：在高质量发展背景下,以金融科技为引领提升金融服务实体经济质效至关重要。本文基于2015—2022年114家中国商业银行的面板数据,运用双向固定效应模型从实体企业信贷韧性视角研究了金融科技的实体经济赋能效应。研究结果表明,金融科技有助于提升实体企业信贷韧性,且该结论在经过双重差分估计、双重机器学习检验,以及稳健性检验后仍然成立;异质性分析结果表明,金融科技对实体企业信贷韧性的提升作用在非国有银行、非上市银行,以及低银行竞争水平和低市场化水平的地区更为有效;机制分析结果表明,金融科技可以通过提高银行资源配置效率、抑制银行流动性创造的顺周期性提升实体企业信贷韧性。本文的研究结论对于如何利用金融科技优化银行信贷资源配置,进而助力中国经济高质量发展具有一定的启示。The healthy development of the real economy,the foundation of the national economy,cannot be separated from an efficient and stable financial support system.However,for a long time,Chinese real economy enterprises,especially manufacturing enterprises,have faced the persistent challenges of“difficult and expensive financing”due to the lack of sufficient collateral to obtain effective bank credit support.This phenomenon not only hinders the innovative development and transformation and upgrading of real economy enterprises but also affects the stable operation of the overall economy.In this context,enhancing the credit resilience of real economy enterprises is of great significance for the high‑quality development of the Chinese economy at this stage.Although previous studies have revealed the positive effects of fintech in optimizing credit processes and expanding credit coverage,there is still a lack of in‑depth and systematic exploration of how fintech enhances the credit resilience of real economy enterprises,especially the ability of banks to maintain credit stability for real economy enterprises in the face of macroeconomic fluctuations.This paper empirically analyzing how the application of fintech affects the credit resilience of real economy enterprises and its underlying mechanisms.Utilizing panel data from 114 Chinese commercial banks from 2015 to 2022 and measuring the level of fintech this paper studies the empowering effect of fintech on the real economy from the perspective of the credit resilience of real economy enterprises.The research results indicate that fintech contributes to enhancing the credit resilience of real economy enterprises,and this conclusion remains valid after conducting difference‑in‑differences estimation and the double machine learning test.Heterogeneity analysis results reveal that the effect of fintech on enhancing the credit resilience of real economy enterprises is more effective in non‑state‑owned banks,non‑listed banks,and regions with low bank competit

关 键 词：金融科技 实体企业 信贷韧性 银行资源配置效率 银行流动性创造的顺周期性 

分 类 号：F832.1[经济管理—金融学]