银行数字化转型、信息结构与商业信用和银行信用间的替代性  

The Digital Transformation of Banks,Information Structure,and the Substitutability between Trade Credit and Bank Credit

作　　者：卢垚 战明华 LU Yao;ZHAN Minghua(School of Finance/Institute of Financial Openness and Development,Guangdong University of Foreign Studies;Institute of Fortune Management Research)

机构地区：[1]广东外语外贸大学金融学院/金融开放发展研究院,广州华南财富管理中心研究基地,广东广州510006

出　　处：《金融研究》2024年第9期39-58,共20页Journal of Financial Research

基　　金：国家自然科学基金青年科学基金项目(72403057);广东省哲学社会科学规划项目(GD24CLJ02)的资助。

摘　　要：信息不对称是造成企业融资约束的重要原因,那么银行数字化转型是否有利于缓解银企间信息不对称问题,促进银行信用替代商业信用呢?本文创新性地将信贷市场信息划分为可数字化和不可数字化两种信息类型,并提出银行数字化转型有助于银行处理数字化信息,但弱化了银行处理非数字化信息的能力,进而对两类信用的替代关系产生非线性影响。本文首先围绕银行数字化转型如何影响企业对银行信用和商业信用两类信用选择的问题展开理论分析,然后采用中国非金融上市公司银企贷款和供应链数据对假说进行实证检验。研究发现:一是银行数字化转型总体上促进了银行信用对商业信用的替代;二是银行信用对商业信用的替代是非线性的,原因在于数字化转型使银行处理非数字化和数字化两类信息的能力此消彼长;三是银行数字化转型对银行信用替代商业信用的影响程度与上下游企业的相对规模、经济周期阶段及企业所在行业类型相关。本研究对于如何在金融科技迅速发展背景下提高金融资源配置效率,促进经济高质量发展,均具有重要政策含义。Due to the broader market scope of bank credit,from both the perspective of Arrow-Debreu economic Pareto efficiency and the financial accelerator effect,the substitution of bank credit for trade credit plays a significant role in promoting high-quality development at both the micro and macro levels.In recent years,the rapid development of digital technology has fundamentally transformed China's financial structure and operations.Existing research generally holds that fintech can effectively reduce information asymmetry,thereby mitigating financial friction.Theoretically,this should increase firms'reliance on bank credit and reduce trade credit usage.However,this view overlooks the heterogeneity of information in the bank-enterprise credit market:some information,such as credit scores,is digitizable,while other aspects,like leader ship quality,are not digitizable.While digital transformation enhances the ability to process digitizable information,it fails to address non-digitizable information asymmetry.Additionally,as digitalization progresses,banks are reducing front-line operations that handle non-digitizable information.As a result,the impact of digital transformation on the relationship between banks and trade credit becomes uncertain.To explore this issue,we categorize credit market information into digitizable and non-digitizable types and examine how bank digital transformation influences the substitutability between trade credit and bank credit.Using an extended bank-enterprise relationship framework,this paper analyzes how digital transformation alters credit market friction and affects firms'credit choices.Based on the model analysis,we propose two hypotheses and test them using data from non-financial listed companies in China(2010-2021)with a functional-coefficient regression model.The results show that the effect of bank digital transformation on credit substitutability is nonlinear.Its impact increases as the proportion of digitizable information grows,with stronger substitution observed when downst

关 键 词：银行数字化转型 信息结构差异 商业信用 银行信用 函数系数回归 

分 类 号：F83[经济管理—金融学]