金融科技对小额贷款公司杠杆率的影响机制研究

The Influence Mechanism of Financial Technology on the Leverage Ratio of Small Loan Companies

提升金融科技发展水平是提升普惠金融服务效率和质量的重要手段。小额贷款公司是我国普惠金融机构的重要组成部分,研究金融科技发展的影响具有重要理论和实践意义。本文在理论研究的基础上,采用零壹智库基于CRITIC方法,利用2010―2018年相关数据,构建各省金融科技发展指数进行实证检验。研究结果表明,金融科技发展对小额贷款公司杠杆率的影响存在“U”型非线性关系,金融科技发展的影响存在拐点,低于拐点时抑制小贷公司杠杆率,超过拐点后促进小贷公司杠杆率;其机制在于,金融科技抑制金融分权,促进科技创新、智能设备普及和银行网点增加,从而抑制或促进小贷公司杠杆率。

Improving the level of Fintech development is an important means to improve the efficiency and quality of inclusive financial services.Small loan companies are an important part of China’s inclusive financial institutions,and it is of great theoretical and practical significance to study the influence of financial technology development on them.Based on the theoretical research,this paper uses the CRITIC method of 01FINDs to construct the provincial financial technology development index for empirical testing using the relevant data from 2010 to 2018.The results show that the influence of Fintech development on the leverage ratio of small loan companies has the“U”nonlinear relationship,the influence of Fintech development has an inflection point,which inhibits the leverage ratio of small loan companies when it is lower than the inflection point,and promotes the leverage ratio of small loan companies after the inflection point.