金融科技新业态对传统金融中介的技术外溢效应分析

Analysis on the Technology Spillover Effect of New Financial Technology Formats on Traditional Financial Intermediaries

本文运用内生增长理论,构建了一个包含金融科技公司与传统金融中介的理论模型,考察了金融科技新业态的技术溢出对传统金融中介效率的影响。理论研究结果表明金融科技新业态的技术溢出提高了传统金融中介的效率。实证检验结果也证明金融科技新业态显著提高了2011~2018年全国1 15家上市商业银行的技术效率。通过进一步的理论机制分析,发现:(1)金融科技新业态的技术外溢效应是动态变化的,且依赖于其对传统金融中介的“破坏性效应”是否得到有效抑制;(2)如果传统金融中介主动缩小与金融科技公司的效率差距,将可以实现两者之间的均衡、协调、融合发展。

This paper uses the endogenous growth theory to establish a theoretical model including FinTech firms and Traditional Financial Intermediaries,and to analyze the technology spillover effect of FinTech firms on Traditional Financial Intermediaries.Theoretical results show that FinTech improve the efficiency of Traditional Financial Intermediaries.Also empirical results show FinTech significantly improve the technological efficiency of 115 listed commercial banks in China from 2011 to2018.Further theoretical analysis shows:(1)the technology spillover effect of FinTech is dynamic,which depends on whether or not its"disruptive effect"on Traditional Financial Intermediaries can be effectively suppressed;and(2)if the Traditional Financial Intermediaries actively narrow the efficiency gap,both Traditional Financial Intermediaries and FinTech firms will be able to achieve balanced,coordinated and integrated development.