互联网技术普及下的金融市场与创新:基于全球视角下的检验

The Real Impact of Internet Penetration on Financial Market Efficiency:From a Global Perspective

本文基于全球38个国家和地区的互联网普及程度、金融市场发展程度、及科技创新能力信息,探索互联网技术普及如何影响金融市场作用于长期经济增长的效率.研究发现,从整体来看,互联网普及能显著提升金融市场服务于科技创新的效率,有利于经济长期发展.就作用机制而言,本文发现,对间接融资市场而言,互联网技术的普及能弥补实体银行分布的地域限制,提升银行流动性创造的效率、并提升银行业竞争水平,进而显著提升金融系统效率;对直接融资市场而言,互联网技术普及能对参与度高且换手率高的市场提供技术支撑,起到进一步促进的作用,同时也能够在证券市场波动较大时提供信息优势,保证金融市场效率.

Using the data of 38 economies,we provide the most recent evidence that trumpets the importance of internet penetration on the efficiency of the financial market in fostering the innovativeness and long-term growth of the economy.Additionally,we find that the effect varies for the intermediary-based financial system and market-based financial system.We document that internet penetration improves the intermediarybased financial system by removing the physical limitations of banks,enhancing the depth of the banking system,and promoting market competition.By contrast,internetbased technology provides support for a highly active stock market and maintains market efficiency during uncertain periods by providing information advantages.