金融科技平台公司经济影响研究:风险与收益不对称视角

The Economic Effects of Fintech Platform Companies:From the Perspective of Asymmetry between Risk and Profit

金融科技平台公司的市场垄断和信息垄断,导致了与经典“风险与收益对称性”理论相悖的现象。首先,本文构建理论模型刻画金融科技平台公司的定价和决策,以及与商业银行和消费者最优决策之间的互动关系。其次,本文运用各类冲击,模拟金融科技平台公司垄断定价对金融体系和经济体系产生的影响。再次,本文引入数据使用成本和利率最高上限政策,考察抑制金融科技平台公司垄断和提高社会福利水平的有效机制。结果表明:(1)不同冲击下,金融科技平台公司的垄断定价会造成银行生产性贷款被挤出、消费者过度消费和过度负债等负向影响;(2)由于商业银行与金融科技平台公司的密切联系,平台公司的垄断行为会挤出商业银行利润,使得商业银行杠杆率提高,抗风险能力降低;(3)增加金融科技平台公司的信息使用成本和设置利率最高上限是有效的政策手段,组合使用相关政策手段能够引导平台利率下降并逐步破除平台垄断。

The digital footprint of China’s large population,combined with the wide application of digital technologies such as big data,artificial intelligence,and blockchain,has laid the foundation for the market monopoly and information monopoly of fintech platform companies,resulting in a phenomenon contrary to the classical theory of risk and return symmetry.Because of this,this paper attempts to build a theoretical model including fintech platform companies based on the perspective of risk and income asymmetry,to analyze the possible economic consequences of monopoly,and puts forward possible strategies,so as to provide a possible thinking dimension for the current anti-monopoly.This paper builds a theoretical model including four economic sectors(business sector,household sector,government sector and foreign sector)to characterize the pricing mechanism and behavioral decisions of fintech platform companies,as well as the interactive relationship with the optimal decisions of commercial banks and consumers.Moreover,we use the impact of credit availability,consumer loan risk,and loose monetary policy to simulate the impact of monopoly pricing on the financial system and economic system caused by the asymmetry between risk and profit of fintech platform companies.Last,we introduce the data use cost and interest rate ceiling policy to investigate the effective mechanism to curb the monopoly of fintech platform companies and improve the level of social welfare.Our results can be summarized from three parts.(1)Under different shocks,the monopoly pricing of fintech platforms not only eases the positive effect of shocks on macroeconomic variables such as output and investment but also causes negative effects such as productive bank loans being squeezed out,consumers’excessive consumption and excessive debt.(2)The utilization of funds by commercial banks is closely related to the source of funds of fintech platform companies,but the monopoly behavior of platforms will squeeze out the profits of commercial banks,improve the leverage ratio of commercial banks,reduce the anti-risk ability,and improve the vulnerability and instability of the financial system.(3)Increasing the information use cost of fintech platform companies and setting the maximum ceiling of interest rates are effective policy tools,which can be used in combination.It can not only break down the monopoly of the platform but also guide the reduction of consumer loan interest rates and optimize the market competition environment.We contribute to existing literature from three dimensions.(1)Existing literature mainly emphasizes the impact of the application of the Internet and digital technology on interest rate pricing,as well as the role of reducing information asymmetry and improving credit efficiency(Xiang et al.,2019;Wang et al.,2020;Huang&Qiu,2021).Based on the application of digital technology innovation in the financial field,this paper considers the asymmetry between risk and return,supplementing the classical theoretical hypotheses in the financial field.(2)Most general equilibrium models involve consumers,enterprises,commercial banks,and other economic sectors.This paper introduces financial technology platform companies to investigate the possible impact of their market monopoly and information monopoly on the financial system and the overall economic system,thus forming an extension of the general equilibrium model.(3)This paper is the first time to investigate the effectiveness of the policy of increasing the data use cost of fintech platform companies and setting the maximum ceiling of consumer loan interest rate,which can alleviate the monopoly of the platform,reduce the degree of risk and income asymmetry,and improve the overall level of social welfare,thus helping to provide some reference for regulatory decisions in reality.