商业银行对互联网金融的学习效应——基于上市银行经营数据的实证研究

The Learning Effect of Commercial Banks on Internet Finance An Empirical Study Based on Domestic Listed Banks

互联网金融对商业银行的竞争与替代效应会引发其学习效应,但中国银行业的优势主要体现在资金渠道的垄断上,而互联网金融在发展前期对此影响有限,因而本文以对存款业务带来根本性冲击的互联网理财产品创新为时点来界定商业银行可能的学习效应,利用国内16家上市银行2013~2015年的季度数据进行实证分析。结果表明,商业银行对互联网金融的学习效应更多来自于竞争与替代性引致的被动学习效应,主动学习效应并不显著,而且大银行的学习效应要弱于中小银行。要推动国内银行业的改革与创新,还是应通过促进市场竞争来给商业银行带来足够的动力。

The competitive and replacement effect of the internet finance has induced the learning effect of the commercial banks. However, the competitive advantage of Chinese banking industry mainly lies on the monopolistic power on the fund sources, which largely has not been influenced by the internet finance in its early stages. This paper thereafter studying the learning effect of commercial banks on the internet finance by confining the timeframe to the introduction of internet financial products, which brought essential impacts on the deposits, the core business of the commercial banks. Based on the seasonal panel data from 2013 to 2015 of 16 domestic listed commercial banks, the empirical results indicate the learning effect mainly comes from the passive learning effect resulting from the competitive and replacement effects, while the active learning effect is not significant. Additionally, the learning effect will be affected by the size, large banks with less challenges from the internet finance having weaker learning effects than the small and medium sized banks.