金融科技对系统性金融风险扩散的影响机制研究

Research on the Influence Mechanism of Fintech on the Spread of Systematic Financial Risk

现代科技信息技术与金融行业融合已是大势所趋,一方面金融科技能够助推金融机构转型升级,增强金融系统的稳定性;另一方面也可能会加快系统性风险的扩散,加剧金融市场的不稳定性。本文在已有文献基础上,首先分析金融科技对系统性风险扩散的影响表现,然后基于信息技术的影响机制和货币流通速度的影响机制两个视角研究上述表现的原因。结果表明,金融科技会增强社会信用和信息收集处理能力,阻碍系统性金融风险扩散,但也会增强金融脆弱性,加快货币流通速度,进而加剧风险扩散。因此,金融机构和组织应加强数据收集处理和解决信息不对称问题的能力,货币当局应控制货币结构,更好地防范和减弱系统性金融风险扩散效应。

The integration of modern technical information technology and the financial industry has become a general trend. On the one hand, financial technology can promote the transformation and upgrading of financial institutions and enhance the stability of the financial system;On the other hand, it may accelerate the spread of systemic risks and exacerbate the instability of financial markets. Based on the existing literature, this paper first analyzes the impact of financial technology on the spread of systemic risk, and then studies the reasons for the above performance based on two perspectives including the impact mechanism of information technology and the impact mechanism of currency circulation speed. The results show that fintech will enhance the ability of social credit and information collection and processing, and hinder the spread of systemic financial risks, but it will also increase financial vulnerabilities and accelerate the speed of currency circulation, thereby exacerbating risk diffusion. Therefore, financial institutions and organizations should strengthen their ability to collect and process data and solve information asymmetry problems. Monetary authorities should control the currency structure to better prevent and reduce the proliferation of systemic financial risks.