金融科技、银行竞争与企业成长

FinTech,Bank Competition and Firm Growth

基于2011-2018年A股上市公司数据,实证检验银行竞争在金融科技与企业成长之间的调节效应。结果表明:金融科技发展显著驱动企业成长,而银行竞争水平提高会扩大该影响效应。同时,金融科技的覆盖广度、使用深度、数字支持服务程度均会对企业成长产生积极影响。进一步通过异质性研究发现,金融科技和银行竞争的交互作用对民营企业、轻资产企业、东部地区企业以及服务业企业影响更强,表明金融科技有助于缓解传统金融供给带来的“属性锚定”和“阶段锚定”问题。

Based on the data of A-share listed companies from 2011 to 2018,this paper empirically tested the moderating effect of bank competition between fintech and corporate growth.Results have shown that the development of financial technology will significantly drive the growth of firms,and the increased level of bank competition will expand this impact.At the same time,the research also found that the three dimensions of financial technology coverage,depth of use,and digital support services all have a positive impact on firm growth.Further,through heterogeneous research,it is found that the interaction between fintech and bank competition is stronger for private firms,asset-light firms,eastern region firms,and service industry firms,indicating that fintech can help alleviate the"attribute anchoring"and"stage anchoring"issues of traditional financial supply.