金融科技能影响金融分权吗?——来自金融科技信贷的证据

Does FinTech Impact Financial Decentralization?--Evidence from FinTech Credit

金融科技正在变革全球金融体系、鼎新世界金融格局。那么,金融科技在改变中国金融业格局的同时,是否会影响中国中央和地方之间的金融分权呢?本文在理论分析的基础上,使用2010—2018年中国31个省级区域的面板数据进行实证检验,结果表明金融科技降低了地方政府的金融分权水平。进一步讨论发现:金融科技对金融分权的抑制效应受到财政分权和城镇化率影响,财政分权越大的地区,金融科技对金融分权的抑制效应越明显;城镇化率越高的地区,金融科技对金融分权的抑制效应越小;在中国区域经济发展不平衡的现实背景下,金融科技对金融分权的抑制作用在金融发展欠发达地区比在较发达地区更强。

FinTech is changing the global financial system and innovating the worldwide financial structures.When FinTech changes the financial sector in China,does it impact financial decentralization between the central and the local government?Based on theoretical analysis,this paper uses panel data in 31 provinces ranging from 2010 to 2018.The empirical result suggests that FinTech has a negative impact on financial decentralization.Furthermore,both the fiscal decentralization and the urbanization rate are able to adjust the negative impact of FinTech on financial decentralization.The stronger the fiscal decentralization,the more obvious the negative impact;while the larger the urbanization rate,the less negative the impact.Based on the fact of imbalanced regional development in China,the negative impacts of FinTech on financial decentralization in financially underdeveloped regions are stronger than those in relatively developed regions.