互联网支付发展与金融风险防范——基于支付经济学视角的研究

Internet Payment Development and Financial Risk Prevention:A Research Based on the Perspective of Payment Economics

基于支付经济学的视角,从互联网支付系统、商业银行互联网支付、第三方互联网支付和非法定数字货币四条传导路径,研究了互联网支付发展与金融风险防范之间的关系。基于指数构建的两阶段实证结果表明,互联网支付对金融风险具有显著的正向效应,且不同传导路径间存在差异性。互联网支付在为金融市场和实体经济服务的同时,客观上也产生了相应的金融风险,并为金融风险传播提供了通道。为更好地防范金融风险,应优化支付结算机制设计、建立应对系统故障和流行病冲击等的压力测试框架,以及加强对非法定数字货币的金融风险监管。

Based on the perspective of payment economics,this paper studies the relationship between the development of Internet payment and financial risk prevention from four transmission paths:Internet payment system,commercial bank Internet payment,third-party Internet payment and non-legal digital currency.The two-stage empirical results based on index construction show that Internet payment has a significant positive effect on financial risks,and there are differences in different transmission paths.While serving the financial market and the real economy,Internet payment also objectively generates corresponding financial risks,and provides a channel for the spread of financial risks.In order to better prevent financial risks,this paper advocates optimizing the design of payment and settlement mechanism,establishing a stress test framework to deal with system failure and epidemic shocks,and strengthening the supervision of financial risks caused by non-legal digital currency.