中国金融科技发展对资本市场信息效率的影响研究

Impact of China’s Fintech Development on Information Efficiency of Capital Market

研究目标:中国金融科技发展对资本市场信息效率的影响及其机制。研究方法:基于2006~2019年31个省份及A股上市公司数据,运用固定效应模型、中介效应模型等实证方法进行分析。研究发现:金融科技发展能够显著提高资本市场信息效率。从区域上看,金融科技对各地区资本市场信息效率的促进效应表现为西部最强,中部其次,东部最弱;从行业上看,金融科技对非富余产能行业资本市场信息效率的提升作用强于富余产能行业。机制分析发现,微观层面信息效应、中观层面补助效应和宏观层面关注效应分别是重要的中介传导机制。研究创新:首次将金融科技发展与资本市场稳定纳入同一个研究分析框架中;使用中介效应模型,揭开了金融科技发展如何影响资本市场信息效率的可能机制。研究价值:对促进金融科技发展、引导金融体系与资本市场稳定发展和实现经济转型升级具有重要意义。

Research Objectives:This paper aims to discuss how fintech development affects the information efficiency of the capital market in China.Research Methods:Based on the data of 31 provinces(or municipalities directly under the central government)and A-shared listed companies from 2006 to 2019,the fixed effect model,the mediation effect model and other analysis methods are used.Research Findings:The development of fintech can significantly improve the information efficiency of the capital market.From the regional perspective,the western region bears the greatest promotion effects,followed by the central region and the eastern region.From the industrial perspective,fintech plays a stronger role in improving the information efficiency of capital market in industries with non-surplus production capacity than industries with surplus production capacity.The mechanism analysis shows that the intermediary mechanisms are the information effect at the micro level,the subsidy effect at the medium level and the attention effect at the macro level.Research Innovations:For the first time,fintech development and capital market stability are brought into the same analysis framework;the possible mechanism of how the development of fintech affects the information efficiency of capital market is revealed by using the mediation effect model.Research Value:It is of great significance to promote the development of fintech,guide the stable development of financial system and capital market,and realize economic transformation and upgrading.