金融科技、固定资产投资与区域金融风险——基于空间计量模型的研究

Financial Technology,Fixed Asset Investment and Regional Financial Risk:A Study Based on Spatial Econometric Model

金融科技的发展在提高融资效率、促进经济增长、金融发展的同时,也因为“金融脱媒”加速了信贷扩张,容易引发金融风险。本文通过空间计量模型的方法,采用2011—2018年的省级面板数据,考察金融科技对区域金融风险和固定资产投资的空间溢出效应。研究表明:金融科技对本地区的区域金融风险和固定资产投资具有正向影响,固定资产投资在金融科技对区域金融风险影响中具有中介效应。金融科技对邻近地区的区域金融风险和固定资产投资水平具有负向空间溢出效应。同时,金融科技对区域金融风险和固定资产投资的空间溢出效应存在地区异质性,较落后地区的金融科技对区域金融风险和固定资产投资的直接影响相对较大。

While improving financing efficiency,promoting economic growth and financial development,financial technology has accelerated credit expansion and caused the aggregation and infection of financial risks because of“financial disintermediation”.Through the method of spatial econometric model,the paper uses the provincial panel data over 2011-2018 to study the spatial spillover effect of financial technology on regional financial risk and fixed asset investment.The research shows that financial technology has a positive impact on the regional financial risk and fixed asset investment in the region,and fixed asset investment has intermediary effect in the impact of financial technology on regional financial risk.Financial technology has a negative spatial spillover effect on the regional financial risk and fixed asset investment in adjacent areas.At the same time,there is regional heterogeneity in the spatial spillover effect of financial technology on regional financial risk and fixed asset investment.The direct impact of financial technology on regional financial risk and fixed asset investment in backward areas is relatively large.