数字科技如何影响中国的信用体系--基于商业银行行为的理论模型和实证检验

How Does Digital Technology Affect China’s Credit System:Theoretical Model and Empirical Examination Based on the Behavior of Commercial Banks

数字科技的应用为缺乏抵押品的高科技企业和中小企业传递真实信息形成信用提供了技术支撑,因此可以有效缓解其贷款中因信息不对称导致的信贷配给问题。数字科技通过多个渠道重塑信用生态体系,包括助催了企业数字资产的形成、拓宽了金融机构的业务边界等。商业银行是中国信用体系的供给主体,数字科技的广泛应用降低了信用风险管理过程中信息的获取和处理成本,缓解了信息不对称引发的信贷配给问题,从而提高了商业银行的风险偏好和信用供给能力,形成了基于数字信用而非抵押品信用的信贷投放模式,这种模式可以更好地服务缺乏传统抵押品的高科技企业和中小企业。基于上市商业银行数据和面板门槛效应模型进行的实证检验,证实了数字科技的确提升了商业银行对高科技企业和中小企业的风险偏好和授信效率,但提升的空间和效果,在商业银行运用数字科技转型的不同时期又展现出非线性的特点。研究结果为数字经济背景下,如何改善金融服务实体经济尤其是服务高科技企业和中小企业提供了启示和借鉴。

The application of digital technology provides technical support for small and medium-sized enterprises lacking collateral to transmit real information and form credit, which can effectively alleviate the credit rationing problem in loans for small and medium-sized enterprises. This paper explores the mechanism for digital technology to affect the credit ecosystem, including the formation of credit capital, the shift of the risk preference curve and the innovation of traditional credit model. On this basis, this paper constructs a credit creation model for commercial banks, which proves that the input of digital technology can improve the credit creation ability and risk preference of banks, and the credit model based on digital credit instead of collateral credit can better serve small and medium-sized enterprises. This paper uses the panel threshold effect model to examine the data of listed banks in China, and proves that the risk preference and credit behavior of commercial banks in China are quite different at different stages of digital development. These research results provide enlightenment and reference for us to understand how finance can better serve the real economy, especially small and medium-sized enterprises against the background of digital economy.