FinTech信贷规模能刺激金融机构提升涉农贷款占比吗?

Can FinTech Credit Scale Stimulate Financial Institutions to Increase the Proportion of Agricultural-related Loans?

金融科技提升了金融机构的风险承担水平。作为一类重要的金融科技,非金融机构的FinTech信贷规模能因为刺激金融机构提升风险承担水平,而使其加大涉农贷款投放以提高涉农贷款占比吗?本文将非金融机构的FinTech信贷规模及金融机构风险承担水平引入Opiela的模型,构建代表性金融机构的目标函数和约束条件,进行理论分析并提出研究假说;然后基于2009—2017年中国31个省市区平衡面板数据,采用个体固定效应模型,检验研究假说,探讨FinTech信贷规模与涉农贷款占比之间的关系问题。研究结果表明,FinTech信贷规模可提升金融机构的涉农贷款占比,但涉农贷款占比增速边际递减。进一步研究表明,市场化水平和房地产发展状况还通过FinTech信贷规模的部分中介效应,间接影响涉农贷款占比。最后,就发展FinTech信贷、助力乡村振兴战略的实施提出了相关政策建议。

FinTech has improved the risk-taking level of financial institutions. As one kind of important FinTech, can the scale of FinTech credit of non-financial institutions stimulate the financial institutions to increase the investment of agricultural-related loans and raise the proportion of agricultural-related loans due to the improvement of risk-taking level?In this paper, the scale of FinTech credit and the risk-taking level of financial institutions of non-financial institutions are introduced into Opiela’s model, and the loans of representative financial institution are divided into non-agricultural loans and agricultural-related loans, and the objective function and constraint conditions of representative financial institution are constructed;the proportion relationship between non-agricultural loans and agricultural-related loans is obtained by solving the objective function under the constraint conditions, and then the relationship between non-agricultural loans and agricultural-related loans is constructed.The function between the proportion of agricultural-related loans and the scale of FinTech credit is obtained;through the first and second partial-derivative of this function, the relationship between FinTech credit scale and the proportion of agricultural-related loans is obtained and the research hypothesis is put forward. Then, based on the data of China Social Organization Public Service Platform, National Bureau of Statistics, the People’s Bank of China, Wind database and zero-one think tank, based on the 2009-2017 equilibrium panel data of 31 provinces and cities in China, this paper uses the individual fixed effect model to test the research hypothesis and explore the above issues.The results show that FinTech credit scale can stimulate financial institutions to increase the proportion of agricultural-related loans by improving the risk-taking level of financial institutions, but the growth margin of the proportion of agricultural-related loans is decreasing. Further research shows that the level of marketization and real estate development also indirectly affect the proportion of agricultural-related loans through some intermediary effects of FinTech credit scale.In addition, the conclusion of this paper has reference significance for the study of the impact of other types of FinTech on agricultural-related loans.