公众媒体参与金融科技创新监管的双刃剑效应

The double-edged sword effect of public media participation in FinTech innovation regulation

针对公众媒体参与金融科技创新监管存在的双面效应,本文通过媒体报道的情绪以及动机对媒体信息进行了区分,同时考虑公众媒体的关注度、不同监管环境下的可信度以及金融科技公司对舆论的敏感度三大影响因素,系统分析公众媒体对金融科技创新和监管的积极作用和消极影响.研究发现,不论监管环境严格还是宽松,都应加强对于媒体舆论的审查,使媒体的舆论机制发挥正向作用,分担监管压力,实现资源的有效配置,且这种正向效用会随着媒体关注增加而放大.对金融科技公司而言,正确的信息披露能够有效约束公司的过度创新行为,而谣言散播则会加剧市场套利等风险,随着公司对媒体信息的敏感度增加,这两种效应均会被放大.此外,适当加强监管惩戒也是遏制金融科技过度创新的有效手段.

In view of the double-edged sword effect of public media participating in the supervision of financial technology(FinTech)innovation,this paper classifies the media information according to the emotion and motivation of media reports.In that way,this study systematically analyzes the positive and negative effects of public media on FinTech innovation and its regulation by considering three factors,namely,the attention of media,the accuracy of media under different regulatory environments and the sensitivity of FinTech companies to media information.The study finds that no matter whether the regulatory environment is strict or relaxed,the government should strengthen the review of media reports,so that the public-opinion of media can play a positive role,relieve the regulatory pressure,and realize the effective allocation of resources.This positive effect will be amplified with the increase of media attention.For the FinTech companies,correct information disclosure can effectively restrain excessive innovation behavior,while rumor spreading will aggravate the risk of market arbitrage.With the increase of the company’s sensitivity to media information,both effects will be amplified.In addition,properly strengthening supervision and punishment is also an effective means to curb excessive innovation in FinTech.