金融科技、宏观经济不确定性与商业银行主动风险承担

Financial Technology,Macroeconomic Uncertainty,and Commercial Bank Risk-taking

本文使用2010—2019年间全国145家商业银行的年度数据,采用面板数据固定效应模型检验金融科技如何影响宏观经济不确定性对商业银行主动风险承担的抑制作用。本文发现金融科技发展可以缓解宏观经济不确定性对商业银行主动风险承担的抑制作用。进一步的研究发现,金融科技发展通过促进商业银行发放贷款和增持交易性金融资产来发挥缓解作用。伴随着商业银行主动风险承担水平的上升,金融科技的缓解效应边际递减。金融科技的缓解作用在不同类型的商业银行间具有异质性,对资本充足率高的商业银行和大型国有银行影响较弱。

In this paper,we use the annual data of 145 commercial banks from 2010 to 2019,and use a panel data fixed-effect model to test how financial technology affects the influence of macroeconomic uncertainty on commercial banks’active risk-taking.We find that the development of financial technology can alleviate the inhibitory effect of macroeconomic uncertainty on commercial banks’active risk-taking.Specifically,financial technology plays a mitigating role by promoting commercial banks to make loans and hold transactional financial assets.With the increase of commercial banks’active risk-taking level,the mitigation effect of financial technology is monotonously diminishing.The mitigating effect is heterogeneous across different types of commercial banks.The effect is relatively weak for high capital adequacy ratios and large state-owned banks.