金融科技、资源配置与银行业结构

Fintech,Resource Allocation and Banking Structure

金融科技能否促进传统银行业有效竞争,对于金融业更好地服务实体经济具有重要意义。利用2011—2020年290个城市数据的实证研究表明,金融科技通过竞争效应和赋能效应导致网点退出市场,同时抑制网点进入。从银行异质性来看,金融科技的资源配置效应让大型商业银行网点退出规模更大,而金融科技的技术赋能效应则让上市银行网点退出规模更大。从城际异质性来看,经济发展状况较好、人口老龄化较低、教育水平较强以及贷存比较低的城市,网点受到金融科技冲击更大,网点退出更显著。从影响渠道来看,金融科技减少了家庭的银行储蓄,优化了家庭资产配置,引致低效网点退出。进一步的研究发现,金融科技通过影响银行网点的进入退出行为,降低了银行市场集中度,优化了金融业竞争格局。同时,金融科技还弥补了网点退出对地区金融贷款造成的不利影响。

Whether fintech can promote effective competition in the traditional banking industry is of great significance for the financial industry to better serve the real economy.This paper conducts an empirical study with the data of 290 cities from 2011 to 2020.The findings show that Fintech leads to the exit of the outlets from the market through the competition effect and the empowerment effect,while inhibiting the entry of the outlets.In terms of banking heterogeneity,the resource allocation effect of fintech makes theexit of the large commercial bankoutlets in a larger scale,while the technology empowerment effect of fintech makes the exit of the listed bankoutlets ina larger scale.In terms of inter-city heterogeneity,in the cities with higher levels of economic development,lower population aging,stronger education levels and smaller loan-to-deposit ratios,the outlets are more impacted by fintech and the exit of the outlets are more significant.In terms of the impacting channels,fintech reduces households'bank savings,optimizes household asset allocation,and leads to the exit of the inefficient outlets.Further study reveals that fintech reduces the concentration of banking market and optimizes the competition pattern of the financial industry by affecting the entry and exit behaviors of bank outlets.At the same time,fintech also compensates for the negative impact of the exit of outlets on the regional financial lending.