数字金融能降低地方商业银行风险吗?——基于中国数字普惠金融和地方商业银行的证据

Will Digital Finance Lower the Risks of Local Commercial Banks?Evidence Based on Digital Inclusive Finance and Local Commercial Banks in China

近年来,我国数字金融发展迅猛,作为防范化解系统性金融风险的重要环节,数字金融如何影响地方商业银行风险值得深入探讨。利用中国数字普惠金融和地方商业银行数据,采用系统GMM动态面板和空间计量经济模型,探讨数字金融发展对地方商业银行风险的影响。研究发现,数字金融发展通过提高资产收益率、降低账面杠杆率和促进资本流动性三个方面降低了地方商业银行风险。进一步研究发现,数字化和金融化显著影响地方商业银行风险,数字化的风险降低作用在东部地区和城商行中更明显,金融化在东部地区和农商行中更明显。此外,数字金融发展的风险减弱作用具有明显空间溢出效应,这表明降低地方商业银行风险有利于防控系统性金融风险。

In recent years,China's digital finance develops rapidly and has become an important factor in preventing and resolving systemic financial risks.How digital finance affects the risks of local commercial banks is a question worth in-depth explorations.The present paper uses the data collected from digital inclusive finance and local commercial banks in China and the systematic GMM dynamic panel and spatial econometric model to research the impact of digital finance development on the risks.The findings show that the digital finance development lowers the risks of the local commercial banks in three ways:increasing return on assets,reducing book leverage and promoting capital liquidity.Further,digitization and financialization significantly impact the risks,while the risk-reducing effects of digitalization are more pronounced in the eastern region and among city commercial banks,and that of the financialization are more apparent in the eastern region and among rural commercial banks.In addition,the risk-reducing effect of the development has a significant spatial spillover effect,suggesting that reducing local commercial bank risks is conducive to preventing and controlling systemic financial risks.