科技赋能提升金融支持实体经济效率了吗?——基于金融供求结构视角

Does Technology Empowerment Enhance the Efficiency of Financial Support to the Real Economy?——From the Perspective of Financial Supply and Demand Structure

基于深化金融供给侧结构性改革以及建设数字中国的背景,金融科技赋能金融服务有助于释放实体经济活力,推动金融体系脱虚向实。本文选取2011—2020年31个省(自治区、直辖市)面板数据,实证检验金融科技赋能对金融支持实体经济以及对不同行业效率的影响。研究发现:金融科技赋能推动了金融支持实体经济效率的提升,其中对金融支持第三产业效率的影响最为明显,多种稳健性检验也支持这一结果。在金融供给端,金融科技通过增强金融机构竞争程度、提升地方性金融机构发展水平、缓解资源错配来优化金融供给结构;在金融需求端,金融科技通过增加企业贷款可得性、深化实体企业与金融体系关联程度来改善金融需求结构,从而提升金融支持实体经济效率。金融科技赋能助力金融体系脱虚向实的作用在对外开放水平较低、金融机构网点数量较少和创新水平较低的地区更为显著。本文的研究为运用金融科技增强金融服务实体经济能力,改善金融供求结构不平衡提供了经验证据。

Against the backdrop of deepening the structural reform of the financial supply side and the development of a digital China,the empowerment of financial technology in financial institutions plays a crucial role in unleashing the vitality of the real economy and promoting the transformation of the financial system from virtual to real.This paper adopts panel data from 31 provinces from 2011 to 2020 to empirically examine the impact of financial technology on the efficiency of financial support for the real economy and different sectors.The paper reveals that financial technology has promoted the efficiency of financial support for therealeconomy,with the most significant impact on theeficiencyof supportingthe tertiary industry,sup ported by various robust tests.On the supply side of finance,financial technology enhances the competitiveness of financial institutions,improves the development level of local financial institutions,and optimizes the financial supply structure by alleviating resource mismatches.On the demand side of finance,financial technology improves the accessibility of corporate loans,deepens the relationship between the real economy and the financial industry,and thereby enhances the efficiency of financial support for the real economy.Furthermore,the effect of financial technology in transforming the financial system from virtual to real is more significant in regions with lower levels of openness,fewer financial institution branches,and lower levels of innovation.This paper reveals that the application of financial technology provides an opportunity to enhance the ability of financial services to the real economy and improve the imbalances in the financial supply structure.This paper aims to contribute in the following aspects.Firstly,promote the development of financial technology to fill the gaps in financial support for the real economy.Traditional financial institutions should make good use of the advantages of financial technology,such as high efficiency,low cost and wide coverage,to effectively enhance the proactiveness,precision and effectiveness of financial services to the real economy.Financial resources should be accurately channeled to real enterprises,efficiently identifying enterprises with strong development prospects and high funding needs,thus addressing the insufficient financial supply for such enterprises.Secondly,harness the innovative capabilities of financial technology to address the strengths and weaknesses of financial services.It is essential to guide the transformation of financial technology into tangible productivity and strengthen the weaknesses of financial services.Accelerate the application of financial technology in underdeveloped regions to inject vitality into financial services for the real economy.Thirdly,strengthen the proper regulation of financial technology to establish a solid regulatory foundation for technology oversight.Regulatory policies should emphasize the continuity and guidance of measures,enhance regulation in speculative areas and carefully calibrate the regulatory intensity to manage market expectations of regulatory policies.Furthermore,it is crucial to enhance the precision,timeliness and penetrability of technology regulation.Leveraging digital technologies and artificial intelligence,a technology oversight system should be constructed to rigorously uphold the bottom line of financial technology regulation.Fourthly,leverage the core competitive strengths of financial technology to empower its advantages.Against the backdrop of building a digital China,further efforts should be made to enhance the research and development of cutting-edge financial technology.This will boost China's core competitiveness in the field of financial technology.Capital should be directed away from self-reinforcing cycles in the financial and real estate sectors,guiding funds toward the real economy.This will enhance the efficiency of financial services for the real economy,providing more precise,effective,and comprehensive support for its development.