金融科技会影响货币政策银行风险承担渠道吗?——来自中国商业银行的经验证据

Does Fintech Affect the Bank Risk-taking Channel of Monetary Policy?Empirical Evidence from Chinese Commercial Banks

金融科技是数字时代赋能银行业数字化转型的重要力量,对银行经营管理产生了深远的影响,也对货币政策宏观调控带来了新的挑战。本文基于理论模型和全国58家商业银行数据,探究了金融科技对货币政策银行风险承担渠道的影响及作用机制。研究发现,金融科技通过缓解银行追逐收益动机和抑制银行风险转移动机两种机制,削弱了货币政策银行风险承担渠道。其中,资金支付类和信息处理类金融科技的削弱作用强于理财服务类金融科技。异质性分析发现,相较于资产规模较大的银行,上述削弱作用在资产规模较小的银行中更为显著。因此,应准确把握金融科技作用下货币政策传导渠道的新特征,完善对大中小银行和金融科技的分类审慎监管,加快发展监管科技,不断提高与金融数字化相适应的宏观调控能力。

Fintech is an important force to empower the digital transformation of banks in the digital era,which has had a profound impact on bank management and has also brought new challenges to macroeconomic regulation of monetary policy.This paper explores the impact and mechanism of fintech on the bank risk-tak-ing channel of monetary policy,based on theoretical model analysis and manually collected panel data from 58 commercial banks in China from 2013 to 2020.The study finds that fintech weakens the bank risk-taking chan-nel of monetary policy by alleviating the motivation to search for yield and suppressing the motivation to trans-fer risk.Further more,the weakening effect of fintech in fund payment and information processing is stronger than that in management services.Heterogeneity research also finds that the aforementioned weakening effect is more significant in banks with smaller asset sizes,compared to banks with larger asset sizes.Therefore,when formulating and implementing monetary policy,the central bank should fully consider the above-men-tioned impact of fintech,improve the classification and prudential supervision of banks and fintech,acceler-ate the development of regulatory technology,and continuously improve the macroeconomic regulation ability that is compatible with the digital era.