银行金融科技发展能够降低企业债务违约风险吗?

Could Bank Fintech Development Reduce Firms’Credit Default Risk?

金融科技如何更好地提升传统金融服务实体企业的效率,降低系统性金融风险,是各方关注的焦点。文章使用2010—2021年中国商业银行实用新型与发明专利申请数据,并与上市公司财务与银行贷款明细数据进行匹配,构造出银行金融科技指标,分析其对企业债务违约风险的影响。研究结论表明:首先,银行金融科技发展水平的提升能够显著降低企业债务违约风险;其次,从影响机制上看,在资金需求侧,银行金融科技发展能够提升企业财务质量;在资金供给侧,会通过信息共享机制增强银行信息甄别能力。异质性分析显示:对于规模较小的银行以及非国有六大银行,金融科技对企业债务违约的降低效应更为显著;对于成长型企业,上述效应相对较弱。进一步分析表明:银行金融科技发展能够显著改善企业营业利润率,降低经营风险,提升企业投融资效率,有效解决银行无序竞争产生的负面影响。文章研究结论拓展了信息不对称、金融错配以及企业债务违约相关理论的经验证据,对促进新业态下金融更好地服务实体企业、降低信贷违约风险具有重要的现实意义。

How bank Fintech could enhance the efficiency of traditional financial services to entities better and reduce systemic financial risks is the focus of attention of all parties.This paper uses the combined data of the patent application of Chinese commercial banks from 2010 to 2021,as well as the data of firms'bank loan data,to calculate a bank Fintech index,and analyzes the impact of bank Fintech development on the firm's debt default risk of enterprises.It is found that,first,bank Fintech can significantly reduce the risk of firms'debt default.Second,from the perspective of impact mechanism,on the capital demand side,bank Fintech can improve the financial quality of enterprises;on the capital supply side,banks'information screening capacity will be enhanced through information sharing mechanism.Heterogeneity analysis shows that for the smaller banks and the banks other than six largest state-owned banks,the effect of bank Fintech on debt default reduction is more significant,while the effect on growth enterprises is relatively weak.Further analysis shows that bank Fintech can significantly improve the operating profit margin of enterprises,reduce operating risks,enhance the efficiency of investment and financing of enterprises,and effectively solve the negative impact of disorderly competition among banks.The conclusion of this paper expands the empirical evidence of information asymmetry,financial mismatching and corporate debt default theories,and has important practical significance on promoting financial services to better serve real enterprises and reduce credit default risk under the new banking mode.