数字金融与银行全要素生产率:直接影响及作用机制研究

Research on the Impact of Digital Finance on Total Factor Productivity of Commercial Banks in China

基于我国119家商业银行2012—2022年度的面板数据,运用双向固定效应模型,考察数字金融与银行全要素生产率之间的内在关系。研究发现:数字金融发展对商业银行全要素生产率的提高具有显著的正向促进作用,在经过一系列稳健性检验后这一结论依然成立;异质性分析显示,数字金融发展能够明显提升城市商业银行的全要素生产率,而对国有银行、股份制银行和农村商业银行全要素生产率的提升作用不明显。同时,相比大规模商业银行,数字金融对规模较小银行全要素生产率的提升效果更好;机制分析结果表明,数字金融主要通过提高中间业务收入赋能银行全要素生产率提升,即“数字金融—中间业务收入—银行全要素生产率”的传导机制有效。

Based on the 2012-2022 panel data from 119 commercial banks in China,the intrinsic relationship between digital finance and total factor productivity of banks was examined using a two-way fixed effects model and mechanism analysis method.It is found in the research that the development of digital finance has a significant positive effect on promoting the total factor productivity of commercial banks,and this conclusion still holds after a series of robustness tests;Heterogeneity analysis shows that the development of digital finance can significantly improve the total factor productivity of urban commercial banks,while the effect on the total factor productivity of state-owned banks,joint-stock banks,and rural commercial banks is not significant.Meanwhile,digital finance has a better effect on improving the total factor productivity of smaller banks in comparison with large-scale commercial banks;The impact mechanism results indicate that digital finance empowers banks to improve total factor productivity mainly through business innovation channels,that is,digital finance achieves the improvement of bank total factor productivity by increasing intermediate business income.