金融科技对金融体系结构的影响研究
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引用本文:姚德权,刘润坤.金融科技对金融体系结构的影响研究[J].财经理论与实践,2023,(6):2-12
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作者单位
姚德权,刘润坤 (湖南大学 金融与统计学院湖南 长沙 410079) 
中文摘要:依据2011—2020年31个省级的面板数据,运用固定效应模型、调节效应模型以及中介效应模型,考量金融科技对中国金融体系结构的影响效应及其机制。结果显示:金融科技发展对金融体系结构的影响显著,其中支付创新、贷款可获性和数字化程度促进了金融市场规模发展,金融科技使用深度、贷款可获性以及数字化程度对银行体系规模的影响显著;金融科技的影响具有区域异质性,经济发展作为一种“门槛变量”增强了金融科技对金融体系结构的影响;居民消费对金融科技的影响具有中介效应,消费者和投资者的理财观念或消费习惯变化改变了资金流向,进而影响了中国金融体系结构的发展,失业率降低和人力资本水平提升有助于加强金融科技对金融体系结构的影响效应。
中文关键词:金融科技  金融体系结构  金融市场规模  银行规模
 
Research on the Impact of Financial Technology on Financial System Structures
Abstract:Based on 31 provincial panel data from 2011 to 2020, this paper uses the fixed effect model, regulating effect model, and intermediary effect model to consider the impact and mechanism of financial technology on the structure of China’s financial system. The results show that the development of financial technology significantly impacts the structure of China’s financial system, and the payment tool innovation, loan accessibility, and digitalization level will help promote the development of the capital market, while the depth of financial technology, loan accessibility, and digitalization level also have a significant impact on commercial bank systems; the impact of financial technology on financial systems has regional heterogeneity, and the degree of economic development may serve as a threshold variable to promote the impact of financial technology on the structure of the financial system; and the consumer’s consumption serves as an intermediating role for financial technology’s impact on financial system, with a change of the behavior and habit of consumers and investors and subsequent redirection of capital flows, a decreased unemployment rate an impact on the development of China’s financial systems, and the improvement of human capital level will help strengthen financial technology’s impact on the structure of the financial system.
keywords:financial technology  financial system structure  size of financial markets  bank size
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