摘要
近几年,我国互联网金融发展迅速,但同时也暴露出了一系列问题,引起了决策层、监管层、学界等社会各界的广泛关注。互联网金融作为当前一种特有的爆发性发展的新业态,其对现阶段我国金融效率的影响如何尚无定论。考虑到信息不对称、交易成本、金融创新直接影响金融效率,可从传导机制入手对互联网金融发展与金融效率提高之间的关联性和影响机制进行分析。而基于省际面板和第三方网络支付时间序列数据,利用VAR模型脉冲响应方法实证分析互联网金融发展对金融效率的影响和冲击可以发现,从静态来看,互联网金融对区域金融效率的平均影响并不显著;从动态来看,尽管互联网金融对区域金融效率的影响大部分都是负向的,但这种负向影响随着时间的推移有所缩小;分区域来看,互联网金融对东部地区金融效率的影响程度和方向与中部和西部地区的不同。因此,为早日完成从要素驱动向创新驱动的转变,传统金融部门应当在系统认识互联网金融发展趋势及其与区域金融效率关系的基础上,适应经济增长需要,积极主动迎接新生事物,提高自身资源配置效率。具体而言,就是要处理好金融创新与金融风险之间的关系,协调好金融创新与审慎监管策略之间的关系,化解互联网金融发展的区域路径依赖。
In recent years,the Internet has been developed quickly in China;and there existed some problems attracting attention from decision-makers,supervisors,scholars and even the public.As the special explosively developed new form of industry,Internet finance’s influence on China’s financial efficiency is uncertain.Because of the direct influence of information asymmetry,transaction cost and financial innovation on financial efficiency,we can carry out analysis on the linkage and influence mechanism between the development of Internet finance and the improvement of financial efficiency by staring from the transition mechanism.Based on the provincial panel and the third party online payment time series data,the authors not only calculate the regional financial efficiency,but also make empirical analysis on the development trend of Internet finance.The results show that,firstly,the impact of Internet finance on regional financial efficiency is not significant on average,and the average response is only0.0008.Secondly,the impact of Internet finance on regional financial efficiency is negative,but the negative effects narrows as time goes on.Thirdly,the impact of Internet finance on the financial efficiency on Eastern regions is significantly different from that in the central and Western regions.So to complete the transition from factor-driven to innovationdriven as soon as possible,the traditional financial departments should actively take the initiative to deal with the new things,improve the efficiency of resource allocation and economic growth,and meet the requirement of economic growth.Specifically speaking,we should deal with the relationship between financial innovation and financial risk,coordinate the relation between financial innovation and prudential regulation strategy,and defuse the regional path dependence of Internet finance development.
作者
李镔
赵丹妮
LI Bin;ZHAO Dan-ni(Guangdong University of Finance,Guangdong,Guangzhou510521,China)
出处
《中国流通经济》
CSSCI
北大核心
2018年第3期102-110,共9页
China Business and Market
基金
国家自然科学基金面上项目"金融产业链效应与区域产业结构差异及其空间扩散的实证研究"(71603059)
教育部人文社会科学青年项目"互联网金融的P2P规范发展
风险联动与功能性监管研究"(17YJC790205)
广东省哲学社会科学项目"广东互联网金融发展与传统金融的冲突与融合研究"(GD15XY09)
广州市哲学社会科学发展规划项目"广州互联网金融产业与传统金融业的竞合关系研究"(2016GZQN02)
关键词
互联网金融
区域金融效率
金融创新
VAR模型
区域路径依赖
internet finance
regional financial efficiency
financial innovation
VAR model
regional path dependence
