摘要
当前,不确定性已趋于常态化,银行金融科技赋能实体经济发展的作用日益凸显。理论上,银行金融科技具备优化金融资源配置的功能,能够有效缓解经济政策不确定性对企业的负面影响。基于中国2013—2022年的银行金融科技专利数据和企业贷款数据,探究银行金融科技对经济政策不确定性抑制企业实体投资的影响。结果表明:第一,银行金融科技能够显著缓解经济政策不确定性对企业投资的抑制作用,这种效应在国有企业、数字化程度较低和财务风险较低的企业中更显著;第二,银行金融科技主要通过缓解金融摩擦和降低期权等待价值两条机制发挥作用;第三,银行金融科技能够显著削弱经济政策不确定性对企业金融化的负面影响,并且能够进一步提升企业的社会责任承担水平。因此,政府和银行部门要积极推动金融科技的发展,增强银行部门为企业提供个性化服务的能力,加强金融科技与实体经济的深度结合,健全监管体系与风险防范体系。
At present,uncertainty has become normal,and the role of banking fintech empowering the development of the real economy is more and more significant.In theory,banking fintech has the function of optimizing the allocation of financial resources and alleviating the negative impact of economic policy uncertainty on enterprises.Based on the data of banking fintech patents and corporate loans from 2013 to 2022 in China,this paper explores how banking fintech adjusts the inhibitory effect of economic policy uncertainty on corporate real investment.The findings show that,firstly,banking fintech could significantly alleviate the inhibitory impact of economic policy uncertainty on corporate investment,and this effect is more significant in the state-owned enterprises and the enterprises with lower digitalization levels or lower financial risks.Secondly,banking fintech primarily exerts a mitigating effect by reducing financial frictions and by decreasing the option waiting value.Thirdly,banking fintech could weaken the negative effect of the economic policy uncertainty on corporate financialization,and further enhance the level of corporate social responsibility bearing.Therefore,the government and the banking sector should actively promote the development of fintech,enhance the banking sector's ability to provide personalized services to enterprises,strengthen the integration of fintech with the real economy,and improve the regulatory system and the risk prevention system.
作者
冯永琦
曹月
FENGYong-qi;CAO Yue(Jilin University,Changchun 130012,China)
出处
《当代财经》
CSSCI
北大核心
2024年第5期58-72,共15页
Contemporary Finance and Economics
基金
国家社会科学基金一般项目“中国信贷周期形成机理的动态转换与宏观调控研究”(20BJY022)。
关键词
经济政策不确定性
银行金融科技
企业投资
金融摩擦
实物期权
economic policy uncertainty
banking fintech
corporate investment
financial friction
real options
