银行金融科技如何影响企业结构性去杠杆?

《财经研究》 2022年48卷第1期 页码：64 - 77  online：2022年1月5日

银行金融科技如何影响企业结构性去杠杆?

How does Bank FinTech Impact Structural Deleveraging of Firms?

作者（中）：张金清*, 李柯乐, 张剑宇

作者（英）：Zhang Jinqing*, Li Kele, Zhang Jianyu

作者单位：1.复旦大学 经济学院，上海 200433

摘要：金融科技可以推动金融转型升级，提升金融服务实体经济的能力，近年来备受各界关注。文章以2011—2019年A股上市企业为研究对象，利用网络爬虫技术构建企业贷款银行的金融科技指标，考察了银行金融科技的运用对企业结构性去杠杆的影响。研究发现，银行金融科技水平的提升可以显著促进企业结构性去杠杆。这一结论在使用工具变量法、系统GMM、双重差分估计和倾向得分匹配来缓解内生性问题后依然稳健。机制分析表明，金融科技可以通过提升信息甄别能力和优化风险控制模式这两条路径，合理引导信贷资源从“僵尸”国企转移到优质民企，从而促进企业结构性去杠杆。异质性分析表明，这种效果在市场关注度低但信息披露质量高的企业中，以及外部金融科技发展程度高的地区更加突出。最后，金融科技还可以引导资金流向小规模、高科技、低污染的企业，全方位助力企业结构性去杠杆，推动实体经济健康可持续发展。

关键词：金融科技; 结构性去杠杆; 银行数字化转型; 融资约束

Summary: In 2018, the Central Finance and Economics Committee put forward the idea of structural deleveraging, which states that it is necessary to not only reduce the unreasonable leverage of state-owned firms to prevent risk accumulation, but also retain the effective leverage of private firms to meet financing needs. In recent years, FinTech has developed rapidly, providing new ways to upgrade the ability of the financial sector to serve the real economy. During the critical period when China’s economy is stepping into high-quality development, clarifying the relationship between Bank FinTech and structural deleveraging of firms can help to promote the close integration of science and technology with economic development and speed up the creation of a new growth paradigm.Using the data of A-share listed firms from 2011 to 2019 and employing web crawler technology to construct the FinTech application index of commercial banks which then corresponds to indebted firms, this paper examines the impact of Bank FinTech on the structural deleveraging of firms. We find that Bank FinTech can promote the structural deleveraging of firms by enhancing banks’ information screening ability and optimizing their risk management model. This finding remains robust after we mitigate the endogeneity concern by using the methods of instrumental variables, system GMM, DID, and PSM. Further, this effect is more prominent in firms with lower market attention but higher quality of information disclosure, and in regions with a higher level of outside FinTech development. Finally, FinTech can also guide the flow of credit resources to small-scale, high-tech, and low-pollution firms, all-around helping firms to structurally deleverage and promote the healthy and sustainable development of the real economy. Based on the above research findings, this paper provides the following policy insights: First, banks should actively embrace the development trend of FinTech. Second, building a data-sharing platform is necessary to break down data silos and further promote the functioning of digital technology in financial business. Third, regulators should strike a balance between regulation and innovation, and moderately encourage FinTech innovation.This paper makes two main contributions to the existing literature: First, to investigate the role of Bank FinTech in promoting structural deleveraging, this paper matches the micro-data of banks representing financial services and that of firms representing the real economy. The existing literature rarely examines the impact of Bank FinTech on the corporate sector within one analytical framework. Second, this paper proposes and empirically tests two micro mechanisms of Bank FinTech to serve the real economy: information screening and risk management. It not only provides evidence for why banks should carry out FinTech business, but also points out what banks should do for their digital transformation.

Key words: FinTech; structural deleveraging; digital transformation of commercial banks; financial constraints

DOI：10.16538/j.cnki.jfe.20210825.101

收稿日期：2021-6-27

基金项目：国家自然科学基金面上项目“经济增速下滑风险下我国商业银行最低流动性水平的确定及应对”（71771056）；国家自然科学基金面上项目“我国上市公司大股东违规的行为监测与风险评估”（71471043）

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