银行系金融科技公司对商业银行的作用机制 ——基于技术创新预算软约束视角的实证检验研究

The Functional Mechanism and Empirical Test of Banking Fintech Subsidiaries on Commercial Banks from the Perspective of Soft Budget Constraint of Technological Innovation

摘要:

技术创新普遍存在预算软约束问题。与商业银行内部研发部门相比，银行系金融科技公司对研发项目具有较强的决策权和事后止损机制，并通过市场优胜劣汰机制检验技术创新水平，进而影响商业银行生产经营，但银行系金融科技公司对商业银行的实际影响效果还有待探究。为此，基于54家商业银行共10期的平衡面板数据，通过广义最小二乘法随机效应模型、双向固定效应模型以及两阶段模型检验银行系金融科技公司的成立对商业银行投入产出效率的影响，并使用双重差分法进行稳健性检验。结果发现：银行系金融科技公司是硬化技术创新预算约束的直接手段，显著提高了商业银行自主研发能力和经营效率，是推动数字化转型的长期最优选择；现阶段银行系金融科技公司主要通过提高技术创新效率、硬化技术创新预算约束的途径影响商业银行经营效率。因此，应鼓励并规范银行系金融科技公司的发展，适时引入金融科技子公司牌照管理，促进商业银行技术创新效率提高。

Abstract:

Technological innovation generally faces soft budget constraints. Compared with the internal R&D departments of commercial banks, banking Fintech subsidiaries have strong decision-making power and post-loss mechanisms for R&D projects and test the level of technological innovation through the survival of the fittest market mechanism, thereby affecting the production and operation of commercial banks. However, the actual impact of banking Fintech subsidiaries on commercial banks remains to be explored. To this end, based on the balanced panel data of 54 commercial banks for a total of 10 periods, the influence of the establishment of banking Fintech subsidiaries on the input-output efficiency of commercial banks was tested through the generalized least square random effect model, the two-way fixed effect model and the two-stage model, and the robustness test was conducted using the Difference-in-Difference method.It is found that the banking Fintech subsidiary is a direct means to harden the budget constraints of technological innovation, significantly improve the independent research capabilities and operational efficiency of commercial banks, and is the best long-term choice to promote digital transformation. At present, banking Fintech subsidiaries mainly affect the operational efficiency of commercial banks by improving the efficiency of technological innovation and hardening the budget constraints of technological innovation.Therefore, suggestions are put forward including encouraging and standardizing the development of Fintech subsidiaries, introducing the license management in a timely manner, and promoting the efficiency of technological innovation of commercial banks.