金融科技创新如何影响全要素生产率:促进还是抑制?——理论分析框架与区域实践
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摘要
本文以金融科技创新为切入点,考察其能否通过直接效应和空间溢出效应提升全要素生产率,为实现中国经济高质量发展打下基础。在理论分析这一机制的基础上,利用中国31省市面板数据,综合采用空间面板杜宾模型进行实证检验。研究发现:区域间全要素生产率存在显著的空间关联性,本地区全要素生产率受到周边地区全要素生产率的溢出影响;金融科技创新借助技术优势缓解信息不对称,其衍生的创新性金融基础设施、金融新业态和金融新业务模式助力本地区全要素生产率提升,且在空间知识溢出传导下,金融科技创新能有效提高周边地区全要素生产率。因此,从金融科技视角考察"创新驱动高质量发展"的金融支持实体经济路径,借助技术与金融的深度融合来深化金融供给侧结构性改革,拓宽区域间技术知识溢出通道,设计金融科技发展的创新驱动政策,夯实金融科技创新推升全要素生产率增长的长效机制,以保障经济高质量运行。
This paper takes fintech innovation as an entry point to examine whether it can improve TFP through direct effects and spatial spillover effects. Moreover, it can lay a foundation for achieving high-quality economic development of China. Comprehensively adopting SDM to make an empirical investigation based on the theoretical analysis of this mechanism, we use the panel data of 31 provinces in China. The study finds that: there is a significant spatial correlation of interregional TFP which is affected by the spillover of TFP in neighboring regions; Fintech innovation relies on technological advantages to alleviate information asymmetry, and its innovative financial infrastructures, new financial formats and new financial business models contribute to boost TFP of the region; Under the conduction of spatial knowledge spillovers, fintech innovation can be beneficial to the growth of TFP in the surrounding areas. Therefore, China can investigate the finance support real economy path of "innovation drives high-quality development" from the perspective of fintech, deepen the financial supply-side structural reform through the integration of technology and finance, broaden the flow of technical knowledge spillovers between regions, design an innovation-driven policy for the development of fintech, consolidate the long-term mechanism of fintech innovation increasing TFP to guarantee the high-quality development of economy.
This paper takes fintech innovation as an entry point to examine whether it can improve TFP through direct effects and spatial spillover effects. Moreover, it can lay a foundation for achieving high-quality economic development of China. Comprehensively adopting SDM to make an empirical investigation based on the theoretical analysis of this mechanism, we use the panel data of 31 provinces in China. The study finds that: there is a significant spatial correlation of interregional TFP which is affected by the spillover of TFP in neighboring regions; Fintech innovation relies on technological advantages to alleviate information asymmetry, and its innovative financial infrastructures, new financial formats and new financial business models contribute to boost TFP of the region; Under the conduction of spatial knowledge spillovers, fintech innovation can be beneficial to the growth of TFP in the surrounding areas. Therefore, China can investigate the finance support real economy path of "innovation drives high-quality development" from the perspective of fintech, deepen the financial supply-side structural reform through the integration of technology and finance, broaden the flow of technical knowledge spillovers between regions, design an innovation-driven policy for the development of fintech, consolidate the long-term mechanism of fintech innovation increasing TFP to guarantee the high-quality development of economy.
引文
[1]李巍,王沛麟,蔡一婷,洪源.基于通关效率的定制化产品出口竞争及对策分析[J].中国软科学,2019(1):155-163.
[2]周政宁,史新鹭.贸易摩擦对中美两国的影响:基于动态GTAP模型的分析[J].国际经贸探索,2019,35(2):20-31.
[3]杨东.监管科技:金融科技的监管挑战与维度建构[J].中国社会科学,2018(5):69-91.
[4]Philippon T.The fintech opportunity[R].Working Papers,2016.
[5]Haddad C,Hornuf L.The emergence of the global fintech market:economic and technological determinants[J].Small Business Economics,2018:1-25.
[6]Heiskanen A.The technology of trust:how the internet of things and blockchain could usher in a new era of construction productivity[J].Construction Research and Innovation,2017,8(2):66-70.
[7]Jagtiani J,Lemieux C.Fintech lending:financial inclusion,risk pricing,and alternative information[R].Working Papers,2017.
[8]Demertzis M,Merler S,Wolff G B.Capital markets union and the fintech opportunity[J].Journal of Financial Regulation,2018,4(1):157-165.
[9]Bunea S,Kogan B,Stolin D.Banks versus fintech:at last,it’s official[J].Journal of Financial Transformation,2016,44(14):122-131.
[10]Broby D,Hoepner A,Klausmann J,et al.The output and productivity benefits of fintech collaboration:Scotland and Ireland[J].SIFI Fintech,2018:1-13.
[11]Lee T H,Kim H W.An exploratory study on fintech industry in Korea:crowdfunding case[C].Bangkok:The 2nd International Conference on Innovative Engineering Technolo￣gies,2015.
[12]Koffi H W S.The fintech revolution:an opportunity for the West African financial sector[J].Open Journal of Applied Sciences,2016,6(11):771-782.
[13]徐忠,孙国峰,姚前.金融科技:发展趋势与监管[M].北京:中国金融出版社,2017.
[14]朱太辉.我国Fintech发展演进的综合分析框架[J].金融监管研究,2018(1):55-67.
[15]Tobler W R.Lattice tuning[J].Geographical Analysis,1979,11(1):36-44.
[16]Katz M L,Shapiro C.Network externalities,competition,and compatibility[J].American Economic Review,1985,75(3):424-440.
[17]高娟.绩效激励对企业全要素生产率的影响效应——基于“中国企业-劳动力匹配调查”数据的实证研究[J].中国软科学,2018(10):175-183.
[18]赵勇,白永秀.知识溢出:一个文献综述[J].经济研究,2009,44(1):144-156.
[19]张生太,朱宏淼.人员流动对组织间隐性知识共享影响研究[J].管理科学学报,2016,19(7):78-84.
[20]Braunerhjelm P,Ding D,Thulin P.The knowledge spillover theory of intrapreneurship[J].Small Business Economics,2018,51(1):1-30.
[21]Leong C,Tan B,Xiao X,et al.Nurturing a fintech ecosystem:the case of a youth microloan startup in China[J].International Journal of Information Management,2017,37(2):92-97.
[22]Zavolokina L,Dolata M,Schwabe G,et al.Fintech-what’s in a name?[C].Dublin:The 37th International Conference on Information Systems,2016.
[23]Puschmann T.Fintech[J].Business and information systems engineering,2017,59(1):69-76.
[24]黄震,张夏明.监管沙盒的国际探索进展与中国引进优化研究[J].金融监管研究,2018(4):21-39.
[25]Lesage J P,Pace R K.Introduction to spatial econometrics[M].Boca Raton:CRC Press,2009.
[26]Fare R,Grosskopf S,Lovell C A K.Production frontier[M].Cambridge:Cambridge University Press,1994.
[27]王钺,刘秉镰.创新要素的流动为何如此重要?——基于全要素生产率的视角[J].中国软科学,2017(8):91-101.
[28]余泳泽.中国省际全要素生产率动态空间收敛性研究[J].世界经济,2015,38(10):30-55.
[29]余泳泽.异质性视角下中国省际全要素生产率再估算:1978—2012[J].经济学(季刊),2017,16(3):1051-1072.
[30]白俊红,卞元超.要素市场扭曲与中国创新生产的效率损失[J].中国工业经济,2016(11):39-55.
[31]Hall R E,Jones C I.Why do some countries produce so much more output per worker than others?[J].The Quarterly Journal of Economics,1999,114(1):83-116.
[32]单豪杰.中国资本存量K的再估算:1952-2006年[J].数量经济技术经济研究,2008,25(10):17-31.
[33]沈悦,郭品.互联网金融、技术溢出与商业银行全要素生产率[J].金融研究,2015(3):160-175.
[34]Li G,Dai J S,Park E M,et al.A study on the service and trend of fintech security based on text-mining:focused on the data of Korean online news[J].Journal of Computer Virology and Hacking Techniques,2017,13(4):249-255.
[35]郭峰,孔涛,王靖一,张勋,程志云,阮方圆,孙涛,王芳.中国数字普惠金融指标体系与指数编制[R].北京大学互联网金融研究中心工作论文,2016.
[36]邱晗,黄益平,纪洋.金融科技对传统银行行为的影响——基于互联网理财的视角[J].金融研究,2018(11):17-29.
[37]谢治春,赵兴庐,刘媛.金融科技发展与商业银行的数字化战略转型[J].中国软科学,2018(8):184-192.
[38]王靖一,黄益平.金融科技媒体情绪的刻画与对网贷市场的影响[J].经济学(季刊),2018,17(4):1623-1650.
[39]余泳泽,刘大勇.“中国式财政分权”与全要素生产率:“竞次”还是“竞优”[J].财贸经济,2018,39(1):23-37.
[40]郭家堂,骆品亮.互联网对中国全要素生产率有促进作用吗?[J].管理世界,2016(10):34-49.
[41]张学良.中国交通基础设施促进了区域经济增长吗——兼论交通基础设施的空间溢出效应[J].中国社会科学,2012(3):60-77.
[42]邓超,夏文珂,陈开萌.非金融企业金融化:“股价稳定器”还是“崩盘推助器”?[J].金融经济学研究,2019,34(3):120-136.
(1)金融科技(financial technology),简称Fintech。根据金融稳定理事委员会(FSB)的定义,金融科技指技术带来的金融创新,它能创造新的业务模式、应用、流程或产品,从而对金融市场、金融机构或金融服务的提供方式造成重大影响。
(2)数据来源于埃森哲对研究机构CB Insights数据的分析报告。
(3)如谢治春等(2018)将金融科技发展历程分为金融IT、互联网金融与金融科技数字化阶段[37],各个发展阶段的概念均存在一定差异。
(4)在进行OLS回归之前,本文已对全要素生产率(TFP)进行Moran’s I指数检验,研究发现存在显著的空间互动性特征。
[2]周政宁,史新鹭.贸易摩擦对中美两国的影响:基于动态GTAP模型的分析[J].国际经贸探索,2019,35(2):20-31.
[3]杨东.监管科技:金融科技的监管挑战与维度建构[J].中国社会科学,2018(5):69-91.
[4]Philippon T.The fintech opportunity[R].Working Papers,2016.
[5]Haddad C,Hornuf L.The emergence of the global fintech market:economic and technological determinants[J].Small Business Economics,2018:1-25.
[6]Heiskanen A.The technology of trust:how the internet of things and blockchain could usher in a new era of construction productivity[J].Construction Research and Innovation,2017,8(2):66-70.
[7]Jagtiani J,Lemieux C.Fintech lending:financial inclusion,risk pricing,and alternative information[R].Working Papers,2017.
[8]Demertzis M,Merler S,Wolff G B.Capital markets union and the fintech opportunity[J].Journal of Financial Regulation,2018,4(1):157-165.
[9]Bunea S,Kogan B,Stolin D.Banks versus fintech:at last,it’s official[J].Journal of Financial Transformation,2016,44(14):122-131.
[10]Broby D,Hoepner A,Klausmann J,et al.The output and productivity benefits of fintech collaboration:Scotland and Ireland[J].SIFI Fintech,2018:1-13.
[11]Lee T H,Kim H W.An exploratory study on fintech industry in Korea:crowdfunding case[C].Bangkok:The 2nd International Conference on Innovative Engineering Technolo￣gies,2015.
[12]Koffi H W S.The fintech revolution:an opportunity for the West African financial sector[J].Open Journal of Applied Sciences,2016,6(11):771-782.
[13]徐忠,孙国峰,姚前.金融科技:发展趋势与监管[M].北京:中国金融出版社,2017.
[14]朱太辉.我国Fintech发展演进的综合分析框架[J].金融监管研究,2018(1):55-67.
[15]Tobler W R.Lattice tuning[J].Geographical Analysis,1979,11(1):36-44.
[16]Katz M L,Shapiro C.Network externalities,competition,and compatibility[J].American Economic Review,1985,75(3):424-440.
[17]高娟.绩效激励对企业全要素生产率的影响效应——基于“中国企业-劳动力匹配调查”数据的实证研究[J].中国软科学,2018(10):175-183.
[18]赵勇,白永秀.知识溢出:一个文献综述[J].经济研究,2009,44(1):144-156.
[19]张生太,朱宏淼.人员流动对组织间隐性知识共享影响研究[J].管理科学学报,2016,19(7):78-84.
[20]Braunerhjelm P,Ding D,Thulin P.The knowledge spillover theory of intrapreneurship[J].Small Business Economics,2018,51(1):1-30.
[21]Leong C,Tan B,Xiao X,et al.Nurturing a fintech ecosystem:the case of a youth microloan startup in China[J].International Journal of Information Management,2017,37(2):92-97.
[22]Zavolokina L,Dolata M,Schwabe G,et al.Fintech-what’s in a name?[C].Dublin:The 37th International Conference on Information Systems,2016.
[23]Puschmann T.Fintech[J].Business and information systems engineering,2017,59(1):69-76.
[24]黄震,张夏明.监管沙盒的国际探索进展与中国引进优化研究[J].金融监管研究,2018(4):21-39.
[25]Lesage J P,Pace R K.Introduction to spatial econometrics[M].Boca Raton:CRC Press,2009.
[26]Fare R,Grosskopf S,Lovell C A K.Production frontier[M].Cambridge:Cambridge University Press,1994.
[27]王钺,刘秉镰.创新要素的流动为何如此重要?——基于全要素生产率的视角[J].中国软科学,2017(8):91-101.
[28]余泳泽.中国省际全要素生产率动态空间收敛性研究[J].世界经济,2015,38(10):30-55.
[29]余泳泽.异质性视角下中国省际全要素生产率再估算:1978—2012[J].经济学(季刊),2017,16(3):1051-1072.
[30]白俊红,卞元超.要素市场扭曲与中国创新生产的效率损失[J].中国工业经济,2016(11):39-55.
[31]Hall R E,Jones C I.Why do some countries produce so much more output per worker than others?[J].The Quarterly Journal of Economics,1999,114(1):83-116.
[32]单豪杰.中国资本存量K的再估算:1952-2006年[J].数量经济技术经济研究,2008,25(10):17-31.
[33]沈悦,郭品.互联网金融、技术溢出与商业银行全要素生产率[J].金融研究,2015(3):160-175.
[34]Li G,Dai J S,Park E M,et al.A study on the service and trend of fintech security based on text-mining:focused on the data of Korean online news[J].Journal of Computer Virology and Hacking Techniques,2017,13(4):249-255.
[35]郭峰,孔涛,王靖一,张勋,程志云,阮方圆,孙涛,王芳.中国数字普惠金融指标体系与指数编制[R].北京大学互联网金融研究中心工作论文,2016.
[36]邱晗,黄益平,纪洋.金融科技对传统银行行为的影响——基于互联网理财的视角[J].金融研究,2018(11):17-29.
[37]谢治春,赵兴庐,刘媛.金融科技发展与商业银行的数字化战略转型[J].中国软科学,2018(8):184-192.
[38]王靖一,黄益平.金融科技媒体情绪的刻画与对网贷市场的影响[J].经济学(季刊),2018,17(4):1623-1650.
[39]余泳泽,刘大勇.“中国式财政分权”与全要素生产率:“竞次”还是“竞优”[J].财贸经济,2018,39(1):23-37.
[40]郭家堂,骆品亮.互联网对中国全要素生产率有促进作用吗?[J].管理世界,2016(10):34-49.
[41]张学良.中国交通基础设施促进了区域经济增长吗——兼论交通基础设施的空间溢出效应[J].中国社会科学,2012(3):60-77.
[42]邓超,夏文珂,陈开萌.非金融企业金融化:“股价稳定器”还是“崩盘推助器”?[J].金融经济学研究,2019,34(3):120-136.
(1)金融科技(financial technology),简称Fintech。根据金融稳定理事委员会(FSB)的定义,金融科技指技术带来的金融创新,它能创造新的业务模式、应用、流程或产品,从而对金融市场、金融机构或金融服务的提供方式造成重大影响。
(2)数据来源于埃森哲对研究机构CB Insights数据的分析报告。
(3)如谢治春等(2018)将金融科技发展历程分为金融IT、互联网金融与金融科技数字化阶段[37],各个发展阶段的概念均存在一定差异。
(4)在进行OLS回归之前,本文已对全要素生产率(TFP)进行Moran’s I指数检验,研究发现存在显著的空间互动性特征。