金融科技会加强金融监管吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-06-01 DOI:10.1016/j.ribaf.2025.103005

Yuliang Zhao, Furong Ma

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引用次数: 0

摘要

金融科技（fintech）会给金融监管带来巨大的不确定性。本研究考察了2011年至2021年金融科技对中国各省金融监管的影响。结果表明，金融科技的发展改善了金融监管。为了解决潜在的内生性问题，我们采用了多种方法，包括工具变量、PSM-DiD和安慰剂检验。结果与我们的主要发现保持一致，表明我们的结论在缓解了一些内生性问题后是稳健的。然而，某些内生性的来源可能还没有完全解决。我们进一步证明，地方政府债务和银行竞争在金融科技和金融监管之间的关系中起中介作用。异质性分析表明，金融监管的正向效应在西部地区和技术创新水平较低的省份更为显著。我们的研究结果补充了有关金融科技与金融监管影响机制的文献，为企业提供了更具针对性和可行性的建议。

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Will fintech enhance financial regulation?

Financial technology (fintech) can create significant uncertainty in financial regulations. This study examines the impact of fintech on financial regulation in Chinese provinces from 2011 to 2021. The results show that fintech development improves financial regulation. To address potential endogeneity issues, we employed multiple methods including instrumental variables, PSM-DiD, and placebo tests. The results remained consistent with our main findings, indicating that our conclusions are robust after mitigating some endogeneity problems. However, certain sources of endogeneity may not be fully resolved. We further demonstrate that local government debt and bank competition mediate the relationship between fintech and financial regulation. The heterogeneity analysis shows that the positive effect of financial regulation is more significant in western China and in provinces with lower levels of technological innovation. Our findings complement the literature on the impact mechanism between fintech and financial regulation and provide more targeted and feasible recommendations for enterprises.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance