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Researsh On The Impact Path And Mechanism Of FinTech On Inclusive Finance

Posted on:2021-01-08Degree:DoctorType:Dissertation
Country:ChinaCandidate:N N MengFull Text:PDF
GTID:1489306035994879Subject:Finance
Abstract/Summary:PDF Full Text Request
Inclusive Finance is conducive to the sound and sustainable development of the financial system,as well as the sustainable and inclusive development of the real economy and the effective promotion of social welfare.As a developing country in transition,<Promote inclusive financial development plan(2016-2020)> issued at the end of December 2015,points out that "inclusive finance should be based on the requirements of equal opportunities and the principle of business sustainability,improve financial infrastructure,improve the construction of financial system,and provide appropriate financial services for all social classes and groups,which have financial service needs,at affordable cost",which makes inclusive finance officially become one of the important strategy of financial industry development and financial supply-side reform in China.In recent years,the emergence and rise of finTech has directly promoted the continuous integration of new information technology and financial industry,and makes it develop rapidly into a new industry coexisting with the traditional financial industry.FinFech expands the boundary of financial services,improves financial supply capacity,also has a certain impact on the inclusive finance provider,commercial bank,about its business structure,risk bearing,market power,operation performance and even development strategy,and further affects the whole banking industry competition pattern.So,dose finTech has an impact on inclusive finance which provided by commercial banks? What are the impacts? What is the impact mechanism? Can it help commercial banks to solve the "real dilemma" of inclusive financial development? All these will be worthy of further discussion.Based on the above considerations,this paper takes the path and mechanism of the impact of financial technology on inclusive finance as the research object,and studies the current situation and development trend of inclusive finance and financial technology in China,the impact path of finTech on the micro banking competition and macro banking competition,as well as through the path of banking competition,the impact mechanism and impact effect of finTech on inclusive finance.In the research on the current situation of Inclusive Finance and financial technology in China,firstly,using the world bank's <The Global Findex Database>data and the International Monetary Fund's <financial Access Survey> data,this paper analyzes the current situation of inclusive finance in China and its gap with different types of countries(economies/ large regions)from two perspectives of the supply-sideand demand-side of financial services,and finds out the main problems of China's inclusive finance.Secondly,using the world bank's <The Global Findex Database>data and China Internet Center's <China Internet Development Statistical Report>data,this paper analyzes the development status and trend of China's finTech industry and the finTech penetration rate.Two aspects of research show that: China's inclusive financial system is still a long way to go,and commercial banks,as an important part of formal financial institutions and financial technology industry,play an important role in promoting the development of inclusive finance.In the theoretical analysis of the impact of finTech on inclusive finance,firstly,based on the financial exclusion Theory and financial development theory,this paper constructs the theoretical analysis framework of inclusive financial development.Secondly,this paper analyzes the impact path and mechanism of finTech on inclusive finance from two perspectives of micro banking competition and macro banking competition.On the one hand,finTech influences micro banking competition through the "internal" mechanism under the "technology spillover effect" and "information spillover effect" and the "external" mechanism under the "market crowding-out effect".On the other hand,finTech affects macro banking competition through industrial competition effect and spatial geographical effect.Finally,the paper analyzes the impact mechanism of finTech on inclusive financial,including the "crowding-out effect" brought by industrial competition and the "catfish effect" brought by technological spillover.In the empirical analysis of the impact path of finTech on inclusive financial,on the one hand,using the micro data of 185 commercial banks date,this paper uses System GMM method to analyze the impact mechanism of finTech on the micro banking competition,and the differential impact of finTech on the micro competition of different types of banks.The results show that:(1)finTech has a significant impact on micro banking competition.(2)There is heterogeneity impact of financial technology on the micro competition of different types of banks.When the micro competition level is determined by the non-market forces,the "internal" influence mechanism of finTech will promote micro banking competition,and the "external" influence mechanism is not conducive to micro banking competition.This conclusion is strong proved in the empirical test results of 6 major banks and 12 joint-stock banks,urban commercial banks,rural financial institutions.FinTech helps to promote the formation and evolution of market forces of different types of domestic banks.On theother hand,using the economic and financial data of 31 provinces,this paper uses the spatial econometric regression method to empirically analyze the impact mechanism of finTech on regional banking competition.The results show that:(1)between provinces,finTech has significant spatial geographical effect on regional banking competition,and it shows significant spatial dependence effect.(2)finTech has a significant industrial competition effect on regional banking competition.Financial technology helps to reduce the concentration of banking industry,and promote the formation of "optimal banking industry structure",so as to promote regional banking competition.(3)finTech influences regional banking competition through two channels of "industry extrusion" and "technology spillover",and both channels play a certain role in promoting regional banking competition.In the empirical analysis of the impact mechanism of finTech on inclusive financial.using the economic and financial data of 31 provinces,this paper uses iterative GMM method to analyze the impact mechanism and effect of finTech on inclusive finance.The results show that:(1)finTech will bring "crowding-out effect" to inclusive finance through industrial competition mechanism,and "catfish effect" to inclusive finance through technology spillover mechanism.Among them,"crowding-out effect" has a significant negative impact on Inclusive Finance,while "catfish effect" helps to promote the development of Inclusive Finance.(2)the marginal influence of finTech on inclusive finance is affected by banking competition,which is mainly manifested in the gradual weakening of "catfish effect" of finTech on inclusive finance with the increasing of banking competition.In other words,finTech reduces the adverse impact of excessive banking concentration on Inclusive Finance.(3)Among the three dimensions of finTech,"crowding-out effect" and "catfish effect" are relatively stronger.Among the three typical businesses of finTech,the "crowding-out effect" and "catfish effect" of digital payment and Internet credit are relatively stronger.(4)finTech has significant "crowding-out effect" and "catfish effect" on the coverage level of inclusive finance,but has no significant impact on its actual use.Finally,according to the conclusion of current situation analysis,theoretical analysis and empirical analysis,the paper puts forward some countermeasures and suggestions for commercial banks in realizing digital transformation,improving the utilization ratio of financial science and technology,formulating differentiated financial science and technology strategy and establishing multi-channel cooperationmechanism with financial science and technology enterprises.For the first time,based on the basic theories of financial exclusion and financial development,this paper discusses the impact path and mechanism of finTech on inclusive finance from the perspective of banking competition.Compared with the existing literature,the empirical design of this paper is detailed and in-depth.It constructs the theoretical analysis framework of the impact of finTech on inclusive financial development from the two aspects of impact path and impact mechanism,and empirically tests that finTech promote thes formation and evolution of Market-based market power of commercial banks,alleviates the "Matthew effect" of banking industry,promotes effective competition between different types of banks,and then promotes the development of Inclusive Finance.This study is of great significance for commercial banks to break through the "practical dilemma" of inclusive financial development by means of finTech,and effectively play their role in serving the real economy.
Keywords/Search Tags:FinTech, Banking Competition, Inclusive Finance, Catfish Effect, Crowding-out Effect
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