| The technicalization of finance is an unstoppable wave of the times.The application of technology in the financial field derives new financial products,services,and service models,which greatly improves the efficiency of finance.At the beginning of the 21 st century,technology transformed the financial field to an unprecedented degree.The transformation gives birth to Fin Tech.Fin Tech quickly sweeps the global financial industry as soon as it comes out.Driven by underlying technologies such as big data,artificial intelligence,cloud computing,blockchain and mobile Internet,Fin Tech impacts traditional financial services and presents "disruptive innovation." Since financial innovation improves the efficiency of financial services,Fin Tech benefits citizens,activates the financial industry,and promotes economic development.The positive influence leads Fin Tech to being the strategic developing direction of the financial industry.The real economy is the foundation of the national economy.It coexists with finance.However,excessive financial innovation may damage the real economy and reduce the well-being of consumers.Therefore,any development in finance must step on the base which is serving the real economy.It is called the mission of finance.The essence of Fin Tech is finance.So,the mission of Fin Tech is serving the real economy.As Fin Tech develops,innovates and becomes the main mechanism of allocating financial resources to the society,it is necessary and urgent to deeply understand the serving function and path of Fin Tech to the real economy,as well as to evaluate the serving effects.Therefore,what is the connotation of Fin Tech serving the real economy? Is the service of Fin Tech to the real economy the same as the traditional finance serving the real economy? If they are different,what leads the difference?What serving path does Fin Tech follow? What are the serving functions? How is the effect of the serving?Fin Tech is produced by specific technologes such as big data transforming the traditional finance.Compared with traditional finance,Fin Tech contains changes.The changes distinguish Fin Tech from traditional finance,and derive the new function of Fin Tech on the real economy.It determines that Fin Tech follows paths to affecting the real economy which are different from what traditional finance does.It is the basic logic of the paper.Based on this,the paper starts researching with the innovation of Fin Tech,and obtains seven main conclusions.First,the start of Fin Tech serving the real economy is that Fin Tech provides new products to the market,develops a new market and gives birth to a kind of new market organization.The foothold of Fin Tech serving the real economy is to improve the scale,structure and efficiency of the real economy.The serving of Fin Tech to the real economy is that Fin Tech plays specific roles to promote the development of the real economy towards its goals.Schumpeter's innovation theory divides innovation into five situations.Fin Tech includes three situations.One is the emergence of new products: Fin Tech provides the market with client software,security chip,security carrier and other products.These products are based on underlying technologies such as big data and artificial intelligence,which are able to reduce the transaction cost of financial activities.Second,a new market is developed: the tail of the demand curve of financial service market is a blue ocean market composed of many unpopular markets.Fin Tech promotes financial services to cover the long tail of demand curve and develops it.Third,Fin Tech creates a kind of new market organization: Fin Tech enterprises are a sort of new market power which can independently allocate financial resources.These three innovative situations of Fin Tech constitute the start of serving.During the "14th five-year-plan" period,the goal of Fin Tech serving the real economy is to promote the real economy to be solid,strong and excellent.The real economy is supposed to be improved in terms of scale,structure and efficiency,which is the foothold of serving.Second,by providing new products to the market,Fin Tech leads information symmetry between banks and enterprises which generates "selecting effect".Big data,as the underlying technology of Fin Tech products,is able to instantly crawl,store,process and share massive data.Big data converts the text,geographic location,image,video and other unstructured data which are left by the borrowers on the Internet into structured data.Structured data costs lower in transmission and is not easy to be distorted.This function enable borrowers to harden their soft information,and to enhance the transparency of information between banks and them.Information transparency increases the ability of banks in selecting the quality of borrowers,so as to increase the credit availability of high-quality medium small and micro enterprises as well as projects.The increase of credit availability promotes the development of high-quality medium small and micro enterprises and encourages the entrepreneurship of farmers.The paper calls the above function as "selecting effect".Third,by developing the long tail market,Fin Tech accelerates the accumulation of social human capital stock which generates "back feeding effect".Intelligent quality reflects a person's ability to master relevant knowledge and skills of intelligent terminals,intelligent mobile terminals and other equipment.Intelligent quality is new content of efficient human capital in the information age.Fin Tech trains the intelligent quality of suppliers and consumers through learning effect,which accelerates the accumulation of social human capital.On the other hand,consumer finance based on big data and artificial intelligence is one of the business formats of Fin Tech.The rapid development of consumer finance based on mobile Internet and consumption scenarios expands the market supply of micro education and health consumer finance products.It increases the training time of labor force and improve the health level of them.So,it also promotes the formation of human capital.The accelerated formation of social human capital stock is conducive to technological progress and income promotion.The paper calls above function as "feeding-back effect".Fourth,by giving birth to Fin Tech enterprises,Fin Tech intensifies financial competition which generates "catfish effect".Fin Tech enterprises are emerging market power with ability to independently allocating financial resources.Compared with traditional financial institutions,Fin Tech enterprises are equipped with five comparative advantages,namely,innovative business model,independent business decision,light asset and flat organizational form,rich technical reserves and inclusive regulatory environment.Fin Tech enterprises launch products that absorb small amount of idle funds in society and drive the financial resources out of traditional financial institutions,especially out of the banking sector.The driving-out has a greater impact on small and medium-sized banks than large banks.Fin Tech intensify financial competition.It improves the efficiency of financial services,inhibits financial intervention from the government,reduces the loss of social savings by financial organizations,and changes the labor demand structure of the financial industry.The paper calls above function as "catfish effect".Fifth,Fin Tech expands the scale of the real economy through serving.The comprehensive analysis of the three effects shows that Fin Tech accelerates the capital formation of the real economy by promotion of the conversion rate of“savings-investment”,and promotes the labor input of the real economy by consumption increase and labor force's cross-sectoral flow.The increase of investment and labor input both expand the output scale of the real economy.The empirical results present that after controlling endogeneity,Fin Tech expands of the scale of the real economy,and the intermediary effects of both investment and labor input of the real economy exist.Sixth,Fin Tech optimizes the structure of the real economy through serving.The comprehensive analysis of "selecting effect" and "feeding-back effect" shows that Fin Tech increases the income of farmers.The income increasing effect promotes farmers' entrepreneurship and "rural-urban" migration,which both adjust the labor supply of different industrial sectors.Fin Tech also imposes income effects on residents,which further promotes the upgrading of consumption structure.The upgrading of labor supply structure and that of consumption structure both help optimize the structure of the real economy.The empirical results show that after controlling endogeneity,Fin Tech upgrades the structure of the real economy,and farmers' income has an intermediary effect.Seventh,Fin Tech improves the efficiency of the real economy through serving.The comprehensive analysis of the three effects shows that Fin Tech accelerates the development of high-quality and efficient enterprises and the shrinkage of low-quality and inefficient ones,promotes technological progress and labor productivity.Those effects enhance the efficiency of the real economy.The empirical results show that after controlling endogeneity,Fin Tech improves the efficiency of the real economy.At the level of efficiency decomposition,Fin Tech promotes the technological progress of the real economy.There are four main innovations in the paper.First,it divides Fin Tech into three innovation situations then constructs the analysis framework of "Fin Tech-real economy".Compared with traditional finance,the innovation of Fin Tech generates its impact on the real economy,which is the basic logic of the paper.Following the logic,the paper systematically combs,analyzes and summarizes the development logic of Fin Tech.Drawn lessons from Schumpeter's innovation theory,it divides Fin Tech into three innovation situations: providing new products,developing a new market and giving birth to a sort of new market organization.They are the starting points of the study.Second,it proposes that Fin Tech produces "selecting effect","feeding-back effect" and "catfish effect",then comprehensively investigates the overall serving effect on the real economy.The paper takes three innovative situations as the starting points to study the mechanism of Fin Tech serving the real economy.The paper puts forward that Fin Tech enhances the selecting ability of banks;Fin Tech promotes economic development by improving the stock of social human capital;compared with traditional financial institutions,Fin Tech enterprises have five comparative advantages;Fin Tech changes the labor demand structure of the financial sector through competition,and then imposes an indirect impact on the labor input of the real economy.Third,by combining qualitative and quantitative methods,the paper comprehensively investigates the serving effect of Fin Tech on the scale,structure and efficiency of the real economy,so as to supplement the empirical evidence of the impact of Fin Tech on the real economy.The paper uses the DEA-Malmquist index method to measure the efficiency of the real economy,puts forward the indicator to measure the structure of the real economy,and obtains several conclusions.For example,Fin Tech promotes the scale,structure and efficiency of the real economy,and farmers' income has an intermediary effect on the optimization of the structure of the real economy.Fourth,the paper systematically summarizes,sorts out and analyzes the development logic of Fin Tech,also clarifies the connotation of Fin Tech serving the real economy.It puts forward that the fundamental premise of the emergence of Fin Tech is that money contains digital genes;the development of various business forms of Fin Tech is unbalanced,and the field of payment is at the forefront of integration with technology;in order to strengthen the real economy,it is necessary to expand the scale,optimize the structure and improve the efficiency,which is not only the foothold of Fin Tech serving the real economy,but also the standard to evaluate the serving effect. |
PDF Full Text Request