| As an important platform to serve the development of the real economy and the focus of supervision on systemic economic risks,the financial industry is in a development rhythm of seeking progress while maintaining stability.In particular,the banking industry,as the main body of the modern financial system,has played an important role.However,from an objective point of view,compared with other industries,the business structure and product model of the banking industry have remained unchanged for a long time.Under the protection of government policies,it is still in a state of relatively moderate competition,and the motivation to seek changes and technological upgrades is insufficient.Finance is a high-margin industry,and countless companies want to squeeze into it.Around 2013,third-party payment platforms represented by Alipay and We Chat rose rapidly.With the huge user base,high customer stickiness and convenient and simple operations accumulated over the years in the fields of e-commerce and social networking,currency has become a "0/1" code.They continue to impact the business income of commercial bank credit cards,savings cards and online banking fees.Subsequently,new products such as Internet lending and Internet wealth management also squeezed the market share and profit margins of the banking industry.This kind of financial technology innovation is a disruptive innovation to the original industry,and it is also the only opportunity for other companies to truly enter the financial market.Commercial banks occupy an important position in the industry,and their switching costs when applying innovative technologies are much higher than that of smaller,more flexible Fin Tech companies.The practice of the past ten years has proved that the arrival of the digital finance era supported by financial technology is the choice of the market and an irreversible industrial situation.Both theory and practice have found that,through organic integration with emerging technologies,commercial banks can reduce operating costs,improve resource allocation efficiency,and break through the limitations of traditional businesses to obtain new profit growth points.The theory of industrial organization believes that the breaking of the original industrial stability and the accelerated layout of the new industrial structure will promote the formation of strategic technology alliances among enterprises,and technical cooperation between enterprises is particularly important.Therefore,in the context of the vigorous development of financial technology,the research on the cooperation path of the financial technology innovation strategy of commercial banks in my country is particularly important.Based on the "four-chain model" of strategic management theory,this paper makes an in-depth discussion on the feasibility and necessity of a commercial bank's financial technology innovation foreign cooperation strategy,and analyzes the application scope of financial technology cooperation and innovation at the underlying technology level.The focus of the full text is to use theoretical analysis,game deduction and empirical research methods,etc.,to discuss the relationship between the financial technology innovation of commercial banks and the government,formal partners,market complementers and informal cooperation under the "four-chain model".,to explore the specific path of foreign technical cooperation of commercial banks.The results show that:(1)Commercial banks have sufficient feasibility and necessity to carry out financial technology innovation cooperation with foreign countries,and have a broad space for cooperation.They can strategically reach technological innovation alliances with other enterprises.(2)The focus of the game between the financial technology innovation of commercial banks and government regulation is how to define the scope of innovation risk,and the game has a Pareto equilibrium point.(3)The focus of the individual game between commercial banks and Fin Tech companies is the distribution of benefits from cooperation,but regardless of the distribution of benefits,the game steady state of the entire group is dynamically convergent.(4)In a narrow sense,there is a positive asymmetric and mutually beneficial symbiotic relationship between commercial bank financial products and Fin Tech products,of which commercial banks still play a major role,but this advantage is gradually being weakened.(5)Informal partnership can positively affect the Fin Tech innovation performance of commercial banks,especially small and medium-sized commercial banks,among which the heterogeneity of bank internal knowledge plays a significant moderating role.The main conclusions of this study are:(1)From the theoretical analysis and literature review,commercial banks are significantly affected by the positive and negative effects of financial technology innovation,but there is a consensus on the practical experience and academic conclusions of encouraging commercial banks to carry out foreign technical cooperation.(2)Fin Tech innovative products represented by Internet finance have caused varying degrees of impact on the liabilities,assets and intermediary businesses of commercial banks in my country.However,the further development of the underlying technology of financial technology has played a certain role in promoting the profitability,innovation and risk control capabilities of commercial banks.(3)Based on the theoretical logic and literature review of the "four-chain model",government supervision(government),financial technology supply companies(formal partners),Internet financial products(market complements)and informal partnerships are selected as research objects,which further concretized the research subject in the research of cooperative relationship.(4)Through the sequential bargaining game,it is found that the essence of the government's supervision of financial technology innovation in commercial banks is the issue of risk sharing,and the government is willing to transfer financial innovation risks to commercial banks.The government's willingness to supervise commercial banks depends on the initial development strategy of commercial banks' Fin Tech innovation.Under incomplete information,there is a balance between government regulation and the development of Fin Tech innovation in commercial banks.In this regard,there are two paths to reduce government intervention and accelerate the innovation and development of financial technology in commercial banks: one is to improve government governance capabilities and take more innovation risks for commercial banks.Second,commercial banks maintain compliance operations,improve the information transparency of their own innovations,enhance the government's awareness of financial technology innovation,and formulate better policies for the banking industry to implement financial innovation strategies.(5)From the perspective of the game between technology supply companies and commercial banks,compared with independent research and development,rational commercial banks will choose to reach technical cooperation with financial technology companies.This is also confirmed by the conclusions of event studies in the stock market.At the same time,it was also found that before 2017,the focus on Fin Tech innovation was mainly concentrated on non-banking institutions such as Internet finance companies.After 2017,all stakeholders began to pay attention to Fin Tech innovation in the banking industry.(6)Fin Tech products and traditional financial products can influence and interact with each other,thereby generating new energy for symbiosis.The two complement each other to a certain extent.They are now in a continuous or integrated asymmetrical and mutually beneficial symbiosis model.But it has not yet reached the optimal symmetrical symbiotic development model.Commercial banks still dominate the wealth management product market,while Fin Tech's influence on the market continues to grow.(7)Informal partnership has a significant positive impact on commercial bank Fin Tech innovation performance.From the perspective of bank size classification,informal partnerships have a greater role in promoting the innovation performance of small and medium commercial banks.The increase of internal knowledge heterogeneity in commercial banks can improve the transformation and utilization of external knowledge,stimulate the generation of new ideas,and play a significant positive regulatory role.Compared with internal knowledge heterogeneity,the influence and moderating effect of external knowledge heterogeneity is not significant.In addition,based on the research results,this paper puts forward 9countermeasures and suggestions from three levels: macro(country),meso(industry),and micro(enterprise).This paper summarizes and analyzes four specific paths for commercial banks to implement financial technology innovation in foreign cooperation: First,improve the transparency of information related to their own technological innovation,thereby reducing regulatory risks.Second,at this stage,commercial banks should pay more attention to reaching strategic technological cooperation with advantageous technology companies or Internet finance companies than independent research and development.The third is to maintain an asymmetrical positive symbiotic relationship between the technological innovation products of commercial banks and non-bank institutions.We should continue to strengthen the financial technology cooperation between the two,enhance their own advantages,and further prevent financial technology companies and commercial banks from blind and vicious competition.The decline of natural financial symbiosis between them.Fourth,develop and expand informal cooperative relations between commercial banks and external enterprises,which is particularly important for small and medium-sized commercial banks.At the same time,the level of heterogeneity of bank internal knowledge should also be improved.This research applies the strategic management theory and cooperative competition theory to the new research field of commercial bank financial technology innovation,expanding the application scope and boundary of the relevant theoretical system;adding the element of destructive technological innovation in the theoretical analysis,including it helps to improve the existing theoretical models of industrial organizations and strategic alliances;it provides a certain game model reference and empirical results for the current research on scientific and technological innovation cooperation strategies.At the same time,the research conclusions and countermeasures proposed,especially the cooperation path of the financial technology innovation strategy of commercial banks,can provide a certain research reference for the government,the banking industry and other stakeholders,in order to get more applications by academics and practitioners. |
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