The Impact Of The Internet Technology On Financial Disintermediation In America And Its Enlightenments

Since the 1990s,under the background of financial globalization and tremendous leaps and bounds of information and communication technology,the development of Internet finance has greatly promoted the expansion and deepening of financial disintermediation.Study on the impact of Internet technology progress on the financial disintermediation in the United States since the 1990 s can not only quantify the role played by the factor in the process of financial disintermediation,but also make the financial industry in our country,where Internet finance is developing rapidly,learn experiences and lessons from it.On the basis of summarizing the results of domestic and foreign scholars' research on the theory of financial disintermediation,the factors of financial disintermediation and the impact of financial disintermediation on commercial banks,starting from the phenomenon of financial disintermediation in the United States for the first time in the 1960 s,this paper briefly described the policy environment of the institutional disintermediation in the United States in the 1970 s,the market disintermediation in the United States in the 1980 s and technical disintermediation the United States in the 1990 s.By elaborating on the formation and development of the U.S.financial disintermediation,this paper focus on the background and main factors that promote the formation and development of the U.S.financial disintermediation in different periods,and briefly introduced the current development of the U.S.financial disintermediation.Secondly,the article elaborates the theory of financial disintermediation,and found that the main influencing factors of financial disintermediation are technological progress,monetary policy and financial regulation and the changes of financial system structure.On the basis of summarizing the indicators of financial disintermediation in the existing research,this paper makes a practical measurement of the financial disintermediation in the United States since the 1960 s,which paves the way for the subsequent empirical analysis.Then,this paper uses the multiple linear regression method to empirically analyze the impact of Internet technology on US financial disintermediation since the 1990 s.Empirical results show that Internet technology can promote the US financial disintermediation,at the same time the two regression models passed the autocorrelation,heteroscedasticity and multicollinearity test.Finally,this article describes the current situation of financial disintermediation in China by summarizing the performance of financial disintermediation of China and comparing the development of financial disintermediation between China and the United States,based on the experience of the development of financial disintermediation in the United States.At the same time,it gives policy suggestions for our commercial banks and government to face financial disintermediation.