Research On The Impact Of Third Party Payment On Systemic Risk Of China's Listed Commercial Banks

With the continuous upgrading and application of Internet technology,a new economic form of "Internet+" has gradually emerged.Under this background,Internet finance came into being.As an important model of Internet finance,third-party payment has expanded its business scale and involvement in the era of Internet finance,and has become more closely related to China's financial market while changing people's lifestyles.The third-party payment that integrates the advanced technology of the Internet has a severe impact on the business development of commercial banks in terms of assets,liabilities and intermediary business.The traditional dominant position of commercial banks is in jeopardy.Since commercial banks are the most significant and overlapping areas in Internet finance,they are also the pillars of China's financial industry.Therefore,once a systemic risk occurs in commercial banks,it will directly affect the stability of China's financial market.At present,the domestic research on the impact of third-party payment on the systematic risk of commercial banks is less and stays at the qualitative level.Therefore,the research of this topic has certain theoretical and practical significance.This paper uses a combination of qualitative and quantitative methods to study the impact of third-party payment on the systemic risk of listed commercial banks in China.The research ideas are as follows:Firstly,from the theoretical level,the third-party payment is used to analyze the transmission mechanism of the systemic risk of listed commercial banks in China;secondly,based on the data of 14 listed banks from 2008 to 2017,the principal component analysis is obtained,and the systemic risk of commercial banks is obtained.Weighted index table;Finally,the TVP-SV-VAR model is used to analyze the time-varying characteristics and structural fluctuations of the impact of third-party payment on the systemic risk of listed commercial banks in China.The research results show that:(1)Third-party payment has an impact on the systematic risks of commercial banks through three channels:assets,liabilities and intermediary business.(2)Debt rate,provision coverage ratio,loan-to-deposit ratio,house price index,capital adequacy ratio and liquidity ratio are the key factors affecting the systematic risk changes of commercial banks.(3)The impact of third-party payment on the systemic risk of listed commercial banks in China is time-varying.(4)The impact of third-party payment on the systemic risk of listed commercial banks in China has a "term structure effect ",that is,the impulse response intensity is gradually weakened with the extension of the lag period.Based on the research conclusions and the current domestic and international economic situation,this paper gives recommendations from the bank level and the government level.On the one hand,commercial banks should explore sources of funds through multiple channels,optimize credit business products,and enhance technical(?)ength.At the same time,they must comply with the trend of the times and strengthen cooperation with Internet finance companies.On the other hand,the government should improve the construction of laws and regulations and strengthen policy guidance.