| As an important participant in China’s wealth management market,securities companies have long used brokerage business as the main business and an important source of profits.However,with the relax of account opening policies and the continued downturn in the stock market,the traditional profit model is difficult to sustain.As the economy continues to develop and residents’ disposable income levels continue to increase,the contradiction between supply and demand in the traditional wealth management market has become increasingly prominent.Therefore,promoting the transformation of traditional brokerage business to wealth management has become an inevitable choice for securities companies.At the same time,with the in-depth development of the fourth industrial revolution and the deep integration of technology and finance,fintech has sprung up.Fintech companies use the long-tail market of traditional wealth management as a breakthrough,and quickly enter the wealth management market through technological innovation and model innovation and have achieved good results.In the face of internal and external problems,although securities companies have adopted the strategy of applying fintech to wealth management,it is difficult to determine whether the development of fintech in China will inhibit securities companies’ wealth management more or help more.Therefore,systematic research on the influence path of fintech on the wealth management efficiency of securities companies has important theoretical and practical significance.Firstly,we elaborate the relevant concepts and theories,and sort out the influence path of the in-depth application of fintech in the field of wealth management on the efficiency of wealth management of securities companies,and analyze the hetero-geneity of fintech on the wealth management efficiency of different types of securities companies based on the differences in transformation capabilities.Secondly,the data of 21 securities companies from 2011 to 2018 was selected as a sample to build a wealth management efficiency index system for securities companies,and a three-stage DEA model was used to measure their wealth management efficiency values.Thirdly,the"text-mining method" and the principal component analysis method are used to construct a fintech index.On this basis,we use the wealth management efficiency of securities companies as the explanatory variable and fintech index as the core explanatory variable,the Tobit model is used to regress the static panel data,and the following conclusions are obtained:(1)The application of fintech at this stage has indeedly restrained the efficiency of securities companies’ wealth management.The development of fintech has enabled non-traditional wealth management institutions represented by Internet companies to enter the wealth management industry,which has increased competition.Therefore,in the short term,the development of fintech hinders the development of wealth management business of securities companies;but in the long term,with the continuous integration of fintech,it is expected to help securities companies improve the efficiency of their wealth management business in the future.(2)The application of fintech has a heterogeneous effect on the inhibitory effect of wealth management efficiency of different types of securities companies.Among them,the inhibitory effect on integrated secureties companies is more obvious,while the inhibitory effect on professional securities companies is weaker.Last but not least,we propose policy recommendations at both the securities company and supervision levels which based on theoretical analysis and empirical results. |
