| At present,China’s financial technology development momentum is rapid,and has produced profound changes in all areas of society,and the country is paying more and more attention to financial technology.The People’s Bank of China has responded to the "13th Five-Year Plan" and issued the "13th Five-Year Plan for the Development of Information Technology in China’s Financial Sector",emphasizing the development direction and goals of information technology in the financial industry.In this context,the integration of commercial banks and financial technology has become an inevitable path.Commercial banks use advanced technology to strengthen their own risk management capabilities,improve operational efficiency through digital transformation,and meet the bank’s sustainable development motives.For the healthy and stable development of China’s economy,the study of the impact of fintech on commercial banks’ risk-taking and its mechanism is of great significance,and this paper will discuss this issue in depth.After sorting out the related literature on fintech,commercial banks’ risk-taking and the relationship between them,this paper analyzes how fintech affects commercial banks’ risk-taking level from the basic concepts and related theories,and further analyzes the mediating role of operational efficiency in the process of fintech affecting banks’ risk-taking.Using the fintech index constructed by text mining method and entropy value method,combined with Wind database,annual reports of commercial banks and relevant data information from National Bureau of Statistics,firstly,statistical analysis of fintech and commercial banks related data is conducted and the development of commercial banks is illustrated.Secondly,the baseline hypothesis of this paper is tested using a two-way fixed-effects model,and the results are tested for endogeneity,as well as robustness tests using three ways: replacing the metrics of the explanatory and explanatory variables,and shrinking tail treatment.Based on the baseline regression,heterogeneity analysis is further developed for different types and sizes of banks.Finally,the mediating effects model is applied to test the channels through which fintech affects commercial banks’ risk-taking by influencing banks’ operational efficiency.The main findings of this paper are as follows:(1)Fintech significantly reduces the risk-taking of commercial banks in China.(2)The impact of fintech on commercial banks’ risk-taking is heterogeneous among banks of different types and investment output sizes.(3)Fintech reduces the risk-taking of commercial banks by improving operational efficiency.Finally,the analysis results are combined with recommendations on the development of fintech from the perspective of banks and government regulation.(1)Banks improve their information systems and increase data utilization.(2)"Bank-enterprise cooperation" and "bank-school cooperation" should be developed in a coordinated manner,and the advantages of talents should be transformed into technical advantages to promote banks to further utilize fintech.(3)Large banks will take the lead to guide and help local banks in digital transformation.(4)Strengthen supervision and policy inclination.Under the premise of ensuring the stability of the financial system,encourage the development of the use of financial technology. |
