Research On The Effect Of Fintech Enabling Commercial Banks To Support Real Economy Development

Recently,the real economy is facing multiple downward pressures,such as weak recovery of household consumption,unstable supply of raw materials,and deepening uncertainties in the international environment,which have led to lack of market confidence and lack of impetus for the development of the real economy.At the same time,the channel of financial industry serving the real economy is not smooth,resulting in a series of problems,such as capital shifting from real to virtual,currency idle,low efficiency of resource allocation,frequent occurrence of various financial risks.The advent of fintech has changed the service mode of traditional financial institutions,broken the dilemma of inefficient financial services,and promoted the development of real economy.Therefore,based on the micro perspective and from the supply side,this paper explores whether fintech can enable commercial banks to support high-quality development of the real economy and argues that fintech can enable commercial banks to support the development of real economy from the following two aspects:On the one hand,fintech will help commercial banks reduce information asymmetry between banks and enterprises,improve the ability of banks to identify loan enterprises,and reduce the operating costs.In this way,commercial banks will be more willing to extend credit to the real economy,so as to promote capital accumulation and achieve "growth guarantee".On the other hand,fintech is able to standardize the risk management process of commercial banks,improve the accuracy of risk assessment models,reduce risk-taking of banks,and then lower the systemic financial risks,create a robust financial ecological environment for the development of the real economy,and achieve "risk prevention".Subsequently this paper uses the data of 300 commercial banks from 2011 to 2017 and constructs a two-way fixed effect model for empirical analysis.The results confirm that fintech can significantly enable commercial banks to support high-quality development of the real economy and achieve "growth protection" and "risk prevention".From the view of the development structure of fintech,both the breadth of coverage and the depth of use can generate "growth protection" and "risk prevention" effects,while the degree of digitalization is not significant in the empirical results.It is also found that the eastern region has more advantages in the breadth of coverage,the overall development level and the depth of use of fintech,which makes the "growth protection" and "risk prevention" effects more significant.In addition,the breadth of coverage,the overall level of development and the depth of use of fintech have a more obvious enabling effect on small and medium-sized banks,which achieve "growth protection" and "risk prevention" more significantly.This is mainly because fintech plays a "timely help" role for small and medium-sized banks.Finally,this study puts forward suggestions from the three perspectives of the government,real enterprises and commercial banks.