解构“金融科技”：金融服务业与ICT之间内生性关系的实证研究

发布时间：2018-03-05 19:23

  本文选题：金融科技　切入点：ICT　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：科技发展引发的数字与信息革命持续不断地给各行各业带来前所未有的变化,金融业也不例外。科技与金融交汇融合,并以数据为基础,以技术为手段,为金融带来创新的业务模式、应用、流程或产品,这便是时下火热的"金融科技"的含义。金融科技遵从金融本质,依靠与科技的无缝衔接,从本质上保证金融行业提高工作效率、降低运营成本,最终实现利润最大化。因此,金融科技被视为能够重塑金融行业的全新领域,也是世界各国在21世纪想要努力抓住的发展机遇之一。在时下全球经济增速变缓,经济发展动力疲软的大背景下,对金融科技的研究具有十分重要的意义。随着金融科技的重要性与关注度不断提升,与此相关的研究也不断增多,但目前这些研究大多更偏向理论解释、分析与预测,实证研究比较少;同时研究重点放在科技如何促进并服务于金融,而非二者之间的动态关系。本文在炙手可热的"金融科技"的背景下拆解"金融"与"科技",并通过实证研究二者之间的内生性关系。本文用"金融服务业"代表"金融科技"中的"金融",包括银行、证券、保险、信托、基金等行业;用"ICT"代表"金融科技"中的"科技",ICT指信息通讯技术,是信息技术与通讯技术相融合而形成的新的概念和领域,也是金融科技中的"科技"主要涵盖的领域。本文采用两阶段最小二乘法,用联立方程组模型研究金融服务业与ICT之间的内生性关系,即两者之间是否互相促进、互相影响,或者仅存在单方向的影响。本文利用该模型对来自36个国家从2001年至2011年的数据首先进行混合回归,其次考虑固定效应,即插入虚拟变量进行回归,两次回归结果的显著性并无差异,但由于固定效应控制了不随时间变化而变化的因素而比混合回归更加准确,因此本文结论采用固定效应的结果。回归结果显示,ICT对金融服务业有显著的促进作用,该结果与时下对金融科技的理论研究结果一致,即ICT技术通过降低金融服务的成本、提高金融行业的业务效率来推动金融行业发展和变革。但反过来,金融服务业对ICT的回归并不显著。从理论上讲,科技的发展需要融资、收售股权等金融服务的支持,但就本文所涉及的ICT领域而言,人力资本对于ICT的重要性可能远超金融服务业。基于上述结论和相应的解释,本文提供了一些政策性意见。在公司层面,传统金融机构应转变自我定位,利用自身优势,积极利用ICT技术改善盈利模式。在国家层面,政府应在支持与监管金融科技方面寻求平衡。拥抱信息时代的同时,也应小心防范潜在风险。此外,人力资本应作为一国发展ICT行业的重点考量因素。本文在数据与建模上存在一些不足和局限性,因此在文末为未来的进一步相关研究提供了一些参考意见。
[Abstract]:The digital information revolution triggered by the development of science and technology and continuously to all walks of life to bring hitherto unknown change, the financial industry is no exception. The technology and financial integration, and based on the data, the technology as a means to bring innovative business models, financial applications, processes or products, it is nowadays a hot financial technology "the meaning of financial technology. Comply with the financial essence, rely on seamless connection with science and technology, essentially guarantee efficiency of the financial industry, reduce operating costs, and ultimately achieve the maximization of profit. Therefore, financial technology is considered to be a new field of reshaping the financial industry, is also one of the countries of the world in twenty-first Century to try to seize the opportunity for development. In the current global economic growth slows, the background of weak power of economic development, it is very important to research on financial technology. As an important financial technology And attention rising, and the related research is increasing, but most of these studies tend to theoretical explanation, analysis and forecast, little empirical research; at the same time focus on how to promote science and technology and services in the financial, rather than dynamic relationship between the two. The hottest financial under the background of science and technology "dismantling" financial "and" science and technology ", the relationship between the endogenous and the empirical study of the two. The" financial services "on behalf of" financial technology "in the" financial ", including banking, securities, insurance, trusts, funds and other industries; the use of" ICT "on behalf of" financial science and technology "in the" science and technology ", ICT refers to the information and communication technology, is a new concept and the field of information technology and communication technology integration and the formation, but also the financial technology in technology mainly covers the field. This paper uses two stage least squares method, study on simultaneous equations model The endogenous relationship between financial services and ICT, which is between the two promote each other and influence each other, or only has one direction influence. Based on the data from 36 countries from 2001 to 2011 data were first mixed regression using the model, then consider fixed effect, namely the insertion of virtual variables, there was no significant the difference of two regression results, but because of the fixed effects control does not change with time and the ratio of mixed regression is more accurate, so the conclusion of this paper using fixed effects results. The regression results show that ICT has a significant effect on the financial services industry, the results with the results of theoretical Research on financial technology agreement that is, ICT technology can reduce the cost of financial services, improve the business efficiency of the financial industry to promote the development of financial industry and change. But on the other hand, the financial services industry on the back ICT Merge is not significant. In theory, the development of science and technology to the sale of equity financing, and other financial services support, but the ICT in terms of human capital for the importance of ICT far beyond the financial services industry. The corresponding conclusion and explanation based on, this paper has provided some policy advice. At the company level, traditional financial institutions should change the self positioning, the use of their own advantages, actively use ICT technology to improve the profit model. At the national level, the government should seek balance in the support and supervision of financial science and technology. Embrace the information age at the same time, should also be careful to prevent potential risks. In addition, human capital should be considered as a key development of ICT industry a country's factor. This paper has some shortcomings and limitations in data modeling and so on, to provide some suggestions at the end of the paper for further study in the future.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F831;F49
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本文编号：1571554