当代经济管理2024，Vol.46Issue(12)：87-96,10.DOI:10.13253/j.cnki.ddjjgl.2024.12.009
数字金融发展、影子银行消弭与系统性风险防范
Development of Digital Finance,Elimination of Shadow Banking,and Prevention of Systemic Risks
摘要
Abstract
The development of digital finance and the prevention of systemic risks are issues of widespread concern in both academic and industrial fi-nance circles.This paper employs a panel data method under a dual fixed-effects framework,utilizing data from China's listed commercial banks spanning from 2011 to 2021,to analyze the functions of digital finance development in promoting the liberalization of financial interest rates,inhibiting the expan-sion of shadow banking,and stabilizing the financial system.The primary innovation of this paper lies in using the yield rate of trust products as a metric to measure the strength of shadow banking and,subsequently,examining the impact of digital finance development on systemic risks through the lens of shadow banking's development.The research findings reveal that the development of digital finance has led to an average reduction of 0.242 in systemic financial risks among China's listed commercial banks.The mechanism analysis indicates that this reduction in systemic risks stems from the strategic,operational,and managerial digital transformation of commercial banks.Additionally,the marketizaiton of interest rates facilitated by digital finance devel-opment has contributed to the dissolution of shadow banking,the stabilization of the financial system and the reduction of systemic financial risks.关键词
数字金融/影子银行/系统性金融风险Key words
digital finance/shadow banking/systemic financial risk分类
管理科学引用本文复制引用
田野,胡文涛..数字金融发展、影子银行消弭与系统性风险防范[J].当代经济管理,2024,46(12):87-96,10.基金项目
国家社会科学基金面上项目"金融高水平开放进程中系统性金融风险的传播路径及防范对策研究"(22BJY168). （22BJY168）
