经济与管理研究2025，Vol.46Issue(5)：37-55,19.DOI:10.13502/j.cnki.issn1000-7636.2025.05.003
银行金融科技对实体企业融资效率的提升效应
Enhancement Effect of Bank FinTech on Financing Efficiency of Real Enterprises
摘要
Abstract
In the context of high-quality development,it is crucial to unblock the channels of financial services for the real economy and enhance banks'capacity to serve the real economy.This paper takes the listed manufacturing enterprises in China and their lending banks from 2013 to 2023 as samples,employs a word vector model of deep learning algorithms to measure the level of bank financial technology(FinTech)development,and establishes credit links based on 92,414 bank-enterprise loan records on a transaction-by-transaction basis.The findings reveal that bank FinTech improves the financing efficiency of real enterprises,and this conclusion remains valid after a series of endogeneity and robustness tests.Mechanism analysis indicates that the application of FinTech is conducive to enhancing the banks'liquidity creation and risk management capabilities,thereby improving the financing efficiency of real enterprises and enhancing banks'capacity to serve the real economy.Heterogeneity analysis shows that bank FinTech exhibits typical characteristics of inclusiveness and synergy,and its effectiveness in enhancing the financing efficiency of real enterprises is more pronounced in non-state-owned enterprises,small and medium-sized enterprises,and enterprises with a high level of digitalization.Further analysis reveals that FinTech not only drives bank credit towards the real economy but also weakens banks'incentives to continue engaging in high-risk shadow banking activities,providing additional evidence for the enhancement effect of FinTech on the real economy. The marginal contributions are threefold.First,from the perspective of banks serving the real economy,this paper extends the research on the economic consequences of FinTech from the micro level of FinTech improving bank operation and management to the macro level of optimizing bank credit resource allocation and enhancing the ability of financial services for the real economy.Second,this paper innovatively constructs real bank-enterprise credit links and explores the specific impact of bank FinTech on the financing of real enterprises.Third,this paper provides a set of FinTech identification tools based on patent quality and measures the development level of FinTech from the dual perspectives of the quantity and quality of FinTech innovation. Based on the above findings,this paper proposes the following policy recommendations.On the one hand,commercial banks should proactively embrace FinTech,leveraging its technological empowerment effects to deepen their digital strategic layouts and guiding financial resources to precisely serve key areas of the real economy.On the other hand,the government should establish more comprehensive policy incentive mechanisms to encourage financial institutions to increase their investment in FinTech research and development,enhancing their core competitiveness and ability to serve the real economy.关键词
金融科技/实体经济/融资效率/银企关联/影子银行Key words
FinTech/real economy/financing efficiency/bank-enterprise relationships/shadow banking分类
管理科学引用本文复制引用
张骏,郭娜..银行金融科技对实体企业融资效率的提升效应[J].经济与管理研究,2025,46(5):37-55,19.基金项目
国家社会科学基金后期资助项目"金融科技、银行信贷资源配置与实体经济高质量发展研究"(23FJYB033) （23FJYB033）
教育部人文社会科学研究青年基金项目"经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究"(23YJC790038) （23YJC790038）
