金融学院知识库

数字化时代地快速发展，使得金融行业正在经历着前所未有的变革与挑战，传统的金融运作模式已远落后于当前高质量高效率的社会现状，传统银行淡出视野，取而代之的是智慧银行这一新兴概念。智慧银行不仅仅是数字化的银行，同时更是一种全新的金融服务运作范式。数字化金融的发展给金融监管、金融稳定带来新风险、新难题。金融体系的稳健运行对于推动实体经济持续繁荣和发展具有举足轻重的意义。作为各类投资者与投机者互动博弈的核心载体，金融市场在金融资产交易定价中扮演着关键角色，因此，有效防范和处置金融风险、确保金融市场稳健运行始终是我国中央政府高度关切的重大议题。借鉴历史经验和实践智慧，我们需要将问题解决的触角延伸至更小层面，研究数字金融对各个区域金融稳定的影响，将风险从小处、分散化化解，最终实现整体金融体系的稳固和健康发展。本文以中国31个省级行政区2011年至2021年的面板数据为基础，运用现代计量经济学方法，实证研究了数字金融发展是否影响区域金融稳定性以及会产生怎样影响。

首先，本文梳理阐释数字金融及金融稳定的含义，系统整理并详细阐述了基本理论内涵，深入剖析了数字金融发展的内在机理如何作用于金融稳定性的维持与演变，分析其影响路径，数字金融的进步和发展一方面有力地推动了金融机构经营模式的创新和效率提升，增强了金融机构的风险识别与管理效能，另一方面，数字金融的快速渗透也可能加大金融机构之间的风险关联性，从而可能加剧风险扩散，对金融系统的稳定性构成潜在威胁。鉴于数字金融对金融稳定影响的双刃剑效应，单纯理论分析难以确切判断其净效应，因此有必要通过实证研究进一步探寻数字金融与区域金融稳定之间具体的相互作用机制。

其次，本文数据来自北京大学发布的“数字普惠金融指数”。分析我国具体的金融市场运作规律，深入研读学习金融稳定分析报告以及其他相关文献资料。最终选取了包括地方宏观经济运行和金融体系两大类共9个子指标建立了金融稳定评估指标体系，构建区域金融稳定指数。

在运用面板数据固定效应模型进行深入探究之后，得出结论：数字金融的进步与发展在总体层面上对金融系统的稳定性起到了明显的促进效应。进一步细分细化维度指标，对金融稳定性的影响进行了深入探究。结果显示，数字金融的使用深度对金融稳定性的正面影响尤为显著；相较之下，覆盖广度的促进效果则显得较为有限。为确保研究结论的可靠性，变换样本数据量进行检验，各项检验结果再次巩固了数字金融的发展对金融稳定性产生正面推动作用的结论的可靠性。进行了中介效应检验发现，数字金融推动金融资源配置效率提高，提升金融包容性，突破地域和时间限制，降低金融排斥现象，实现风险的分散化，促进金融系统的稳定。通过技术创新准确预测和控制金融风险，创新投入促使金融产品和服务不断创新，分散金融风险，推动金融基础设施的现代化，提高金融市场的透明度，减少金融风险的集聚，从而对金融稳定产生积极影响。最后，根据实证结果，提出推动数字金融均衡健康稳步推进、数字金融平台要完善风险防范体系，设立风险预警系统、构建适应数字金融特性的监管规范框架和强化金融教育等建议。

With the rapid development of the digital era, the financial industry is experiencing unprecedented changes and challenges, and the traditional financial operation model has lagged far behind the current high-quality and high-efficiency social status quo. Smart banking is not only a digital bank, but also a new paradigm of financial service operation. The development of digital finance has brought new risks and problems to financial regulation and financial stability. The sound operation of the financial system is of great significance to promoting the sustained prosperity and development of the real economy. As the core carrier of the interactive game between various investors and speculators, the financial market plays a key role in the transaction pricing of financial assets, so the effective prevention and disposal of financial risks and the steady operation of the financial market have always been a major issue of great concern to the central government of China. Drawing on historical experience and practical wisdom, we need to extend the tentacles of problem solving to a smaller level, study the impact of digital finance on the financial stability of various regions, and resolve risks in a small and decentralized manner, so as to finally achieve the stable and healthy development of the overall financial system. This paper collects and analyzes panel data from 31 provinces, autonomous regions and municipalities in China from 2011 to 2021, and empirically studies the impact of digital finance development on regional financial stability.

Firstly, while sorting out the relevant theories of digital finance development and financial stability, this paper analyzes the internal mechanism of digital finance development affecting financial stability, and finds that the development of digital finance is conducive to optimizing the operation and management mode of financial institutions, improving the overall efficiency, improving the risk management level of financial institutions, and may exacerbate the risk contagion among banks and other financial institutions, and then it is necessary to study the impact of digital finance on financial stability.

Secondly, this paper uses the "Digital Inclusive Finance Index" released by the Center for Digital Finance of Peking University as a proxy variable for the development of digital finance. Construct a Financial Stability Index.

After an in-depth study using the panel data fixed-effect model, it is concluded that the progress and development of digital finance has played a significant role in promoting the stability of the financial system at the overall level. Further subdivision and refinement of dimensional indicators on the impact of financial stability are deeply explored. The results show that the depth of use of digital finance has a particularly significant positive impact on financial stability, while the promotion effect of coverage breadth is relatively limited. In order to ensure the reliability of the research conclusions, the sample data size was changed for testing, and the test results once again consolidated the reliability of the conclusions that the development of digital finance has a positive effect on financial stability. The intermediary effect test shows that digital finance promotes the efficiency of financial resource allocation, enhances financial inclusion, breaks through geographical and time constraints, reduces financial exclusion, realizes risk diversification, and promotes the stability of the financial system. Through technological innovation, financial risks are accurately predicted and controlled, and innovative investment promotes continuous innovation of financial products and services, diversifies financial risks, promotes the modernization of financial infrastructure, improves the transparency of financial markets, and reduces the accumulation of financial risks, thereby having a positive impact on financial stability. Finally, based on the empirical results, it is proposed to promote the balanced and healthy progress of digital finance, digital financial platforms should improve risk prevention systems and set up risk early warning systems, build a normative framework that adapts to the characteristics of digital finance, and strengthen financial education.