金融学院知识库

数字金融是数字技术与传统金融模式相结合产生的新型金融模式，区别于传统金融模式，在一定程度上数字金融业务种类更为丰富、交易信息更加透明、服务范围愈加广泛。数字金融的迅猛发展为金融机构带来了革命性的变革，这些变化不仅体现在服务模式和产品创新上，更深刻地影响了客户体验和风险管理。金融机构通过大数据分析、人工智能和区块链技术，能够提供更加个性化和高效的金融服务，同时在风险控制方面也实现了质的飞跃，然而，这些变革或许也带来了新的挑战和新的风险。

本文选取2011-2022年我国80家城市商业银行年度数据，构建静态面板模型与动态面版模型并采用两步系统GMM估计方法解决内生性问题，研究分析城市层面数字金融的发展对城商行风险承担的影响并进一步探究其传导机制。研究表明，（1）城市数字金融的发展将降低城商行风险承担水平，且数字金融覆盖广度、使用深度及数字化程度对城商行风险承担水平均具有显著抑制作用。（2）机制检验表明，数字金融可以通过优化城商行资本结构来降低风险承担水平，“数字金融—资本结构—银行风险承担”的传导渠道有效。（3）当期城商行风险承担水平受到往期数字金融发展水平及往期风险承担水平的影响。（4）相较于中西部地区和省会城市，我国东部地区以及非省会城市的数字金融发展能更有效地降低城商行风险承担水平。

本研究提出政策建议，强调城市商业银行数字化转型的紧迫性，建议引入前沿科技以提升服务效能和资本布局，降低风险。东部及非省会城市城商行应利用地域优势加速数字化，中西部城商行则应通过合作学习先进经验。地方政府应支持数字金融产业发展，创造有利于金融机构数字化转型和业务创新的政策环境，促进金融机构与科技企业合作，服务本地经济，推动经济高质量发展。金融监管部门应平衡创新与稳定，鼓励金融机构拥抱数字金融变革，同时建立动态监管框架，纳入新兴风险，避免监管空白，监管应适度，以促进数字金融的健康有序发展。

Digital finance is a novel financial paradigm that emerges from the integration of digital technologies and traditional financial models. Unlike conventional financial systems, digital finance offers a broader range of business types, ensures greater transparency in transaction information, and provides more extensive service coverage. The rapid development of digital finance has introduced revolutionary transformations to financial institutions, reflected not only in service models and product innovation but also in profound impacts on customer experience and risk management. Through the application of big data analytics, artificial intelligence (AI), and blockchain technology, financial institutions are able to deliver more personalized and efficient financial services, while achieving qualitative advancements in risk control. However, these transformations have also introduced novel challenges and risks that warrant careful attention.

This study utilizes annual data from 80 urban commercial banks in China between 2011 and 2022. By constructing static and dynamic panel models and employing the two-step System Generalized Method of Moments(GMM) to address endogeneity, this research investigates the impact of urban digital finance development on the risk-taking behavior of urban commercial banks and further explores its transmission mechanisms. The findings are as follows: (1) the development of urban digital finance reduces the risk-taking levels of urban commercial banks, with the breadth of digital finance coverage, depth of usage, and degree of digitalization exerting significant inhibitory effects on risk-taking behavior; (2) mechanism testing demonstrates that digital finance can reduce risk-taking by optimizing the capital structure of urban commercial banks, validating the effectiveness of the "Digital Finance–Capital Structure–Bank Risk-Taking" transmission channel; (3) the current level of risk-taking by urban commercial banks is influenced by prior levels of digital finance development and historical risk-taking behavior; (4) compared to central and western regions and provincial capital cities, the development of digital finance in eastern regions and non-provincial capital cities more effectively reduces the risk-taking levels of urban commercial banks.

This study proposes policy recommendations emphasizing the urgency of digital transformation for urban commercial banks. It is suggested that cutting-edge technologies be introduced to enhance service efficiency and capital allocation while reducing risks. Urban commercial banks in eastern and non-provincial capital cities should leverage regional advantages to accelerate digitalization, while those in central and western regions should collaborate to learn from advanced experiences. Local governments should support the development of the digital finance industry by creating a favorable policy environment that fosters digital transformation and business innovation in financial institutions, promotes collaboration between financial institutions and technology enterprises, and serves local economies to drive high-quality economic development. Financial regulators should balance innovation and stability by encouraging financial institutions to embrace digital finance transformation while establishing dynamic regulatory frameworks that address emerging risks, avoid regulatory blind spots, and ensure appropriate regulation to promote the healthy and orderly development of digital finance.