金融科技发展与商业银行盈利能力的负相关关系及异质性分析

运用2011—2018年210家中国商业银行的面板数据，采用固定效应估计考察金融科技发展对银行盈利能力的影响。研究结果表明，金融科技的发展与银行绩效呈显著负相关，即金融科技发展显著削弱了银行绩效。该结论在采用不同的金融科技指标、不同银行盈利能力指标和内生性分析基础上都具有稳健性。在此基础上，还研究了上述关系的异质性因素，发现宽松的货币政策会削弱金融科技对银行盈利能力的负面作用。此外，对于垄断势力较强的商业银行，金融科技对其绩效的不利冲击会得到相应缓解。

Analysis of Negative Correlation and Heterogeneity between Development of Financial Technology and Profitability of Commercial Banks-Based on Panel Data of 210 Banks in China

Based on the panel data of 210 Chinese commercial banks from 2011 to 2018, this paper uses fixed effect estimation to examine the impact of financial technology development on bank profitability. The results show that there is a significant negative correlation between the development of financial technology and bank performance, that is, the development of financial technology significantly weakens bank performance; the conclusion is robust on the basis of different financial technology indicators, different bank profitability indicators and endogenous analysis. On this basis, this paper also studies the heterogeneity of the above relationship, and finds that loose monetary policy will weaken the negative effect of financial technology on bank profitability. In addition, for commercial banks with stronger monopoly power, the adverse impact of financial technology on their performance will also be alleviated.