互联网金融降低了商业银行盈利能力吗?

基于2007—2019年中国37家上市银行的非平衡面板数据，从理论层面分析了互联网金融对传统商业银行盈利能力的作用机制，通过建立中介效应模型，采用固定效应与系统广义矩估计相结合的方法，从收入来源、收入结构等多个维度对其中的关联机制与影响效应进行系统的实证分析。结果表明:（1）整体上，互联网金融对中国银行业的盈利能力有较明显的负面冲击作用。（2）从收入来源看，互联网金融对商业银行的利息收入、非利息收入等均造成了明显的负面影响，进而降低其盈利能力。（3）从收入结构看，互联网金融对非利息收入占比、收入多元化等指标的影响尚不明显。（4）分类型看，互联网金融对区域性银行盈利能力的影响要明显大于全国性的大中型银行。

Does Internet Finance Reduce Profitability of Commercial Banks?

Based on the unbalanced panel data of 37 listed banks in China from 2007 to 2019, this paper first theoretically analyzed the mechanism of internet finance on the profitability of traditional commercial banks, and then by establishing mediating effect models and using the fixed effect estimation combining GMM, this paper attempted to empirically analyze the correlation mechanism and influence effects from the dimensions of revenue sources and structure. The results show that: (1) On the whole, internet finance has an obvious negative impact on the profitability of China’s banking industry. (2) From the perspective of revenue source, internet finance has a significant negative impact on banks’ interest revenue and non-interest revenue, thereby reducing banks’ profitability. (3) From the perspective of revenue structure, the influence of internet finance on income structure indicators such as the proportion of non-interest revenue and revenue diversification is not yet obvious. (4) From the perspective of type, the impact of internet finance on the profitability of regional banks is significantly greater than that of large and medium-sized national banks.