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金融科技会颠覆传统金融吗?——大数据信贷的经济解释 认领

Is Fintech the Gravedigger of Traditional Credit Intermediaries?——An Economic Analysis of Credit Based on Big Data
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摘要 本文构建了一个存在不对称信息的模型,比较了直接借贷模式、传统银行信贷模式和大数据信贷模式在风控上的差异,详细论证了大数据有助于解决借贷中道德风险和逆向选择问题的机理。研究发现,大数据信贷模式收集、利用了传统银行信贷模式中所没有的信息,改善金融机构的风控能力,是对传统银行信贷模式的升级;而P2P网络借贷如果没有大数据支持,按照其信息中介的本质,只是在直接借贷模式上加入了互联网平台,并不能有效改善信息不对称问题,和银行相比,在风控上并无优势。 Fintech or financial technology is a one of the fastest growing areas in finance.Many new finance innovations,such as the third-party payment system,P2 P lending and crowdfunding,emerge and become popular in a very short period of time.However,how do those innovations solve problems in traditional finance remains uncertain in academia.In this paper,it is argued that the big data are the driving force of financial innovations and can solve the moral hazard and adverse selection problems caused by asymmetric information.An asymmetric information model with both borrowers and lenders is built up to analyze various financing models.In this model,direct lending,commercial bank credit and credit based on big data are all taken into consideration.We start with the static model in which big data can provide new information to the lenders,and thus analyzing the difference among different financial models.After that,we set up a dynamic model with both moral hazard and adverse selection so as to show how big data can mitigate the problems caused by asymmetric information.Our results show that the key to financial innovations is the big data,which are not currently available for commercial banks.Big data can mitigate the moral hazard and adverse selection problems caused by asymmetric information,and therefore could be complement to commercial banks.In contrast,the P2 P platforms only work as information intermediary for borrowers and lenders,so they cannot help resolve the problems caused by asymmetric information.Our paper contributes to the literature by providing a theoretical framework to analyze the underlying force of Fintech,which have many implications.In particular,we differentiate the business models of traditional commercial banks and the lending driven by big data(Ant Financial).For policy implications,the paper argues that Fintech is not the gravedigger of traditional commercial banks.In fact,data technology can improve the business of the traditional commercial banks by helping them to acquire more fundamental
作者 邱志刚 罗煜 江颖 伍聪 Qiu Zhigang;Luo Yu;Jiang Ying;Wu Cong(Hanqing Advanced Institute of Economics and Finance,Renmin University of China;China Financial Policy Research Center,School of Finance,Renmin University of China;National Academy of Development and Strategy,Renmin University of China)
出处 《国际金融研究》 CSSCI 北大核心 2020年第8期35-45,共11页 Studies of International Finance
基金 国家自然科学基金面上项目“关于基金行业组织结构的理论与实证研究”(71773127) 教育部人文社会科学青年项目“经济金融化的核心特征和微观形成机理研究”(18YJC790113) 中国人民大学科学研究基金面上重点项目“通过推广PPP促进‘一带一路’国家基础设施投资研究”(18XNA002)资助。
关键词 金融科技 P2P 大数据信贷 Fintech P2P Credit Based on Big Data
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