The"Double-edged Sword"Impact of Fintech on Banks'Risk-taking:A Test of the Moderating Effect Based on Macro-prudential Supervision
The steady development of Fintech and the accelerated digital transformation of commercial banks have become the core elements of the sup-ply-side structural reform of the financial industry at this stage and in the period ahead.Based on the"enabling"and"crowding out"effects of Fin-tech,this paper examines the impact mechanism of Fintech on banks'risk-taking under macro-prudential supervision.The study finds that commercial banks'development of Fintech reduces bank risk-taking overall,but loan restructuring and the degree of bank competition play competing indirect roles in the process of Fintech influencing bank risk-taking,respectively.In addition,macro-prudential supervision measures have a positive moderating effect on the"enabling"effect of Fintech,and a negative moderating effect on the"crowding out"effect of Fintech.Based on the perspective of banks'establishment of Fintech subsidiaries,this study provides theoretical discussion and empirical evidence for commercial banks'development of Fintech and regulators'formulation of macro-prudential supervision policies.