Can Experimental Regulatory Oversight Mitigate Regional Financial Risks?——Evidence from"Regulatory Pilot of Financial Technology Innovation"
The development of financial technology requires a balance between innovation and regulation.This paper starts from the perspective of flexible regulation,using the pilot of financial technology innovation supervision as a quasi-natural experiment,and examines the impact of experimental regulation on regional financial risks based on data from small and medium-sized banks from 2015 to 2022.The study finds that experimental regulation can significantly reduce regional financial risks,which are mainly centered on small and medium-sized banks.This effect is more pronounced in the samples of rural com-mercial banks with smaller asset size,higher risk levels,and lower franchise value.Pilots can alleviate regional financial risks by reducing bank opacity,improving bank operational efficiency,and expanding the talent pool.Further analysis shows that the pi-lot can effectively constrain the potential spillover risks of the samples,with an advantage over mandatory regulation in control-ling pre-risks.In addition,experimental regulation can enhance the role of financial technology in promoting financial innova-tion,achieving a balance between"innovation"and"regulation".
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