The Functional Mechanism of Banking Fintech Subsidiaries on Commercial Banks:Empirical Test from the Perspective of Soft Budget Constraint of Technological Innovation
Technological innovation usually faces soft budget constraints.Compared with the internal R&D departments of commercial banks,banking fintech subsidiaries have strong decision-making power and post-loss mechanisms for R&D projects,and test the level of technological innovation through the survival of the fittest market mechanism,thereby affecting the production and operation of commercial banks.However,the actual impact of banking fintech subsidiaries on commercial banks remains to be explored.To this end,based on the balanced panel data of 54 commercial banks in China for a total of 10 periods,the influence of the establishment of banking fintech subsidiaries on the input-output efficiency of commercial banks is tested through the generalized least squares model,the two-way fixed effect model and the two-stage model.A robustness test is also carried out by using the difference-in-difference method.It is found that the banking fintech subsidiary is a direct means to harden the budget constraints of technological innovation,significantly improve the independent research capabilities and operational efficiency of commercial banks,which is the best long-term choice to promote digital transformation.At present,banking fintech subsidiaries in China mainly affect the operational efficiency of commercial banks by improving the efficiency of technological innovation and hardening the budget constraints of technological innovation.Therefore,we should standardize the development of banking fintech subsidiaries,introduce the license management in a timely manner,and improve the efficiency of technological innovation of commercial banks.
NETL
NSTL
万方数据
