摘要
本研究在分析互联网金融机构信用风险产生原因和当前机构信息共享机制的基础上,结合互联网金融市场的特征,构建不完全竞争模型,从理论上论证了信息共享对互联网金融机构信用风险的影响关系,并提出影响机制的异质性假说。进一步运用系统GMM方法对28家互联网金融机构2018年3月至2019年9月的动态面板数据进行了实证分析以得到该异质性测度。结果表明,总体上信息共享可帮助降低互联网金融机构的信用风险,但该影响关系对不同类型的机构具有显著异质性。从业务集中度看,信息共享对业务集中度低组机构的信用风险具有缓解作用,但不能降低业务集中度高组的信用风险。从交易金额分布看,信息共享可有效降低小额业务组机构的信用风险,但对大额业务组的影响不显著。基于研究结论,建议政府在建立和完善互联网金融征信体系的过程中,应注意区别不同业务模式和金额的机构业务类型,针对性地提供差异性的共享规则和机制。
This study theoretically analyzes the different influence measure of information sharing on the credit risks of the Internet financial institutions by using a constructed imperfect competition model considering the characteristics of the Internet financial market,and a heterogeneous hypothesis of the different influence mechanism is proposed.The dynamic panel data of 28 Internet financial institutions from March 2018 to September 2019 are empirically tested by systematic GMM method to measure the different influences.The results show that the influence relationship is different according to the types of institutions.From the perspective of business concentration,information sharing can alleviate the credit risk of the Institutions with low business concentration,but it cannot reduce the credit risk of the institutions with high business concentration.From the perspective of the amount distribution of the business,information sharing can effectively reduce the credit risk of the institutions of small business group,but has no significant impacts on the large group.In addition,credit risk variables have obvious time inertia,and the development of Internet technology can significantly reduce the Internet financial institutions credit risk.Based on the conclusion,the paper suggests that the government should pay attention to the difference of business types with different modes and amounts and provide differentiated sharing rules and mechanisms in the process of establishing and improving the credit information system in the field of Internet finance.At the same time,it is suggested that the internet financial company should make full use of Internet technology to control risks and make information open and transparent.
作者
张奇
叶慧颖
刘雪飞
ZHANG Qi;YE Hui-ying;LIU Xue-fei(不详)
出处
《中国地质大学学报（社会科学版）》
CSSCI
北大核心
2021年第1期141-156,共16页
Journal of China University of Geosciences(Social Sciences Edition)
基金
国家自然科学基金面上项目“众筹模式下光伏扶贫绩效模型模拟与政策创新研究”(71774171)。
关键词
互联网金融机构
信息共享
信用风险
异质性影响
GMM
Internet financial institutions
information sharing
credit risk
different influence
GMM
作者简介
张奇,中国石油大学(北京)经济管理学院教授、博士生导师.ZhangQi56@tsinghua.org.cn(北京102249);叶慧颖,中国石油大学(北京)经济管理学院研究生。
