| With the implementation of ’Financial Technology Development Plan(2022-2025)’ of the People’s Bank of China,China’s financial technology has ushered in new development opportunities,and digital transformation is becoming a hot spot in the strategic deployment of financial institutions.As the main participants of China’s financial system,commercial banks actively explore the new path of financial technology leading development and deepen the research and development application of financial technology in various business scenarios.The national’14th Five-Year Plan’ and the 2035 long-term goal outline clearly put forward the ’orderly promotion of financial innovation under the premise of prudential regulation’.In the face of the risks brought by financial technology innovation,scientific and effective financial regulation must be implemented to achieve the safety,efficiency and inclusiveness of financial technology innovation and application,thus enhancing the stability of the financial system.However,there are still some deficiencies in financial regulation.For example,the regulation of credit risk of commercial banks urgently needs relatively mature theories,technologies and methods;the natural lag of regulation,the lack of penetration and continuity of regulation can easily lead to regulatory gaps and arbitrage,which makes it difficult for regulators to prevent in advance in the face of new financial risks.Therefore,in response to financial technology innovation,commercial banks must adhere to the problem-oriented,especially focus on credit risk,change the credit risk management mode,and strengthen their own credit risk management.The regulatory authorities should also improve the level of regulation as soon as possible,improve regulatory system for financial technology innovation,and find the ’balance point’ between innovation and regulation.It is necessary to ensure the safety and liquidity of commercial bank assets and maximize the income of commercial banks;it is also necessary to prevent poor regulation from leading to industry confusion and risk events,while avoiding excessive regulation stifling innovative thinking.This is the main focus of effective regulation of financial technology innovation of commercial banks in China at this stage,and also the starting point of this article.The purpose of this thesis is to improve the credit risk management level of commercial banks through financial regulation.Based on how to achieve a dynamic balance between financial technology innovation and scientific and effective regulation,this article starts with the mechanism,manifestation and transmission effect of financial technology affecting the credit risk of commercial banks,and constructs and improves the regulation system applicable to the credit risk management of commercial banks.This article is divided into seven chapters,the specific structure is as follows:Chapter 1 is the introduction.By analyzing the motivation of financial technology innovation and the background of its development,this article points out the significance and value of the research.And define the basic concepts of financial technology,financial regulation,and credit risk of commercial banks;briefly introduces the various research methods and the logical relationship of each chapter,explains the innovation points and shortcomings of the thesis.Chapter 2 is a literature review.By introducing relevant domestic and international literature to provide reference for the following study,it introduces studies related to financial technology innovation,studies related to financial regulation and financial technology innovation,and studies on commercial banks’ credit risk,and concludes with a literature review.Chapter 3 is a theoretical analysis and research hypothesis.Firstly it describes the reality of commercial banks’ credit risk prevention and control;then focuses on the impact of financial regulation on commercial banks’ credit risk,summarizing and analyzing it in terms of mechanism,dimensions and common features;further analyzes the impact of financial technology innovation on commercial banks’ credit risk,including theoretical explanation and impact channel analysis;and finally puts forward the research hypothesis of this article to lay the foundation for the later research.Chapter 4 is the evolutionary game analysis of financial regulation,financial technology consumers and commercial bank’s credit risk.Using the method of evolutionary game to discuss the financial regulation strategy,different regulatory strategies are obtained,and it is proposed that the regulatory authorities should establish a reasonable reward and punishment mechanism.Through the numerical simulation of the game analysis between financial regulators and commercial banks,it provides theoretical support for improving financial regulation research.Chapter 5 is an empirical test of the impact of financial regulation and financial technology innovation on the credit risk of commercial banks.Using the fixed effect model,this article discusses the impact of financial regulation and financial technology innovation on the credit risk of commercial banks,and carries out heterogeneity analysis,robustness test and endogenous test,so as to provide some empirical support for commercial banks to use financial technology innovation to prevent and control credit risk,and to further improve the financial regulation of credit risk of commercial banks.Chapter 6 is the threshold effect test of the impact of financial technology innovation on the credit risk of commercial banks under different financial regulation levels.This chapter attempts to empirically test the financial regulation,financial technology innovation and credit risk of commercial banks through the threshold model,and discusses whether financial technology innovation brings non-linear regulation effect to the credit risk of commercial banks under different financial regulation levels,so as to improve the regulation ideas and clarify the implementation path.Chapter 7 is the conclusions and policy recommendations.This chapter summarizes the main conclusions of this article,puts forward the main ideas of optimizing the financial technology regulation of commercial banks,and clarifies that the financial regulation should take the whole chain of credit risk management of commercial banks as the goal,build a’penetrating’ regulation system supported by regulatory technology,and innovate financial regulation tools to strengthen credit risk management of commercial banks,and optimize the supporting regulation mechanism for credit risk of commercial banks.Through the research ideas of ’literature review—theoretical analysis—game model evolution—empirical test’,this thesis mainly draws the following three conclusions:1.Construct the game empirical analysis framework,and through the analysis of the game equilibrium among regulators,commercial banks and financial technology consumers,reach the equilibrium control solution of the impact of financial regulation on the credit risk of commercial banks,and obtain the strategy of financial regulation on the credit risk of commercial banks.The regulatory authorities should be more targeted and enforceable in the formulation and implementation of regulatory strategies.At the same time,relying on the establishment of a reasonable reward and punishment mechanism,they should crack down on commercial banks operating in violation of financial technology,encourage innovative behavior of law-abiding business,and support the main body of financial technology innovation from the policy.At the same time,the regulatory policies of the regulatory authorities must be stable,long-term and continuous to avoid a series of problems caused by moral hazard and effectively promote the sustainable and healthy development of China’s financial technology.This establishes a theoretical support for the research and provides a theoretical fulcrum for the full text analysis.2.Combined with the results of game equilibrium,the fixed effect model,panel threshold regression model and other measurement methods are selected to conduct empirical research,and the quantitative description of the impact of financial regulation and financial technology innovation on the credit of commercial banks is carried out.Through the fixed effect model,it is found that there is a significant inverted U-shaped relationship between financial regulation and credit risk of commercial banks,while there is a significant positive correlation between financial technology innovation and credit risk of commercial banks;through the threshold regression model,it is found that under different levels of financial regulation,financial technology has a non-linear threshold effect on the credit risk of commercial banks.With the enhancement of financial regulation,the inhibitory effect of financial technology on credit risk has gradually increased.3.Derive the main ideas to optimize the financial technology innovation and regulation system of commercial banks,such as the innovative use of the underlying technology of regulatory technology,the implementation of penetrating regulation for cross-border and cross-cutting financial technology products,connect the source of funds,intermediary links and final investment to penetration,clarify the regulation attribution according to the business essence and basic legal relationship,plug regulatory loopholes,and eliminate regulatory gaps,so as to achieve the goal of financial regulation covering the whole chain of credit risk management of commercial banks.This article focuses on the early identification,comprehensive prevention and steady resolution of risks,which improves the pertinence and effectiveness of financial regulation to a certain extent.The innovation of this thesis is mainly reflected in the following aspects.Firstly,the theoretical model of game evolution is used to analyze the strategic choice and influence result analysis between financial regulation,financial technology consumers and commercial bank credit risk.Based on this,the fixed effect model and threshold effect model are further used for empirical analysis.Secondly,this article puts forward the main ideas to optimize the financial technology regulation of commercial banks,that is to innovate the use of regulatory technology as the underlying technology,to implement’penetrating’ regulation,and to innovate regulatory policies as the development direction,so as to achieve the goal of financial regulation covering the whole chain of credit risk management of commercial banks. |
