| Financial security takes an key complements in national security.General Secretary Xi Jinping has emphasized,we need to take financial security as a matter of governance.Prevent from systematic risks have posed a bottom line that we need to hold on tight to maintain financial security,which is maintaining a steady economic development that has also provided a solid support to financial security.Therefore,to maintain financial security,we should aim at promoting economic growth,take financial innovation as a means,and prevent systemic financial risks as a condition.We should seek financial security in the course of economic development and promote economic development in the course of financial security.Since the 18 th CPC National Congress,the CPC Central Committee has attached a great importance to the development of digital economy.To enhance the efficiency of financial services for the real economy by means of fintech has become the only way for the development of the financial industry.The report to the Party’s 20 th National Congress stressed the need to accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and build a digital industrial cluster with international competitiveness.Macro-prudential regulation is an effective means to ensure financial security and maintain stable economic development in the development of fintech.This paper analysis the impact of fintech progress on financial security by considering the current financial security situation.At the same time,fintech is no longer a simple financial phenomenon or an isolated specific technical issue.Under the interaction of financial cycle,economic cycle and technology cycle.It generates the tech advantage in resource allocation and efficiency optimization,and also delivers a phenomenon of "bad money driving out good money",along with "double-edged sword" application characteristics.Therefore,it is necessary to exercise risk-identification,risk-detection,risk-defuse on underlying risk which disrupt the financial security in the early stage.Having said that,this paper proposed a view that it is hard to exercise a positive effect on maintain financial security,forster financial stability by lacking of a comprehensive research framework and policy framework constraints under the current fintech application and development.Therefore,effective measures must be taken to regulate the fintech development at the current stage.Based on the analysis of the development history and current situation of macroprudential and fintech,this paper illustrates the driving factors of fintech evolution from supply and demand and also discusses the risk classification from micro and macro dimensions.Based on the important impact of fintech on financial stability,this paper try to build a theoretical framework of fintech’s impact on financial security on a macro perspective,which not only considering the current situation but also focuses on the long-term perspective by analyzing the impact factors and action paths of fintech on financial security,but also considers the possibility and potential of future threats to financial security.Through the influence of fintech on the three important macro variables of moneytary supply,capital flow and asset price,the underlying causes of fintech impact on financial security.First,based on the discussion and analysis of the exogeneity and endogeneity of money supply,this paper analyzes the influence of fintech on money supply and points out that the application of fintech impacts the central bank’s ability to regulate money supply,and the price instability caused by changes in money supply will affect financial security.Secondly,from the perspective of capital flow,the paper makes a theoretical analysis of the motivation of capital flow,and points out that the development of fintech intensifies capital flow,which leads to the impact on the exchange rate system,and then seriously affects the financial security.Thirdly,from the perspective of asset prices,the application of fintech causes asset price fluctuations.By analyzing the asset price fluctuations under the pricing model of efficient market theory and behavioral finance theory model,explicits that the application of fintech algorithm produces quantitative high-frequency trading,which intensifies the large fluctuations of asset prices and then causes financial instability.In this paper,multiple regression model is used to conduct empirical analysis with the monthly data of time series and inter-provincial panel data to verify the transmission and impact of fintech on financial security from the perspectives of money supply,capital flow and asset prices,and draw a conclusion that the development and application of fintech have a significant impact on money supply,capital flow and asset prices,thus further confirm the conclusions of theoretical analysis.Based on theoretical analysis and empirical test results,this paper argues that in the context of the rapid development of fintech,it is necessary to improve the macro-prudential regulatory framework as an effective means to promote financial stability and maintain financial security.We will put forward targeted policy suggestions on strengthening effective coordination between macro-prudential and micro-prudential measures,making full use of regulatory technology to improve quality and efficiency,strengthening information sharing and cooperation,and enhancing protection of consumers’ rights and interests.At the same time,it proposes forward-looking policy framework and institutional arrangements,improves the top-level framework design of fintech construction,builds a long-term mechanism with effective market and promising government,maintains financial security and achieves stable economic development.The innovation of this paper lies in the following aspects: First,the innovation of research perspective.Starting from the phenomenon of market default in recent years,the paper systematically combs the micro and macro risks of fintech,and builds a research perspective focusing more on systemic risks affecting financial security,as a long-term thinking for the future development of fintech.Second,the innovation of research content.Combined with the current background of the development of fintech,this paper systematically discusses the impact and influence that the development and application of fintech may have on the financial system,and tries to build a theoretical analysis system of fintech and financial security,especially through the transmission and influence mechanism of money supply,asset prices,capital flows and fintech.It has certain innovative significance and practical value for maintaining financial security.Third,the innovation of research methods.In the context of the application of fintech,major macro variables--monetary supply,capital flow and asset prices are typically selected as the key path of empirical test among the various factors affecting financial security.There is no academic empirical tests has been puliblished yet,so there are pioneering value delivers by research content and test path.In addition,this paper innovates the method of literature review and optimizes the method of literature review from the perspective of methodology.In view of the fact that the systematic literature review all the directions involved in the current stage,so as to facilitate the reference of the academic,policymakers and the other stakeholders.Finally,this paper will improve the macro-prudential framework as the focus,from the effective coordination of macro-prudential and micro-prudential,make full use of innovative technologies to strengthen supervision,strengthen international regulatory cooperation and other aspects of the supplement,to build our financial technology regulatory framework will have certain practical value.We hope that through the research and analysis of this paper,we can accelerate the development of financial technology in our country,strengthen the regulation of financial technology,and prevent systemic financial risk to put forward systematic policy suggestions,as well as improve the top-level framework design,build the market effective and the government for the construction of the system and mechanism. |
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