Study On The Impact Of Abundant Natural Resources On The Development Of Fintech

Fintech,as the strategic highland of high-quality financial development,is the embodiment of the deep integration of financial supply-side reform and innovation-driven development strategy.In the new stage,accelerating the practice of scientific and technological innovation and upgrading of traditional finance,and promoting the digitalization and green transformation of China’s finance with financial technology are the inevitable choice for China’s economy to be of higher quality and more effective under the new development pattern.At the same time,the Chinese government is paying high attention to comprehensively advancing the energy revolution and improving the efficiency of resource use to make the economy more sustainable.There is no doubt that natural resources,as an important factor endowment,can be a "boon" to economic growth,but they also inhibit financial development and technological innovation through the "Dutch disease" effect,crowding out human capital and lowering institutional quality,and may ultimately affect fintech.The natural question is whether and how the abundance of resources affects fintech.This is an important proposition of financial digital transformation under the new development concept.Therefore,it is of great theoretical value and practical significance to clarify the influence mechanism of abundant natural resources on fintech for high-quality development of finance.Firstly,this paper makes a theoretical analysis.Based on the factor endowment theory,resource constraint theory and financial innovation theory,this paper systematically sorts out the transmission mechanism and heterogeneous path of the impact of resource abundance on fintech,and puts forward research hypotheses.Secondly,from the perspective of linear relationship,the fixed effect model and mediator recursion model are used to empirically test how resource abundance affects fintech based on the panel data of 30 Chinese provincial levels and the digital financial inclusion index of Peking University as the proxy variable of fintech.On the basis of confirming the curse of financial resources in full sample and sub-sample,this paper focus on the mechanism and path of resource abundance affecting financial technology,and the size of the mediating effect between the two.Thirdly,from a nonlinear perspective,the panel threshold model is introduced to examine the nonlinear relationship between resource abundance and fintech based on threshold variables,and the focus is on testing whether the resource curse can become a resource Gospel.Finally,from the perspective of heterogeneity,the panel quantile model is constructed to test the complex relationship between natural resources and fintech from different sub-points of dependent variables,and then policy suggestions are put forward.The results show that :(1)The abundance of resources significantly inhibits the development of fintech.Namely,from the perspective of fintech,the curse of China’s financial resources has been confirmed.The influence of abundant resources on fintech in different regions is heterogeneous,with the eastern region having the largest curse effect,followed by the central region and the western region having the smallest curse effect;(2)The results of intermediary mechanism show that abundant resources hinder the development of fintech by reducing institutional quality,crowding out technological innovation,weakening investment level and inhibiting the accumulation of human capital,among which institutional quality has the largest mediating effect,accounting for 35.66% of the effect;(3)The panel threshold model confirms that the significant negative impact of resource abundance on fintech will become insignificant with the improvement of information infrastructure and the deepening of traditional finance,and the development of information infrastructure and traditional finance will break the resource curse;(4)The quantile regression shows that the curse effect of financial resources tends to decrease as the fintech enters the high level.The research innovation of this paper lies in :(1)At the theoretical level,this paper integrates resource abundance and fintech into the unified research framework to systematically study the theoretical mechanism of the effect of resource abundance on technology.This not only enriches the research perspective of fintech,but also extends the existing theory of resource curse from the perspective of fintech;(2)On the empirical level,this paper not only analyzes the average impact of resource abundance on fintech,but also constructs a mediated recursive model to systematically study the conduction path between the two,so as to provide new ideas for regional fintech development.In addition,the threshold regression model and quantile model are constructed to discuss the nonlinear and heterogeneous relationship between the two,which confirms the existence of conditional financial resource curse and provides a new solution to solve the financial resource curse.The interpretation of the impact of resource abundance on fintech is further strengthened from multiple perspectives;(3)At the policy level,resource abundance generally inhibits the development of fintech,while the improvement of information infrastructure and the deepening of traditional finance alleviate the inhibiting effect of resource abundance.This conclusion provides policy reference for resource-rich regions to break the curse bottleneck and promote the development of fintech.