Research On The Impact Of Financial Technology On The Total Factor Productivity Of Commercial Banks

In recent years,big data,cloud computing,Internet of Things and other financial technologies have developed rapidly,which has brought great influence to banks and is reshaping the financial market structure.On the one hand,the development of financial technology has formed a competitive situation with the business of traditional commercial banks,the original monopoly position has been subverted,and the profits of banks have also been hit,which has forced banks to change from themselves to improve efficiency.On the other hand,the innovation of financial technology is helpful to solve the information asymmetry problem faced by commercial banks,reduce the operation cost of banks,optimize the customer experience comfort and promote the transformation and upgrading of banks.Under this background,it is of great significance for traditional commercial banks to grasp the development trend of financial technology and accelerate the reform of financial technology to deeply explore the influence of financial technology on the efficiency of commercial banks and the influence path.Firstly,this paper sorts out the literature,including the definition and measurement method of financial technology index,the calculation of total factor productivity,the influence of financial technology development on total factor productivity of banks and its mechanism,and theoretically analyzes the influence of financial technology on total factor productivity of banks.Secondly,it analyzes the current development of financial technology,and uses DEA-Malmquist model to calculate the efficiency and its decomposition efficiency of 104 banks from 2012 to 2020,and then makes a comparative analysis.Then,text mining method is used to construct fintech development index and empirically test the influence of financial technology development on the total factor productivity of commercial banks in China,and to test the influence channels of financial technology on the total factor productivity of banks from three aspects: deposit structure,loan scale and intermediary business income.This paper examines whether there is heterogeneity in the impact of fintech development on the total factor productivity of commercial banks from three aspects: bank type,asset size and economic region.The research finds that,firstly,the development of financial technology can significantly improve the total factor productivity of banks.At the same time,this paper uses the method of instrumental variables and the method of replacing explanatory variables and explained variables to test the robustness,and the conclusion remains valid.Secondly,the mechanism research shows that the loan scale and deposit structure are the decisive mechanisms for financial technology to affect the efficiency of commercial banks,but the role of intermediary business income is not significant.Thirdly,the impact of financial technology on the total factor productivity of banks is characterized by heterogeneity of bank type,economic region and asset size.Urban commercial banks,banks located in the eastern region and banks with large asset size are more likely to improve the total factor productivity.