| In recent years,with the extensive application of Internet technology and financial technology,the digital finance of our country has achieved unprecedented development.The rapid development of digital finance has brought opportunities for development as well as challenges to the traditional finance represented by commercial banks.As an important pillar of China’s financial system,the steady development of commercial banks is of great significance to the stability of the financial system and the healthy operation of the real economy.The study of the impact of digital finance on the systemic risk of commercial banks has certain theoretical and practical significance for enriching the research theory of digital finance and promoting the healthy development of commercial banks.This paper uses the research methods of literature analysis,theoretical analysis and empirical analysis to explore the effect of digital finance on the systemic risk of commercial banks.In the part of literature analysis,by combing and summarizing domestic and foreign literatures on digital finance and systemic risk of banks,the current research status and shortcomings of digital finance on systemic risk of commercial banks are summarized.In the theoretical analysis part,based on the financial vulnerability theory,information asymmetry theory,risk spillover and contagion theory,and the Long tail theory,the paper explores the mechanism of digital finance on the systemic risk spillover of commercial banks and puts forward relevant research hypotheses.In the empirical analysis part,the data of 16 listed commercial banks from 2011 to 2020 is selected as the research sample,the quantile regression method is used to construct the agent index ΔCoVaR of the systemic risk of commercial banks,The Peking University Digital Financial Inclusion Index is used as the agent index of digital finance,and the benchmark regression and heterogeneity regression are carried out on this basis.This paper draws the following conclusions: The benchmark regression results show that the regression coefficient of digital finance and bank systemic risk index is significantly positive,so it can be concluded that the development of digital finance intensifies the systemic risk of commercial banks.Heterogeneity regression results show that the different functions of digital finance aggravate the systemic risk of commercial banks on the whole,and the derivative function has a greater impact on the systemic risk.Based on the above research results,this paper puts forward relevant policy suggestions from the level of commercial banks and supervision. |
