银行金融科技对实体企业融资效率的提升效应

——基于银企关联视角的经验研究

张 骏　郭 娜

（天津财经大学）

内容提要：高质量发展背景下，畅通金融服务实体经济渠道，提升银行服务实体经济能力至关重要。本文以2013—2023年中国制造业上市企业及其贷款银行为研究对象，利用深度学习算法的词向量模型测算银行金融科技发展水平，基于92414条银企逐笔贷款记录，实证检验银行金融科技对实体企业融资效率的影响及作用机制。研究结果表明，银行金融科技有助于提升实体企业融资效率，且该结论经内生性处理与稳健性检验后仍然成立；机制分析结果表明，金融科技应用有利于提升银行流动性创造能力和风险管理能力，进而改善实体企业融资效率，提升银行服务实体经济能力；异质性分析结果显示，银行金融科技具有普惠性与协同性的典型特征，其对实体企业融资效率的提升在非国有企业、中小型企业以及高数字化水平企业中更为有效；进一步分析发现，在金融科技推动银行信贷流向实体经济的同时，银行继续从事高风险影子业务的动机得以削弱，该结论为金融科技的实体经济赋能效应提供了进一步佐证。本文的研究结论对于如何利用金融科技优化银行信贷资源配置，推动实体企业高质量发展具有一定借鉴意义。

关键词：金融科技；实体经济；融资效率；银企关联；影子银行

作者简介：张骏，天津财经大学数字经济与管理学院讲师，天津，300222；郭娜，天津财经大学金融学院教授、博士生导师，通信作者。

基金项目：国家社会科学基金后期资助项目“金融科技、银行信贷资源配置与实体经济高质量发展研究”（23FJYB033）；教育部人文社会科学研究青年基金项目“经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究”（23YJC790038）

引用格式：张骏,郭娜.银行金融科技对实体企业融资效率的提升效应——基于银企关联视角的经验研究[J].经济与管理研究,2025,46(5):37-55.

Enhancement Effect of Bank FinTech on Financing Efficiency of Real Enterprises

—Empirical Evidence from the Perspective of Bank-Enterprise Relationships

ZHANG Jun, GUO Na

(Tianjin University of Finance and Economics, Tianjin 300222)

Abstract: In the context of high-quality development, it is crucial to unblock the channels of financial services for the real economy and enhance banks’ capacity to serve the real economy. This paper takes the listed manufacturing enterprises in China and their lending banks from 2013 to 2023 as samples, employs a word vector model of deep learning algorithms to measure the level of bank financial technology (FinTech) development, and establishes credit links based on 92,414 bank-enterprise loan records on a transaction-by-transaction basis. The findings reveal that bank FinTech improves the financing efficiency of real enterprises, and this conclusion remains valid after a series of endogeneity and robustness tests. Mechanism analysis indicates that the application of FinTech is conducive to enhancing the banks’ liquidity creation and risk management capabilities, thereby improving the financing efficiency of real enterprises and enhancing banks’ capacity to serve the real economy. Heterogeneity analysis shows that bank FinTech exhibits typical characteristics of inclusiveness and synergy, and its effectiveness in enhancing the financing efficiency of real enterprises is more pronounced in non-state-owned enterprises, small and medium-sized enterprises, and enterprises with a high level of digitalization. Further analysis reveals that FinTech not only drives bank credit towards the real economy but also weakens banks’ incentives to continue engaging in high-risk shadow banking activities, providing additional evidence for the enhancement effect of FinTech on the real economy.

The marginal contributions are threefold. First, from the perspective of banks serving the real economy, this paper extends the research on the economic consequences of FinTech from the micro level of FinTech improving bank operation and management to the macro level of optimizing bank credit resource allocation and enhancing the ability of financial services for the real economy. Second, this paper innovatively constructs real bank-enterprise credit links and explores the specific impact of bank FinTech on the financing of real enterprises. Third, this paper provides a set of FinTech identification tools based on patent quality and measures the development level of FinTech from the dual perspectives of the quantity and quality of FinTech innovation.

Based on the above findings, this paper proposes the following policy recommendations. On the one hand, commercial banks should proactively embrace FinTech, leveraging its technological empowerment effects to deepen their digital strategic layouts and guiding financial resources to precisely serve key areas of the real economy. On the other hand, the government should establish more comprehensive policy incentive mechanisms to encourage financial institutions to increase their investment in FinTech research and development, enhancing their core competitiveness and ability to serve the real economy.

Keywords: FinTech; real economy; financing efficiency; bank-enterprise relationships; shadow banking

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