摘要
本文利用中国金融科技企业数据库与上市公司各类报道的原始数据,构建了金融科技对上市公司关注的指标,研究金融科技平台在金融信息服务领域对分析师市场的影响。研究结果表明,从信息市场供应角度来看,金融科技平台介入到金融信息领域之后,分析师报道在整个领域的份额开始减少,表明金融科技平台对于分析师市场呈现出替代效应,并且该效应在分析师关注相对较少的样本中更加显著。此外,本文从市场效率的角度进行深入验证,发现金融科技关注显著降低了分析师在股票交易市场的有效信息贡献。
The rise of Fintech has significantly affected the financial service industry.Investors can easily acquire the financial information they need from Fintech information aggregation platforms.They can even place orders directly through a platform.By publishing,sorting,integrating,and redistributing investment information,these platforms have changed the relationship between the supply of financial information and the production process,thereby changing the behaviors of traditional information providers(analysts).In this paper,we explore the influence of Fintech platforms on the securities analysts market.We use A-share listed companies in China from 2010 to 2018 as the sample.We combine the data for Chinese Fintech enterprise databases and various reports of listed companies in CSMAR to set up a Fintech index.Next,we conduct empirical tests on the influencing mechanisms.The research findings show that Fintech platforms focusing on financial information services have a significant substitution effect on the analysts market.In terms of the information supply market,the proportion of analyst reports decreases gradually.According to the empirical analysis of the“Gu Ba”platform,investors'reading and comments on reports of analysts'decreases.This substitution effect eventually results in less effective information contributed by analysts in the information demand market(the stock exchange market).However,the substitution effect of Fintech seems to be less significant with the“CSI 300 index”,listed companies that have attracted much attention from the public,listed companies with active analyst reports,and listed companies in eastern China.This result shows that Fintech mainly erodes the financial information market that analysts have ignored.This paper makes the following contributions.First,although Fintech related businesses and services have gradually penetrated the financial market,corresponding research is still insufficient.The existing literature primarily focuses on macro aspects of,reasons for,and roadmaps of Fintech development,and explores supervisory and policy suggestions.This paper focuses on the micro level,studying the influence of Fintech platforms in the information service field on the behaviors of market participants.In contrast with previous studies,this study provides an in-depth expansion of its results.Second,a lack of measurement indices restricts the development of academic research in the Fintech field.This paper constructs a Fintech measurement by combining the financial information service sector of Chinese Fintech enterprise databases and various original data reports on listed companies provided by the CSMAR database.The databases provide good references and a basis for future research on Fintech.Third,as an emerging format in the financial industry,Fintech involves various subdivisions.At present,Fintech researchers mainly focus on P2P loans,equity-based crowdfunding,and mobile payment.Related research in other fields is relatively rare.Our study on the influence of Fintech information services on the market supplements the literature on Fintech.Fourth,this paper's findings show that emerging Fintech platforms will have substitution effects on the analyst industry.The new competition will require analysts to improve their professional quality,thereby improving market efficiency.Our paper puts forward the following policy recommendations.First,regulatory authorities should pay more attention to building a better market environment that helps analysts maintain intellectual independence and uphold the information intermediary role in the capital market.Second,the diversified business forms of Fintech should receive attention from regulatory authorities.They should carefully consider Fintech's potential impact on the securities industry.Third,Fintech platforms will have an important influence on the investment analysis information that users view once they gain a large number of users.Therefore,Fintech platforms should provide investors with information on risk warnings to ensure the healthy and stable development of the capital market.
作者
丁娜
金婧
田轩
DING Na;JIN Jing;TIAN Xuan(School of Finance,Central University of Finance and Economics;Value Simplex;PBC School of Finance,Tsinghua University)
出处
《经济研究》
CSSCI
北大核心
2020年第9期74-89,共16页
Economic Research Journal
基金
国家自然科学基金委重大项目(71790591)
国家自然科学基金重大研究计划(91746301)
国家杰出青年科学基金(71825002)
北京高校卓越青年科学家计划项目(BJJWZYJH01201910003014)的资助。
关键词
金融科技
分析师
金融信息服务
Fintech
Financial Analysts
Financial Information Services
