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中国管理科学

中国管理科学 ›› 2023, Vol. 31 ›› Issue (12): 69-78.doi: 10.16381/j.cnki.issn1003-207x.2022.1295

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IT背景高管能促进金融科技创新吗？

杜江泽1,陈希卓2,余乐安3()   

  1. 1.江西财经大学金融学院, 江西 南昌 330013
    2.南开大学旅游与服务学院, 天津 300350
    3.四川大学商学院, 四川 成都 610064
  • 收稿日期:2022-06-12 修回日期:2022-08-08 出版日期:2023-12-15 发布日期:2024-01-06
  • 通讯作者: 余乐安 E-mail:yulean@amss.ac.cn
  • 基金资助:
    国家自然科学基金资助项目(72103083);江西省自然科学基金资助项目(20232BAB211009);江西省高层次高技能领军人才培养工程资助项目

Can Executives with IT Background Promote FinTech Innovation?

Jiang-ze DU1,Xi-zhuo CHEN2,Le-an YU3()   

  1. 1.School of Finance, Jiangxi University of Finance and Economics, Nanchang 330013, China
    2.College of Tourism and Service Management, Nankai University, Tianjin 300350, China
    3.Business School, Sichuan University, Chengdu 610064, China
  • Received:2022-06-12 Revised:2022-08-08 Online:2023-12-15 Published:2024-01-06
  • Contact: Le-an YU E-mail:yulean@amss.ac.cn

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摘要：

健全金融科技创新体系是推动我国数字经济高质量发展的关键，但近年来对金融科技创新的研究缺乏微观层面的经验数据支持。本文将金融科技创新视为一种研发产出，基于深度学习的中文文本分类方法识别金融科技专利以构建相关指标，结合2013-2020年中国沪深A股上市金融企业数据，实证分析了IT背景高管对金融科技创新的影响。研究发现，具备IT背景的高管有助于促进金融科技创新，这一作用通过抑制管理层短视和拓宽企业创新搜索广度、促进研发投入来实现。考虑可能存在的内生性问题后，该结论仍然稳健。进一步研究表明，高管职位、金融科技创新类别和企业所在省份是否实施了金融科技产业政策等差异，均会对IT背景高管促进金融科技创新的效用产生影响。

关键词: 金融科技, 高管背景, 企业创新, 深度学习, 文本挖掘

Abstract:

The rapid development of FinTech is transforming traditional financial systems and driving global economic growth through the integration of new technologies. Effective FinTech innovation system is crucial for the high-quality development of China's digital economy. While existing literature focuses on FinTech as an explanatory variable for the development of the real economy and financial industry， it lacks exploration of the micro-level source of FinTech， leaving the question of how to promote FinTech innovation unanswered. It aims to measure the level of FinTech innovation for financial firms at the individual level and analyze the impact of executives with IT backgrounds on FinTech innovation. The patent data used in this study comes from the National Intellectual Property Administration and China Intellectual Property Right net， which includes all patent application information and current status of patents filed in China. The financial data related to the enterprise comes from China Stock Market & Accounting Research Database. Using a deep learning-based Chinese text classification method to identify FinTech patents， and combining the patent data with A-share listed financial enterprises' data from 2013 to 2020， it is found that executives with IT backgrounds can indeed promote FinTech innovation. The robustness of the conclusion is confirmed after considering possible endogeneity. Mechanism tests reveal that this effect is achieved through increased R&D investment and is also influenced by myopic behavior and the direction of the firm's innovation search. Further research demonstrates that the differences in executive positions， FinTech categories， and implementation of FinTech industry policies are important heterogeneity factors affecting the relationship between executives with IT backgrounds and FinTech innovation. The main contributions of this paper are threefold. First， it fills the research gap by exploring how to promote FinTech innovation at the micro level from the perspective of innovation research， treating FinTech as an innovation output. Second， it uncovers the differences and mechanisms of IT background executives' influence on FinTech innovation， providing decision support for financial enterprise managers and policymakers. Third， the method proposed in this study， which utilizes character-level convolutional neural networks for identifying FinTech patents， contributes to the research on FinTech innovation at the micro-level.

Key words: FinTech, executives background, enterprise innovation, deep learning, text mining

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