Research on the Impact of Fintech on China's Economic Growth and Tertiary Industry Development–Empirical Analysis based on Panel Data
Pages 103 - 110
Abstract
This paper selected the annual data of 31 provinces and cities in China from 2009 to 2020, constructed the index system of Fintech development level from four dimensions of financial support for Fintech, resources support for Fintech, academic output of Fintech and output of technology market, and calculated the Fintech scores of different provinces and cities from 2009 to 2020 by using the principal component analysis method. With per capita GDP as the explained variable and Fintech development score as the explanatory variable, a regression model was constructed to test the impact of Fintech on economic development. Another regression model was constructed to test the influence of Fintech on the development of the tertiary industry by taking the annual increment of the tertiary industry as the explained variable and the Fintech development score as the explanatory variable. The results showed that there is a regional gap in the development of Fintech in China. The development level of Fintech in eastern China is significantly higher than that in central and western China, but the standard deviation of Fintech development score in eastern China is higher than that in central and western China, indicating that there is a big gap between different provinces and cities in eastern China. Fintech can significantly promote regional economic development and effectively increase the annual increase of the regional tertiary industry, which has a promoting effect on the development of the tertiary industry.
References
[1]
Notice by the People's Bank of China of Issuing the Fintech Development Plan (2019-2021),issued by the PBOC, 6 September 2019.
[2]
Arner D W, Barberis J, Buckley R P.2015.The evolution of Fintech: A new post-crisis paradigm[J]. Geo. J. Int'l L.,2015, 47: 1271.
[3]
Bettinger, A.1972. FINTECH: A Series of 40 Time Shared Models Used at Manufacturers Hanover Trust Company. Interfaces, 2(4), 62-63.
[4]
Warschauer, C. L.1974. A programação financeira das sociedades de financiamento, crédito e investimento. Revista de Administração de Empresas, 14(1), 33-57.
[5]
Schueffel P.2016. Taming the beast: A scientific definition of Fintech. Journal of Innovation Management, 2016, 4(4): 32-54.
[6]
Oxford English Dictionary.2016. Fintech.Accessed 19 July 2016. http://www.oxforddictionaries.com/definition/english/Fintech.
[7]
Vučinić M.2020. Fintech and Financial Stability Potential Influence of Fintech on Financial Stability, Risks and Benefits. Journal of Central Banking Theory and Practice, 2020, 9(2): 43-66.
[8]
ZHAO Chang-wen,CHEN Chun-fa,TANG Ying-kai.2009.Financial technology [M].BeiJing:Science Press,2009.(in Chinese)
[9]
Zavolokina, L.; Dolata, M.; Schwabe, G.2016. Fintech–What's in a Name? In Proceedings of the ICIS Digital Innovation at the Crossroads Conference, Dublin, Ireland, 14 December 2016
[10]
Micu I, Micu A.2016. Financial technology (Fintech) and its implementation on the Romanian non-banking capital market. SEA-Practical Application of Science, 2016, 11: 379-384.
[11]
Dorfleitner G, Hornuf L, Schmitt M, 2017. Definition of Fintech and description of the Fintech industry[M]//Fintech in Germany. Springer, Cham, 2017: 5-10.
[12]
Heap, T., & Pollari, I. 2015. FIN TECH 100 -Leading Global Fintech Innovators Report 2015.Accessed 10th October 2016.
[13]
Vives X.2017. The impact of Fintech on banking. European Economy, 2017 (2): 97-105.
[14]
Shin Y J, Choi Y.2019. Feasibility of the Fintech industry as an innovation platform for sustainable economic growth in Korea. Sustainability, 2019, 11(19): 5351.
[15]
ZHANG Zhi-ruo,GU Guo-feng.2019. The influence of sci-tech finance on regional economic growth: Based on spatial econometric method. Industrial technical economy,2019,38(09):131-139. (in Chinese)
[16]
ZHOU Chun-ying.2021. Research on the impact of Sci-tech finance on regional economic growth in China: Based on spatial econometric model. Technical Economics and Management research,2021(07):3-7. (in Chinese)
[17]
LIU Wen-li,HAO Wan-lu,XIA Qiu.2014. Regional differences in the impact of sci-tech finance on economic growth in China: An empirical analysis based on panel data from eastern, central and western China. Macroeconomic research,2014(02):87-94. (in Chinese)
[18]
ZHANG Teng,LIU Yang.2019. The impact of sci-tech finance on the quality of economic growth: an empirical study based on spatial econometric model. Wuhan financial,2019(01):25-31. (in Chinese)
[19]
MAO Qian,ZHAO Xi-cang.2014.Research on the effect of sci-tech financial Innovation on China's Economic growth – Based on the development perspective of sci-tech smes. Scientific and technological progress and countermeasures,2014,31(12):23-26. (in Chinese)
[20]
TANG Song,LAI Xiao-bing,HUANG Rui.2019. How does Fintech Innovation Affect Total factor Productivity: Boost or inhibit? – Theoretical analysis framework and regional practice. China soft science,2019(07):134-144. (in Chinese)
[21]
ZHAO Fei.2021. Fintech and high-quality economic development: Evidence from provinces. Financial and economic,2021(03):9-18. (in Chinese)
[22]
Lucas R E.2011. On the mechanizes of economy development. Journal of Monetary Economics, 2011(5):3-42.
[23]
Henderson J V. 2003.Urbanization and economic development. Annals of economics and finance, 2003, 4: 275-342.
[24]
LI Qiang.2019. Comprehensive Opening-up and China's Economic Development: Improving distribution or Promoting Growth. Exploration of Economic Issues,2019(04):27-35+58. (in Chinese)
[25]
Ozturk I. The role of education in economic development: a theoretical perspective. Available at SSRN 1137541, 2008.
[26]
Perotti, R.1993. Political equilibrium, income distribution, and growth. The Review of Economic Studies, 60(4): 755-776.
[27]
Esfahani H S, Ramı́rez M T. 2003.Institutions, infrastructure, and economic growth. Journal of development Economics, 2003, 70(2): 443-477.
[28]
Czernich N, Falck O, Kretschmer T, 2011.Broadband infrastructure and economic growth. The Economic Journal, 2011,121(552):505-532
Index Terms
- Research on the Impact of Fintech on China's Economic Growth and Tertiary Industry Development–Empirical Analysis based on Panel Data
Recommendations
A comparative analysis between FinTech and traditional stock markets: using Russia and Ukraine war data
AbstractIn this paper, we extend the current literature by seeking answers to two questions: (1) were/are traditional stock markets or FinTech markets more volatile during the Russia–Ukraine War? (2) Which market returns were/are higher during the Russia–...
Research on the Level of Economic Comprehensive Development in Central and Western Regions of China
ICEME '21: Proceedings of the 2021 12th International Conference on E-business, Management and EconomicsTaking 11 provinces in central and western regions of China as the research object, this paper constructs TOPSIS index comprehensive evaluation system based on entropy weight method from five aspects of economic aggregate, economic structure, economic ...
Empirical Analysis of China Regional Financial Development and Economic Growth: A Case of Shannxi Province
ICIII '10: Proceedings of the 2010 3rd International Conference on Information Management, Innovation Management and Industrial Engineering - Volume 01In order to verify the causality for the regional financial development and the economic growth in Shannxi, the multiple regression model, the co-integration analysis and Granger causality test is used in this paper. Empirical results show that the ...
Comments
Information & Contributors
Information
Published In
July 2022
117 pages
ISBN:9781450397919
DOI:10.1145/3549823
Copyright © 2022 ACM.
Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than the author(s) must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected].
Publisher
Association for Computing Machinery
New York, NY, United States
Publication History
Published: 03 January 2023
Check for updates
Author Tags
Qualifiers
- Research-article
- Research
- Refereed limited
Conference
ICMECG 2022
ICMECG 2022: 2022 The 9th International Conference on Management of e-Commerce and e-Government
July 7 - 9, 2022
Seoul, Republic of Korea
Contributors
Other Metrics
Bibliometrics & Citations
Bibliometrics
Article Metrics
- 0Total Citations
- 81Total Downloads
- Downloads (Last 12 months)41
- Downloads (Last 6 weeks)0
Reflects downloads up to 25 Jan 2025
Other Metrics
Citations
View Options
Login options
Check if you have access through your login credentials or your institution to get full access on this article.
Sign inFull Access
View options
View or Download as a PDF file.
PDFeReader
View online with eReader.
eReaderHTML Format
View this article in HTML Format.
HTML Format