刘岳,刘晓蕾

• 1:北京大学光华管理学院

摘要(Abstract)：

2023年10月的中央金融工作会议指出，数字金融是金融领域未来发展的“五篇大文章”之一。为了探讨数字金融的发展路径，评估发展数字金融的影响效果，本文聚焦商业银行与科技企业的战略合作，考察合作事件对银行股价以及经营绩效的影响。研究发现，在合作达成交易日，银行股票呈现出显著为正的超额收益，且战略合作后银行的盈利能力、成本效率和风险控制等方面的表现均有所改善。进一步分析发现，银行股价在合作事件附近的正向变动在国有商业银行，以及非利息收入占比较高、不良贷款率较低、低杠杆和高资本利润率的银行中表现更突出。同时，该效应在与大型科技公司的合作、银行主导的合作，以及成立联合实验室等相对深度的合作中更为显著。本研究有助于我们深入理解商业银行如何通过与科技公司合作实现数字化转型，通过科技赋能发展数字金融，为商业银行发展数字金融的路径探索提供经验证据与决策参考。本文带来重要政策启迪：除了传统强调的自主研发与合并收购外，商业银行与科技公司战略合作也是数字金融发展的重要途径。

关键词(KeyWords)： 商业银行;数字金融;股票市场;事件研究法

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金面上项目（72273006,71872006）;; 国家社会科学基金重大项目（21ZD111,19ZDA060）;; 光华思想力平台的资助

作者(Author): 刘岳,刘晓蕾

参考文献(References)：

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• (1)本文在研究中,采用调整后的Z值(adjusted Patell Z value)进行超额收益的显著性检验。因为其不仅考虑超额收益本身的分布,也考虑了股票收益在时间序列和横截面的相关性和事件引发的波动性,对估计误差进行调整,提供了更稳健的显著性检验(Kolari and Pynn??nen,2010)。从实证结果来看,调整估计误差可能导致Z值与超额收益值符号相反,此种情况只出现在超额收益相对方差很小,统计上不显著异于0时。已有文献中也广泛采用Z统计量进行事件研究的显著性检验,如Thirumalai and Sinha(2011)、Fernando et al.(2012)、Nguyen and Nielsen(2014)等。