5. Benchmark Model Setting
With reference to Qiu et al. (2018) and Li et al. (2020), the benchmark model of this
paper is set as follows:
it
t
i
t
4
mt
3
it
2
1
0
it
ε
θ
δ
Policy
α
City
α
Bank
α
Fintech
α
α
Risk
+
+
+
+
+
+
+
=
(23)
Among them, the subscript
i
indicates the
i
-th bank, and t indicates the t-year. The
explanatory variable risk indicates the bank’s risk-taking, including Z-Score and Volatility
of Return on Assets (SDROA). The core explanatory variable Fintech represents the degree
of Fintech development in the city
m
where the bank
i
is registered, including the
breadth of the digital financial index (Fintech 1) and credit level (Fintech 2). Bank is a
control variable at the bank level, including bank size (Size), asset-liability ratio (DAR),
Figure 2.
Z-Score trend of different types of bank risks. Software: MATLAB.
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