Chloe Yue Liu;Laura Xiaolei Liu;

• 1:Guanghua School of Management
• 2:Peking University

Abstract：

The Central Financial Work Conference in October 2023 pointed out that digital finance is one of the five major areas for the future development of the financial field. To explore the development path of digital finance and evaluate its impact, this paper focuses on the strategic cooperation between commercial banks and technology enterprises, investigating the influence of cooperation events on bank stock prices and operational performance. Results show that on the trading day when the cooperation was reached, bank stocks exhibited significantly positive excess returns, and bank performance in terms of profitability, cost efficiency, and risk management improved after the strategic cooperation. Further analysis reveals that the positive change in bank stock prices around the cooperation event was more prominent in state-owned commercial banks, as well as banks with a higher proportion of non-interest income, a lower non-performing loan ratio, a lower leverage, and a higher capital profit margin. Moreover, this effect was more significant in collaborations with large technology companies, bank-led cooperations, and relatively in-depth cooperations such as the establishment of joint laboratories. This study contributes to our understanding of how commercial banks can achieve digital transformation through cooperation with technology companies and develop digital finance through technological empowerment, providing empirical evidence and decision-making references for the exploration of digital finance development paths for commercial banks.

Key Words：

Abstract:

Keywords:

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

Authors: Chloe Yue Liu;Laura Xiaolei Liu;

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。