本文的研究内容是技术投入对于上市商业银行的影响，采用实证回归和案例研究相结合的研究方法。实证回归基于十三家上市商业银行的数据，分别以ROA为主要的盈利能力指标，以新增无形资产和是否设立金融科技子公司为技术投入指标，采用固定效应模型进行回归。根据回归结果，是否设立金融科技子公司对商业银行的盈利能力没有显著影响，可能的原因是银行系金融科技子公司设立时间较短，尚未进入成熟运营阶段，对银行业务的辅助作用有限；新增无形资产与银行的盈利能力显著相关且存在较长的时滞性，且是通过提高效率降低成本、增强银行吸储能力这两个渠道来实现影响的。上述结果通过了稳健性检验，说明结论较为稳健。案例研究的研究对象是招商银行，研究内容是招商银行在不同时期推出的不同金融科技产品，并基于对招商银行卓越大数据中心及招商银行APP工作人员的采访，重点分析了招商银行在大数据方面的金融科技应用，系统介绍了其数据建设、应用场景、算法模型、商业转换策略。根据上述案例研究，分析总结了招商银行独特的技术驱动之经验。
The research content of this paper is the impact of technology investment on listed commercial banks, using a combination of empirical regression and case studies.The empirical regression is based on the data of 13 listed commercial banks，picking ROA as the main profitability indicator, and intangible assets increment as well as financial technology subsidiaries as technical input indicators, respectively. According to regression results, whether to establish a financial technology subsidiary has no significant impact on the profitability of commercial banks. The possible reason is that the technology subsidiaries have not yet entered the mature operation stage, which has limited support for banking business. However, intangible assets increment shows a significant hysteresis effect on profitability, which is achieved through channels of improving efficiency, reducing costs and increasing the capacity of absorbing deposits. The research object of the case study is China Merchants Bank, and the research content is different fintech products launched by China Merchants Bank in different periods. Based on interviews with staff of China Merchants Bank, the case study focuses on the introduction of fintech applications in big data, trying to conclude heterogeneous experience of China Merchants Bank. Inspirations include: positioning is not limited to "financial service providers", but the customer's life steward; not blindly pursuing the complexity of the algorithm, but more emphasis on the technical transformation of technology; designing products from a global perspective, promoting different product teams through incentives Cooperation, internal traffic sharing; emphasis on long-term information collection and so on. Besides, this paper also analyzes the external expansion strategy of China Merchants Bank through the lens of Actor-Network Theory and obtains the following revelation: Like other technological innovations, financial technology innovation must understand the appeals of various stakeholders through effective problem translation, and multiple heterogeneity. The actor establishes cooperation and forms an actor network to achieve.
