摘 要：
金融科技的快速发展正在深刻改变金融市场的运行机制与效率水平，本文旨在探讨金融科技对金融市场效率的影响及其作用路径。研究以金融科技的核心技术为切入点，结合金融市场微观结构理论，分析了大数据、人工智能、区块链等技术如何通过降低信息不对称、优化资源配置和提升交易效率来促进市场功能的完善。基于2015年至2022年中国金融市场相关数据，本文采用面板数据模型与中介效应检验方法，从市场流动性、价格发现能力和风险管理效率三个维度展开实证分析。研究结果表明，金融科技的应用显著提升了金融市场的整体效率，尤其是在改善中小投资者的信息获取能力与参与度方面表现突出。此外，金融科技通过推动金融机构数字化转型，进一步增强了市场的适应性和韧性。本文的创新点在于首次将金融科技的技术特性与金融市场效率的多维指标相结合，并引入中介变量分析其内在传导机制，从而为理解金融科技的实际影响提供了更为全面的视角。研究的主要贡献在于揭示了金融科技在优化市场结构和提升运行效率方面的潜力，同时为政策制定者提供了科学依据，以更好地引导金融科技的健康发展并防范潜在风险。
关键词：金融科技；金融市场效率；信息不对称；数字化转型；中介效应
An Analysis of the Impact of Fintech on Financial Market Efficiency
Abstract: The rapid development of fintech is profoundly transforming the operational mechanisms and efficiency levels of financial markets. This paper aims to explore the impact of fintech on market efficiency and its underlying pathways. By focusing on the core technologies of fintech and integrating the microstructure theory of financial markets, the analysis examines how big data, artificial intelligence, blockchain, and other technologies enhance market functionality through reducing information asymmetry, optimizing resource allocation, and improving transaction efficiency. Based on Chinese financial market data from 2015 to 2022, this study employs a panel data model and mediation effect testing methods to conduct empirical analyses across three dimensions: market liquidity, price discovery capability, and risk management efficiency. The findings indicate that the application of fintech significantly enhances the overall efficiency of financial markets, particularly in improving the information acquisition capabilities and participation levels of small and medium investors. Moreover, fintech promotes the digital transformation of financial institutions, thereby strengthening market adaptability and resilience. A key innovation of this paper lies in its integration of the technical characteristics of fintech with multi-dimensional indicators of market efficiency, while introducing mediating variables to analyze the internal transmission mechanisms, thus providing a more comprehensive perspective on the practical effects of fintech. The primary contribution of this research is its revelation of the potential of fintech in optimizing market structure and enhancing operational efficiency, as well as offering scientific evidence for policymakers to better guide the healthy development of fintech and mitigate potential risks.
Keywords: Fintech; Financial Market Efficiency; Information Asymmetry; Digital Transformation; Mediating Effect
目 录
1绪论 1
1.1金融科技与金融市场效率的研究背景 1
1.2研究金融科技对金融市场效率的意义 1
1.3国内外研究现状综述 1
1.4本文研究方法与技术路线 2
2金融科技对金融市场信息效率的影响分析 2
2.1信息不对称问题的缓解机制 2
2.2大数据技术在信息处理中的应用 3
2.3区块链技术对信息透明度的提升 3
2.4人工智能算法优化信息传播效率 4
2.5案例分析：金融科技在信息效率中的实践 4
3金融科技对金融市场资源配置效率的影响分析 5
3.1金融科技对资本流动性的促进作用 5
3.2智能投顾对投资决策效率的提升 5
3.3数字货币对跨境支付效率的影响 6
3.4金融科技平台对中小企业融资的支持 6
3.5实证研究：资源配置效率的量化评估 7
4金融科技对金融市场风险管理效率的影响分析 7
4.1风险识别能力的技术驱动改进 7
4.2机器学习在风险预测中的应用 8
4.3金融科技对系统性风险的监控作用 8
4.4数据隐私保护与风险管理的平衡 9
4.5对比分析：传统与现代风险管理效率 9
结论 10
参考文献 11
致 谢 12
