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结构特征，本研究旨在探讨金融科技对金融市场结构的影响及其潜在作用机制。基于2010年至2022年间全球主要金融市场数据，结合定性分析与定量建模方法，本文构建了包含技术渗透度、市场集中度和金融包容性的多维指标体系，以评估金融科技在不同市场中的影响路径。研究发现，金融科技通过降低交易成本、提高信息透明度以及促进普惠金融发展，显著改变了传统金融市场的参与者结构和资源配置效率。特别是在新兴市场中，金融科技的应用有效缓解了中小企业融资约束问题，并推动了非银行金融机构的崛起。此外，研究还揭示了金融科技可能加剧市场波动性和系统性风险的双重效应。本文的创新点在于首次将网络分析方法引入金融市场结构研究，从复杂系统视角解析金融科技的作用机理，为相关政策制定提供了理论依据。总体而言，金融科技的普及不仅优化了金融市场功能，也对监管框架提出了新的挑战，未来需进一步平衡创新与稳定之间的关系。
关键词：金融科技；金融市场结构；普惠金融；系统性风险；网络分析方法
Abstract
The rapid development of fintech is profoundly transforming the operational mechanisms and structural characteristics of financial markets. This study aims to explore the impact of fintech on the structure of financial markets and its underlying mechanisms. Based on data from major global financial markets between 2010 and 2022, this paper integrates qualitative analysis with quantitative modeling to construct a multidimensional indicator system that includes technology penetration, market concentration, and financial inclusiveness, thereby evaluating the influence pathways of fintech across different markets. The findings indicate that fintech significantly alters the participant structure and resource allocation efficiency of traditional financial markets by reducing transaction costs, enhancing information transparency, and promoting inclusive finance development. Notably, in emerging markets, the application of fintech effectively alleviates financing constraints for small and medium-sized enterprises while driving the rise of non-bank financial institutions. Furthermore, the research reveals a dual effect of fintech, which may both exacerbate market volatility and systemic risks. A key innovation of this study lies in the first-time introduction of network analysis methods into financial market structure research, analyzing the mechanisms of fintech from a complex systems perspective and providing theoretical support for relevant policy formulation. Overall, the widespread adoption of fintech not only optimizes the functionality of financial markets but also poses new challenges to regulatory fr ameworks, necessitating further efforts to balance innovation with stability in the future.
Keywords：Fintech; Financial Market Structure; Inclusive Finance; Systemic Risk; Network Analysis Method
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状综述 1
(三) 研究方法与技术路线 1
二、金融科技对金融市场参与主体的影响 2
(一) 金融科技重塑市场参与者角色 2
(二) 新型金融机构的崛起与传统机构转型 3
(三) 技术驱动下的投资者行为变化 3
三、金融科技对金融市场运行机制的影响 4
(一) 交易模式的创新与效率提升 4
(二) 风险管理方式的变革与挑战 4
(三) 信息透明度与市场定价机制 5
四、金融科技对金融市场监管体系的影响 5
(一) 监管科技的应用与发展需求 6
(二) 市场结构变化带来的监管难题 6
(三) 全球视角下的监管协调与合作 7
结 论 8
参考文献 9
