关键词: 商业银行, 金融科技, 股权集中度, 股权制衡, 股权性质

Abstract: In recent years, Chinese commercial banks have gradually transformed their traditional conservative business model, continuing to increase their investment in FinTech. In the process of banks' digital transformation, the equity structure, as the core of corporate governance, determines different corporate organizational structures and fundamentally affects the deployment of corporate innovation resources and innovation strategy decisions, which is of great significance for banks' FinTech development. Clarifying the impact of the equity structure on banks' FinTech development is crucial for commercial banks to plan and adapt their organizational structure to match their digital strategic transformation.
This paper innovatively introduces the perspective of commercial banks' equity structure to explore the impact of the equity structure on banks' FinTech development in the followingthree aspects: equity concentration, equity checks and balances, and equity nature, using 112 commercial banks in China from 2010 to 2019 as a research sample. The results of the empirical analysis are as follows: First, equity concentration is to a certain extent beneficial to the development of FinTech in commercial banks. A more concentrated shareholding makes the bank's investment in technology concentrated and permanent, improves the decision-making efficiency and thus accelerates the process of financial technicalization. Second, the checks and balances mechanism among shareholders is conducive to improving the level of the financial technology development of commercial banks, and reducing the short-sightedness caused by the phenomenon of“one share is too big”,which is conducive to the development of FinTech in banks. Third, though state-owned shareholders are more conducive to the development of FinTech, an excessively high proportionof the state-owned shareholders is detrimental to FinTech development. State-owned shareholders operate traditional financial institutions, focus more on maintaining the stability of the financial system, thus lacking enthusiasm for banks' technological innovation activities.
Based on the above findings, this paper puts forward the following policy recommendations: First, optimize the shareholding structure arrangement, reasonably control the concentration of shareholdings. A more concentrated shareholding arrangement is an optimization of the decision-making efficiency, and maintaining the shareholding control of major shareholders can reduce the frictional costs arising from shareholders' decision-making and respond to changes in the market environment in a timely manner. Second, reasonably increase the shareholding of non-controlling shareholders to avoid excessive shareholding fragmentation, and make use of the game among shareholders to maximize the benefits of decision-making on technological innovation. Third, it should continue to promote the bank's mixed ownership reform. Banks should actively engage in strategic capital attraction and guide foreign capital and private capital to enter the bank so as to achieve the integration of technology, management and human resources in various aspects and the complementation of resource advantages.

Key words: Commercial Banks, FinTech, Equity Concentration, Equity Balances, Nature of Equity