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

摘要： 金融科技将金融与科技相联结,为银行业转型升级提供新机遇,而股权结构作为银行治理的基础,将对银行创新活动安排与金融科技发展产生重要作用。本文利用2010—2019年我国112家商业银行的数据,探讨股权集中度、股权制衡、股权性质等股权结构特征对银行金融科技发展的影响。研究结果表明,股权集中度对银行金融科技发展具有正向促进作用,较为集中的股权安排有利于股东充分发挥自身股权优势,集中资源开展创新活动,从而推动银行金融科技发展;非控股股东股权占比的合理增加能够发挥股权制衡作用,提升创新效率,从而有利于银行金融科技发展;尽管国有属性的控股股东更有利于金融科技的发展,但国有持股比例过高反而不利于银行金融科技发展。本文研究为商业银行完善公司治理机制、推进数字化转型发展提供了理论依据和经验支持。

关键词: 商业银行, 金融科技, 股权集中度, 股权制衡, 股权性质