Analysis of the Mediating Effect and Spatial Heterogeneity of Digital Finance Empowering Carbon Emission Reduction

고려아 ( Li-ya Gao ),손양 ( Yang Sun ) 한중사회과학학회 2024 한중사회과학연구 Vol.22 No.1

중국 경제의 고품질발전 배경에서 어떻게 탄소배출량을 낮출 것인지가 산업 부문의 주요 문제가 된다. 디지털금융의 급속한 발전은 금융배제, 정보 비대칭 및 금융자원할당의 효율성과 같은 문제를 효과적으로 해결할 수 있으므로 제품, 서비스 및 기술 측면에서 산업 부문에 탄소 배출을 줄일 가능성을 제공한다. 그러나 디지털금융이 탄소절감효과를 효율적으로 촉진할 수 있는지에 대한 결론은 여전히 모호하고, 또한 두 시스템 간의 서로 작용 메커니즘과 전파경로 등에 관련된 이론도 아직 통일적으로 정의되지 않았다. 따라서 디지털금융이 탄소 배출에 미치는 영향 및 탄소 절감효과를 촉진할 수 있는 전도경로를 연구할 필요가 있다. 즉, 본 연구는 중국 31개 성의 패널데이터를 이용하여 쌍방향 고정효과모형과 중개효과모형으로 디지털금융이 탄소 절감효과에 대한 영향을 검증하고 또한 디지털금융이 탄소 절감효과를 촉진하는 경로를 분석한다. 그리고 경제발전 수준의 차이를 기반으로 공간 이질성 분석 모델을 구축한다. 분석결과에 따르면 디지털금융은 탄소배출량을 효과적으로 줄일 수 있으며 이는 디지털금융이 강력한 금융포혜 및 디지털 속성을 가지고 있음을 보여준다. 동시에 기업자금조달경로를 확대하고, 산업 과학기술혁신을 개선하고, 자원할당을 최적화함을 통하여 탄소 절감효과를 직접적 촉진할 수 있다. 물론 디지털금융 상품과 서비스의 탄소 절감효과도 반영되었다. 본 결론은 디지털금융이 탄소 절감효과를 촉진할 수 있는 가설을 검증한다. 둘째, 디지털금융은 녹색 과학기술혁신과 산업구조고도화를 촉진할 수 있으나 산업구조고도화는 디지털금융이 탄소 절감효과를 촉진하는 효과적인 전도경로 이지만 녹색 과학기술혁신은 현저하지 않다. 디지털금융이 양질의 자원을 산업의 녹색 과학기술혁신에 투입할 수 있지만, 과학기술혁신의 지연성으로 인해 당분간 규모 경제를 발휘할 수 없기 때문이다. 한층 더 연구에 따른 디지털금융발전이 탄소 절감효과에 미치는 영향은 지역 경제발전 수준의 차이에 의해 다양화가 나타났다. 이에 경제발전 지역의 디지털금융이 탄소 절감효과에 미치는 영향은 낙후지역보다 적고, 낙후지역의 탄소 절감효과는 더 유일적이다. 즉, 탄소 절감효과를 촉진하는 과정에서 낙후지역은 디지털금융의 건설과 발전을 더욱 필요하고, 반면에 경제발전 지역은 디지털금융의 혁신에 박차를 가해야 한다는 것이다. 디지털금융의 급속한 발전에 따라 시장에서 유동자금의 투자 총량을 증가하는 동시에 일정한 리스크도 수반할 것임으로 기업들은 이러한 위험의 발생을 예방해야 한다. 또한, 기타 통제변수를 추가한 후 서부 지역의 디지털금융발전이 탄소 절감효과에 미치는 영향은 마이너스에서 플러스로 변경되었으나 10% 유의수준에서는 현저하지 않다. 낙후지역에 디지털금융이 탄소 절감효과에 미치는 영향보다 더 현저한 다른 요인이 있을 수 있음을 보여준다. In the context of high-quality economic development in China, how to reduce carbon emissions has become a major issue for the industrial sector. The rapid development of digital finance can effectively solve problems such as financial exclusion, information asymmetry, and efficient allocation of financial resources, thereby providing the possibility of reducing carbon emissions for industrial sectors from the perspectives of products, services, and technology. However, the conclusion on whether digital finance can effectively promote carbon emission reduction is still in a vague stage, and the mechanism of action and transmission path between the two systems have not been uniformly defined. Therefore, it is necessary to study the impact of digital finance on carbon emissions and the transmission channels through which digital finance promotes carbon reduction. This article uses panel data from 31 regions in China, and uses a bidirectional fixed effects model and an intermediary effects model to examine the impact of digital finance on carbon reduction. It analyzes the ways in which digital finance promotes carbon reduction effects and constructs a spatial heterogeneity analysis model based on differences in economic development levels. Research has found that digital finance can effectively reduce carbon emissions. This result indicates that digital finance, through its strong financial inclusiveness and digital attributes, has expanded corporate financing channels, improved industrial technological innovation, optimized resource allocation, and reflected carbon reduction effects. Of course, the carbon reduction effect of digital financial products and services can also be reflected. This conclusion validates the hypothesis that digital finance can promote carbon reduction effects. Secondly, although digital finance can promote green technology innovation and industrial structure upgrading, industrial structure upgrading is an effective transmission path for digital finance to promote carbon reduction, while green technology innovation is not significant. This indicates that although digital finance can invest high-quality resources into green technological innovation in industries, due to the lag of technological innovation, it is temporarily unable to exert its economies of scale in a short period of time. Further research shows that the impact of digital finance development on carbon emission reduction is diverse depending on the level of regional economic development. Among them, the impact of digital finance development on promoting carbon emission reduction in economically developed areas is smaller than that in underdeveloped areas, while the carbon emission reduction effect in impoverished areas is more significant. This indicates that in the process of promoting carbon emission effects, underdeveloped regions will have a greater need for the construction and development of digital finance, while economically developed regions need to accelerate the innovation process of digital finance. Of course, with the rapid deepening of digital finance, the increase in total investment of working capital in the market will also bring certain risks. Therefore, enterprises need to prevent the occurrence of such risks. But after adding control variables, the development of digital finance in the western region’s carbon reduction effect changed from negative to positive, but it was not significant at the 10% significance level. This indicates that in economically underdeveloped areas, there may be other factors that have a more significant impact on carbon reduction than digital finance.

企业财务数字化转型研究: 基于中国多案例质性分析

卿玲丽,천동필,马翔,熊鹏,张振扬 부산대학교 중국연구소 2022 Journal of China Studies Vol.25 No.2

In recent years, digital technologies and their embeddedness have attracted academic attention beyond information systems. There has been significant and steady growth in the number of publications on the different technical and organizational aspects of digital transformation. Digital transformation and the resulting business model innovations fundamentally change consumer expectations and behavior and disrupt the traditional market, putting tremendous pressure on businesses. Thus, organizations of all types and sizes emphasize digital transformation, which is becoming increasingly prevalent and necessary across all business functions. This form of organizational transformation often maximizes firm outcomes and profits, thereby responding to market demands and achieving a sustainable competitive advantage. Finance departments are at the core of any enterprise. How should they build their frameworks and paths for digital transformation? Few studies have addressed this question. To fill the gap and enrich the theoretical connotations and practical guidance for the digital transformation of enterprise finance, we selected three representative Chinese companies, ZTE, Sany Group, and FAW-Volkswagen Automobile Co., as case studies to examine their successful path for the digital transformation of enterprise finance using qualitative analysis. We first propose a three-tier progressive theoretical framework for the digital transformation of enterprise finance: Financial sharing at the bottom level, financial automation and intelligence at the middle level, and financial digitalization at the top level. Then, a comprehensive and detailed explanation of the evolutionary path and the critical issues in the implementation process of their digital transformation of finance is provided from this framework. Our results show that the successful digital transformation of enterprise finance is not a simple linear development process but a cascading process of iterative renewal. More detailed conclusions can be summarized as follows: 1) Enterprises implement bottom-level financial sharing under operational pressure; 2) Enterprises have gradually evolved into middle-level financial automation and intelligence; 3) Enterprises practice top-level financial digitization using cloud computing, big data, and other tools. Our results offer a theoretical lens for scholars studying digital transformation in enterprise finance. Moreover, we provide practical insights for a better digital transformation of enterprise finance.

디지털금융과 핀테크 활성화를 위한 혁신입법 방안

김승래 ( Kim Seung Rae ) 한남대학교 과학기술법연구원 2019 과학기술법연구 Vol.25 No.2

4차 산업혁명기에 접어들면서 핀테크(FinTech)에 의한 급격한 금융시장의 변화가 초래되고 있다. 이러한 시대의 변화는 디지털금융(Digital Finance)에도 커다란 영향을 미치며, 전통적인 금융의 기능인 결제 및 중개 기능을 최신의 정보기술을 바탕으로 전자적인 수단을 통해서 수행하게 되었다. 물론 종전에도 CD/ATM과 같은 전자적 수단을 통한 금융업무가 이루어져 왔으나 최근에 사용되는 디지털금융은 이보다 더 최신의 전자적 수단과 기술을 바탕으로 금융업무의 구조, 방식 및 제도가 혁신적으로 바뀌는 패러다임(paradigm)의 전환을 의미한다. 그럼에도 현재 금융 관련 법령의 특징은 너무 과도한 사전적 규제를 하고 있어 금융시장 참가자들에게 금융혁신의 동기를 부여하지 못하고 있음을 감안하여, 정부와 금융위원회 등 금융당국이 금융기술 발전에 따른 핀테크에 대한 감독 및 법령 정비를 해야할 필요성이 강력하게 제기되어 왔다. 나아가 규제 샌드박스법으로 불리는 금융혁신지원특별법이 제정됨으로써 기존의 법적 프레임에 매몰되어 새로운 비즈니스모델을 규제하기 보다는 핀테크에 의한 금융시장의 변화에 유연하게 대처하면서 핀테크 활성화를 위한 혁신입법 방안을 모색해보야 할 때이다. 따라서 디지털 금융혁신이 가속화됨에 따라 규제당국에도 많은 변화가 요구되고 있다. 디지털 금융의 발전에 따른 비즈니스모델의 실현가능성이 결국 규제와 연계되어 있기 때문에 핀테크에 대한 과감한 규제완화가 필요하다. 디지털금융 시대에 핀테크와의 연계에 따른 금융시장의 혁신과 발전을 위한 규제 샌드박스를 모색할 때이다. 그리고 중앙집중형 결제시스템을 관리하는 정부에서도 향후 핀테크혁명이 몰고 오게 될 금융IT 인프라의 변화를 면밀히 관찰하고 디지털금융의 혁신에 대비하여야 할 필요성이 있다. 이 논문은 디지털금융 시대에 금융 분야 신산업 발굴, 금융혁신을 통한 우리경제의 혁신성장촉발이 본격적으로 요구되는 상황에서 금융혁신지원특별법이 제정되어 곧 시행됨을 계기로 하여 규제 샌드박스를 중심으로 핀테크의 활성화 방안을 모색해 보았다. 나아가 금융혁신지원특별법을 통한 금융시장의 패러다임 전환에 관한 금융정책 변화에 주안점으로 두고 향후 법 시행의 기대효과를 전망하였다. In the 4th industrial revolution, rapid financial market changes are being caused by FinTech. This change in the times has a big impact on digital finance and it is done through electronic means based on the latest information technology in the functions of payment and intermediation which is the function of traditional finance. Of course, financial transactions have been made through electronic means such as CD / ATM, but recently, digital finance is a paradigm in which the structures, methods and systems of financial services are revolutionized based on more recent electronic means and technologies. Nevertheless, the characteristics of the current financial regulations are too pre-emptive to regulate the financial market participants, so that the financial authorities, such as the government and the Financial Services Commission. The need to supervise and regulate the Korean government has been strongly argued. In addition, the Special Law on Financial Innovation Support, which is called the regulated sandbox method, has been enacted, so that instead of regulating the new business model buried in the existing legal framework, it is possible to flexibly cope with the change of financial market by FinTech. It is time to seek out. Therefore, as the digital financial innovation accelerates, many changes are required to the regulatory authorities. Because of the possibility of business model being developed due to the development of digital finance, it is necessary to boldly deregulate FinTech. It is time to explore a regulatory sandbox for innovation and development of financial markets in connection with FinTech in the digital financial era. And the government that manages the centralized payment system needs to closely monitor the changes of the financial IT infrastructure that will be driven by the PinTech revolution in the future and prepare for the innovation of digital finance. In this paper, in the digital finance era, in order to find out new industries in the financial sector and to stimulate innovation growth of the Korean economy through financial innovation, the special law on financial innovation support was enacted. I tried to find out how to activate it. In addition, the revision of the financial market policy paradigm through the Special Financial Support Law is expected to be effective in the future.

한국 디지털 금융허브 전략의 필요성 및 과제

이효섭 ( Hyoseob Lee ) 글로벌금융학회 2023 글로벌금융리뷰 Vol.4 No.2

생성형 AI, 블록체인, 빅데이터 기술 혁신의 영향으로 금융산업은 디지털금융 중심으로 빠르게 변화할 것이다. 한국은 금융산업의 글로벌 경쟁력 제고를 위해 ‘동북아 금융허브 전략’을 추진해왔으나 법인세율·소득세율 완화, 고용 및 금융규제 개선, 영어 사용 보편화 및 주거비 부담 완화 등 금융인프라를 근본적으로 개선하지 않고는 싱가포르, 홍콩, 상해 등과 비교하여 우수한 금융허브 경쟁력을 갖추기 어렵다. 따라서 미래 금융산업 변화에 대응하고, 한국이 가진 장점을 살리기 위해 기존 ‘동북아 금융허브 전략’ 대신 ‘디지털 금융허브 전략’으로 금융산업 발전 전략을 변경하는 것이 필요하다. 본 연구는 디지털 금융허브 전략의 세부과제로 다음 제안을 제시한다. 첫째, 국내 핀테크 기업 및 금융회사의 해외 진출을 돕고 디지털금융 관련 ICT 인프라의 수출을 적극적으로 지원해야 한다. 둘째, 서울, 부산 등 주요 거점 도시에 디지털금융 특구를 선정하고, 세제 완화, 창업 및 보육 지원 등의 인센티브를 제공해야 한다. 셋째, 거점 도시에 디지털금융 창업 허브를 설립하고, 디지털금융 고등학교, 대학교, 대학원 지정을 통해 디지털금융 인재를 양성해야 한다. 넷째, 디지털금융환경 변화에 맞추어 기존 금융업 규제 체계를 네거티브(Negative) 방식과 원칙(Principle) 중심으로 개선해야 한다. The Financial Industry will rapidly shift toward digital finance as a result of technological innovations in generative AI, Blockchain, and BigData. South Korea has been promoting the ‘Northeast Asia Financial Hub Strategy’ to improve the global competitiveness of the financial industry, but it is difficult to become an excellent financial hub compared to Singapore, Hong Kong, and Shanghai without easing corporate and income tax rates, improving employment and financial regulation, and universalizing the use of English. It is necessary to change the financial industry development strategy to a ‘Digital Financial Hub Strategy’ instead of ‘Northeast Asia Financial Hub Strategy’. This study suggests the following tasks for a digital financial hub strategy. First, South Korea government should actively support the overseas expansion of domestic fintech and financial companies and the export of ICT infrastructure related to digital finance. Second, we should nominate digital finance special zones with a lot of incentives such as tax benefits, startup and incubation support. Third, digital finance startup hubs should be established in major cities, and digital finance talent should be cultivated by designating digital finance high schools, universities, and graduate schools. Fourth, the existing financial regulatory system should be improved in a negative and principle-based manner in line with changes in the digital finance environment.

한・미・일 주요 언론 기사의 의미연결망 분석을 통한 디지털금융 실태 비교

김경곤,정철우 한국경영컨설팅학회 2022 경영컨설팅연구 Vol.22 No.5

세계 각국은 디지털금융의 성장과 혁신을 도모하고 있지만, 금융환경 및 법・제도에 따라 디지털금융의 발전 속도에는 차이를 보이고 있다. 본 연구는 텍스트마이닝 기법 중 하나인 의미연결망 분석을 활용하여 디지털금융의 국가간 실태를 비교한다. 이를 위해 한국, 미국, 일본을 분석 대상 국가로 선정하고, 2020년 1월 1일부터 2022년 7월 31일까지 ‘디지털금융(digital finance,デジタル金融)’을 검색어로 설정하여 각국의 주요 일간지에 게재된 기사들을 수집하였다. 디지털금융과 관련된 언론 기사의 단어들에 대해서 네트워크상 연계성을 분석한 결과, 한국은 ‘증권’, ‘경 영’, ‘혁신’, ‘기술’, ‘코인’ 등이 주요 키워드로 식별되었다. 미국의 주요 키워드는 ‘캘리포니아’, ‘월스트리트’, ‘주식’, ‘인플레이션’ 등이었으며, 일 본의 주요 키워드로는 ‘은행’, ‘제휴’, ‘스미토모’, ‘위기’ 등이 식별되었다. 한・미・일 3국의 디지털금융과 관련된 주요 키워드를 비교한 결과, 향 후 한국의 디지털금융의 발전을 위해서는 규제 완화 및 공정한 경쟁 환경의 조성이 필요하다는 시사점을 도출할 수 있었다. Countries around the world make efforts to promote the growth and innovation of digital finance. However, there is a difference in the status of digital finance depending on the financial environment and system. This study compares the status of digital finance between countries using semantic network analysis, one of text mining techniques. To this end, Korea, the United States, and Japan were selected as the sample countries for analysis. From January 1, 2020 to July 31, 2022, digital finance was set as a search term for articles published in major daily news papers in each country. As a result of the analysis, the main keywords in Korea were securities, management, innovation, technology, and coin. Major keywords in the United States were California, Wall Street, stock, and inflation. Japan's main keywords were bank, affiliate, Sumitomo, and crisis. The keyword comparisons imply that deregulation and the creation of a fair competitive environment are necessary for the development of digital finance in Korea in the future.

징동디지털기술의 상업모드에 관한 연구

대운해 한국아시아학회 2022 아시아연구 Vol.25 No.2

JD Digital Technology started its independent operation in October 2013 and was named "JD Finance" when it was established. JD Digital Technology covers 11 business sectors including corporate finance, consumer finance and wealth management, with about 18 million active users and over 8 million merchants and 400 million individual customers jointly served by hundreds of institutions. In comparison with the layout of BAT in the financial industry, JD which also started from the Internet, started late but developed rapidly, JD Digital Technology was honored by Forbes 2018 as China's most innovative companies list top 50, KPMG 2019 global fintech top 100, fast company 2020 global digital technology companies top 10, etc. JD Digital Technology is now valued at $30 billion. Why does JD Digital Technology develop so rapidly? What is the mode of operation supporting its Business? This paper used data from JD Digital Technology prospectus, Evergrande Research Institute and Pacific Securities, to conduct the research on the Initial business mode of JD Digital Technology, explore the mystery of the development of JD Digital Technology, and provide meaningful reference for the development of other Internet technology enterprises.

사용자의 지각된 통제력이 디지털 금융서비스 이용의도에 미치는 영향:프라이버시 염려 조절효과를 중심으로

강준모,박철 한국경영정보학회 2023 Information systems review Vol.25 No.4

As the post-COVID-19 consumer life environment is rapidly becoming non-face-to-face, changing non-face-to-face financial life services are having a significant impact on consumers' daily lives. People who do not have access to digital devices and services that have become essential goods are at risk of being left behind in the “digital blind spot,” where they are marginalized not only in their daily lives but also in society and the economy as a whole (Kim Min-Jeung A, Kim Min-Jung B, Park Joo-Yung, 2022). In this study, we examined the effects of perceived control factors, Cognitive control, behavioral control, and decisional control, on intention to use digital finance. For this study, we surveyed 133 customers who are aware of and intend to use digital finance. The results show that cognitive control, behavioral control, and decisional control have significant effects on intention to use digital finance. In this relationship, the moderating effect of privacy concerns differs from the effect of decision control on intention to use digital finance. These findings suggest that digital financial services firms should consider whether to reduce or increase customer control. Based on these findings, we discuss marketing strategies and implications for digital financial services companies.

분산금융의 이해: 기업의 자금조달과 지배구조 변경 관점에서

김형중 ( Hyoung Joong Kim ) 글로벌금융학회 2022 글로벌금융리뷰 Vol.3 No.2

분산금융은 스마트계약을 기반으로 암호화폐를 이용하여 이루어지는 금융을 말한다. 분산금융은 전통금융처럼 중앙집중식 거버넌스를 제외하고 분산형 거버넌스만 포함하는 경향이 있다. 아직 분산금융은 소규모의 참여자들을 대상으로 실험적으로 운영되고 있으나 그 영향력이 날로 커지고 있다. 이 논문에서는 분산금융 영역을 스마트계약을 이용한 암호화폐의 대출, 교환, 보관에 국한하지 않고 자본모집, 분산자율조직까지 포함하였다. 분산금융의 여러 사례를 전통금융과 비교하여 디지털 경제에서 참고할 특징에 대해 고찰했다. Decentralized finance refers to finance using cryptocurrency based on smart contracts. Decentralized finance tends to include only decentralized governance, excluding centralized governance like traditional finance. Decentralized finance is still being operated experimentally for a small number of participants, but its influence is growing day by day. In this paper, the decentralized finance area was not limited to lending, exchange, and storage of cryptocurrency using smart contracts, but also included capital raising and distributed autonomous organization. Seceral examples of decentralized finance was compared with traditional finance, and the characteristics to be referred to in the digital economy were considered.

Co-word 분석법을 통한 디지털금융 연구의 프레임워크 도출

김미현(Mihyun Kim),함유근(Yukun Hahm),이우형(Woohyoung Lee),김용재(Yongjae Kim) 한국인터넷전자상거래학회 2011 인터넷전자상거래연구 Vol.11 No.1

The evolution of information and communication technology is continued, and, financial services are becoming more dependent on digitalized information and tools. Simply speaking, digital finance refers to developing and delivering financial services digitally. However, the research scope of digital finance is still at a young age. This empirical research demonstrates the effectiveness of content analysis to map the research literature of the digital finance to identify the boundaries of digital finance research. Co-word analysis is the specific technique used. This methodology identifies associations among publication descriptors (indexing terms) from the Social Sciences Citation Index(SSCI) and produces networks of descriptors that reveal these underlying patterns. The results suggest six research themes in digital finance as new technologies emerge and customers’ experience on digital financial services grow.

금융이 지배하는 전환? - 경제의 디지털화를 향한 한국 국가 프로젝트와 금융

김명수 비판사회학회 2023 경제와 사회 Vol.- No.140

The study argues that the idea of digitizing the economy is at the center of various transformation programs that have been promoted as a national strategies in recent years, and that the overall entirety of these national projects are driven by financial drivers and interest. Using historical and theoretical analysis of the power of finance that drives the digitalization of the economy as a reference point for the study, it explains how micro- and macro-level management strategies that emerged after the COVID-1) crisis were interconnected in terms of intervention for the digitalization of the economy. Τhen, by examining the implementation methods and effects of the policy programs promoted in terms of ‘micro level emergency support’ and ‘industrial transformation at the macro level’ from the perspective of financing, distribution(investment), and recovery, it analyzes how the financial interests have infiltrated in this process and what paradoxical effects they have produced. Through this, it is pointed out that finance-based crisis management has resulted in the integration of the individual/family sector, which were in crisis of business or employment, and the ‘new growth’ business sector into financial revenue circuit, resulting in negative social effects that can be referred to as the ‘trap of financial (debt)’, such as the dual effect of socialization of transformation risks and costs and privatization of rewards, or increasing financial risks, etc. Furthermore, it is argued that this process has been a transformation of Korean society, or more precisely, of individual entrepreneurs, households, and start-up business sectors, into a financially driven digital economy through the provision of financial liquidity (debt) and capital investment. In this way, this study shows how an inverted pattern emerged in which public or industrial policies promoted as a pan- national strategy were dominated or driven by financial logic(motivation).