2023-05-05-国际清算银行-金融科技_投资者成熟度和金融投资组合选择_62页_1mb

Summary

This paper examines the relationship between advancements in financial technology (FinTech), investors' financial sophistication, and their financial portfolio choices and returns. Using a theoretical model and empirical data from Italian households, the study finds that innovations in FinTech exacerbate inequalities in financial returns and portfolio composition, particularly when sophisticated investors have better access to information and technology.

Key theoretical findings include:

1. Heterogeneity in information processing leads to differences in financial returns and portfolio holdings, with sophisticated investors achieving higher returns.
2. Absolute increases in sophistication widen income inequality, while relative increases further amplify this effect.
3. Sophisticated investors increase their holdings in risky assets, while less sophisticated ones retreat from trading, especially during periods of market growth.

Empirical evidence from 2004–2020 shows that:

• Highly literate investors earn up to 13 basis points more in returns compared to their less sophisticated counterparts.
• Access to digital banking enhances returns by about 7 basis points and increases exposure to riskier assets.
• Financial technology advances increase portfolio specialization among sophisticated investors but contribute to the marginalization of less sophisticated ones, particularly in volatile assets.

The paper highlights that FinTech alone does not democratize finance; bridging the sophistication gap is essential to reduce financial inequality. Policy recommendations include enhancing financial literacy and ensuring universal access to usable technology to mitigate disparate outcomes.