JFE-在金融科技颠覆中生存_23页_3mb

The study by W. Jiang et al. examines the relationship between fintech disruption and labor market outcomes. Key findings include:

• A one-percentile increase in fintech exposure is associated with a 7.1 bps decrease in job postings and a 0.15% decline in employment and wages.
• Fintech disruption affects occupations with middle-range salaries, intermediate education, and middle-aged workers the most.
• There is a complementary effect where jobs congruent with fintech innovations see increased hiring, offsetting some negative impacts.
• The banking and payment sector shows stronger demand for talent in response to fintech disruption.
• Blockchain technology has had the highest likelihood of creating new jobs among fintech categories.

Complementary & Substitutive Effects

• Cross-sectional heterogeneity shows negatively affected occupations experience job loss, while complementary ones see relative gains.
• Up-skilling is observed in job postings, with increased demand for "finance + tech" skills and higher educational/ experience requirements.

Creative Destruction

• Fintech innovations simultaneously eliminate some jobs but create new opportunities.
• New occupations often involve technical support or task fulfillment related to fintech.

Heterogeneity Across Sectors

• Banking and payment firms face stronger demand when weathering fintech disruption compared to other industries.
• Sectoral differences persist even after controlling for complementarity variations.

Firm-Level Responses

• Incumbent firms experience more negative impacts than younger entrants.
• High complementarity occupations see significant job posting increases while low complementarity roles decline.
• Innovative firms (those that invent rather than just acquire patents) experience greater employment growth.

Conclusion
The study shows fintech disruption has both substitution and complementary effects, with significant cross-sectional variations. While it negatively impacts labor demand for some occupations, it also creates new job opportunities and enables upskilling. Banking firms and innovative players may exhibit differential adaptive strategies.