本文以2010-2020年中國大陸A股36家上市銀行爲樣本，觀察商業銀行的金融科技發展程度和銀行績效的關係。本文基于年報的文字探勘結果構建TF_IDF詞頻，分成科技投入、技術基礎、技術應用、風險管理、智能投資和線上經營6個維度衡量銀行的金融科技發展，並通過次級市場表現、傳統財報報酬率和風險資産報酬率三種方式衡量銀行績效。本文亦輔以機器學習的聚類方式輔助人工對于銀行類別的區分。
研究結果發現，不同類別的銀行的績效會受到不同金融科技細分變數的影響。大型國有銀行在各個金融科技細分維度上的發展程度在三類銀行中最高，其長期績效和泛科技概念、基礎設施安全兩個指標成正相關；全國股份制銀行在各細分維度上的發展不如大型國有銀行，但是其長期績效受金融科技投入、泛科技概念、人工智能技術、演算法技術、自動化技術等指標的正向影響最大。另外，智能投資和智能風控從長期來看不會帶來績效的提升，僅在短期內有助于提升銀行的獲利能力等財務指標。
本文在資料實時度、詞頻統計方法和被解釋變量的選擇上相比前人均有所提升和改進，在解釋變量的設計上使用詞頻統計代理了較難取得數據的金融科技投入，在中國大陸近年銀行金融科技運用的研究上做出了補充。

This study takes 36 commercial banks listed in China A-share market as sample, observing the relation between Fintech development and operating performance of commercial banks. Based on text mining result of sample banks’ annual reports during 2010 to 2020, I construct 6 dimensionally diversified indicators to measure the Fintech development of banks. The indicators are consisted of dimensions of Technology Payout, IT Infrastructure, IT Application, Risk Management, Robo-Investment, and Online Banking. To evaluate banks’ performance, this study proxy the dependent variable in three different ways: stock performance in secondary market, the traditional ROA and ROE return, and Return On Risk-Weighted Asset (RORWA).
The conclusions are drawn as follows: The relation between Fintech development and bank performance varies among different types of commercial banks. State-owned banks have the highest level of overall Fintech development, and their long-term performance is closely related to indices of Technology Concept and Infrastructure Security. Domestic Joint-stock banks have the greatest benefit of Fintech Technology Payout, Infrastructure and Application. As for the Robo-Investment and Digital Risk Management, the empirical results show no positive link to long term bank performance.
This study augments prior researches on real-time data, improved term frequency counting method, wide-scaled dependent variables, and proxying the Fintech technology expense with text mining results.

論文審定書…………………………………………………………… i
誌謝…………………………………………………………………… ii
中文摘要………………………………………………………….…… iii
英文摘要………………………………………..…………………….. iv
目錄 ………………………………………………………….………… v
圖次………………………………………………………….………… vii
表次………………………………………………………….…………viii
第 一 章 緒 論…………………………………………………………. 1
1.1研究背景與動機……………………………………………… 1
1.2研究目的與貢獻………………………………………………. 5
第 二 章 文 獻 回 顧…………………………………………………… 6
2.1商業銀行績效與金融科技發展……………………………..… 6
2.2風險資産報酬率（RORWA）與銀行績效………………..…. 8
2.3商業銀行績效的影響因素…………………………………..… 9
2.4金融科技發展的文字探勘衡量……………………………..… 9
2.5銀行分類與機器學習……………………………..………..…11
2.6文獻回顧總結與本文發展……………………………...…….11
第 三 章 研 究 方 法……………………………………………………12
3.1數據來源……………………………..………………………...12
3.2文字探勘方法……………………………..…………………...13
3.3核心解釋變量……………………………..…………………...14
3.4機器學習：無監督聚類方法……………………………..…...21
3.5 計量模型建構……………………………..…………………...21
第 四 章 實 證 結 果…………………………………………………...22
4.1叙述統計……………………………..………………………..22
4.1.1基于財報TF_IDF詞頻的叙述統計…………….....22
4.1.2模型變量叙述統計……………................................27
4.2計量模型實證結果……………………………..……………...31
4.3機器學習模型與實證……………………………..…………...40
第 五 章 結 論 及 發 展………..……………………………………...43

參考文獻………………………………………………………………..44

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