중국 제3자 결제 방식이 상업은행의 수익성에 미치는 영향에 관한 연구

학위논문(석사) -- 서울대학교대학원 : 국제대학원 국제학과(국제통상전공), 2021.8. Ahn, Jae Bin.중국에서 인터넷 기술이 다양한 분야로 계속 확장되고 전자 상거래가 발전함에 따라 인터넷 단말기 및 모바일 단말기가 널리 보급되었고, 이는 제 3 자 결제를 급속히 확장시키며 사용자 수를 크게 증가시켰다. 알리 페이와 위챗 페이는 주요 결제 수단이되었으며 전체 결제량의 대부분을 차지하고 있으며 결제 분야에서 매우 중요한 위치를 차지하여 상업 은행에 큰 영향을 미쳤다. 또한 지속적인 혁신과제 3 자 결제의 개발을 통해 온라인에서 오프라인으로, 인터넷 금융 분야에서 전통적인 금융 분야로 사업 범위가 확대되기 시작했으며 이는 상업 은행의 전통적인 비즈니스에 큰 영향을 미쳤다. 결과적으로 제 3 자 결제와 상업 은행의 비즈니스가 겹치기 시작했고 경쟁이 심화되었다. 이 배경을 바탕으로 본 논문에서는 먼저 제 3 자 결제 개발 프로세스를 정교화 한 다음, 제 3 자 결제가 기존 핵심 사업, 중개 사업, 소비자 자원 및 상업 은행의 데이터 리소스에 미치는 영향을 이론적 관점에서 분석한다. 본 논문에서는 이전 연구를 바탕으로 상장 된 18 개 시중 은행의 짧은 패널 데이터를 데이터 샘플로 채택하여 회귀 모형을 구축하였다. 분석 결과에 따라 고정 효과 모형이 더 적합하며 제 3자 결제 방법은 시중 은행에 통계적으로 유의미한 부정적 영향을 미치고, 이는 이론적 분석에서 도출 된 결론과도 일치한다. 여기에 상호 작용 변수를 추가 할 경우, 시중 은행의 수익 수입이 전통적인 비즈니스에 더 많이 의존하는 것으로 나타나며 제 3 자 결제의 영향을 더 많이 받게 될 것이지만, 이 현상은 같은 은행 유형 보다는 서로 다른 은행 유형 간에 더 많이 반영된다. 마지막으로, 결과는 제 3 자 지급이 여러 은행의 수익성에 이질적인 영향을 미친다는 것을 보여줬다.With Internet technology continuing to extend to various fields and the development of e-commerce in China, Internet and mobile terminals have become widespread in popularity, resulting in the rapid expansion of third-party payment and the substantial growth in users. WeChat and Alipay payment have become the main payment methods and occupy almost the entire payment sector, and have a very important position in the settlement field. Moreover, as a result of ongoing innovation and development of third-party payment, the scope of business has also expanded to offline channels and from the Internet finance field to the traditional financial sector, which has greatly influenced the traditional business of commercial banks to a large extent. Due to the overlap of the services provided by third-party payment institutions and commercial banks, competition between these businesses has increased. Based on this background, this paper first elaborates on the development process of third-party payment, and then analyzes the influence of third-party payment on the bank’s traditional core business, intermediate business, consumer resources and data resources from a theoretical perspective. Based on previous studies, this paper employs a short-panel data set of 18 listed commercial banks as data samples to establish the regression model. According to the analysis of the regression results, the fixed effects model is more suitable than the OLS model, and demonstrates significantly negative effects of third-party payment systems upon commercial banks, which is also consistent with the conclusions drawn from the theoretical analysis. With the interaction variable added, it turns out that when the profit income of commercial banks is more dependent on traditional business, they will be more affected by third-party payment, but this phenomenon is more reflected in the inter-bank types rather than in the intra-bank types. Finally, analysis confirms a heterogeneous impact on profitability across different bank types as a result of third-party payment businesses.I. INTRODUCTION 1 1.1 BACKGROUND 1 1.2 PURPOSE OF RESEARCH 3 II. LITERATURE REVIEW 5 2.1 THE IMPACT ON COMMERCIAL BANKS BY INTERNET FINANCE 5 2.2 THE IMPACT ON COMMERCIAL BANKS BY THIRD-PARTY PAYMENT 6 III. ANALYSIS OF THE CURRENT SITUATION IN CHINA 9 3.1 INTERNET FINANCE 9 3.1.1 Overview of the Development of Internet Finance 9 3.1.2 Internet Finance Models 10 3.2 THIRD-PARTY PAYMENT 12 3.2.1 Third-party Payment Structure 13 3.2.2 The Development of Third-party Payment 14 IV. MECHANISM ANALYSIS ON THE IMPACT OF THE THIRD-PARTY PAYMENT ON THE PROFITABILITY OF COMMERCIAL BANKS 18 4.1 COOPERATION BETWEEN THIRD-PARTY PAYMENT AND COMMERCIAL BANKS 19 4.2 COMPETITION BETWEEN THIRD-PARTY PAYMENT AND COMMERCIAL BANKS 20 4.2.1 Impact on the Traditional Core Businesses of Commercial Banks 21 4.2.2 Impact on the Intermediate Businesses of Commercial Banks 24 4.2.3 Impact on Customer Market and the Big-data War 27 4.3 SUMMARY 28 V. METHODOLOGY 29 5.1 HYPOTHESIS 29 5.2 DATA AND VARIABLE SELECTION 30 5.2.1 Data Selection 30 5.2.2 Response Variable 31 5.2.3 Explanatory Variable 31 5.2.4 Control Variables 32 5.3 DATA DESCRIPTION 36 5.4 ANALYTICAL METHOD 40 VI. EMPIRICAL RESULTS 42 6.1 ANALYSIS OF OLS REGRESSION RESULTS 42 6.2 ANALYSIS OF FIXED EFFECTS REGRESSION RESULTS 43 6.3 ANALYSIS OF FIXED EFFECTS REGRESSION RESULTS WITH INTERACTION TERM 47 6.4 ANALYSIS OF THE HETEROGENEITY IMPACT OF DIFFERENT COMMERCIAL BANK TYPES 50 VII. CONCLUSION 55 7.1 SUMMARY 55 7.2 IMPLICATIONS 55 7.3 LIMITATIONS 57 BIBLIOGRAPHY 58 APPENDIX 61 국문 초록 (ABSTRACT IN KOREAN) 65석

Disruptive Innovation: The Rise of the Knowledge-Sharing Market in China

Innovation is a major subject of international political economy, but mainstream discussions focus on scientific research and development and detach innovation development from their social contexts. In response to this view, this project reveals the importance of cultural and social factors in influencing innovation development by examining the rise of the knowledge-sharing market (KSM) -- a social-network-site-based economy in China. It suggests the KSM is a disruptive innovation not only because it is pioneered by a latecomer in the global innovation market, China, but also because its emergence from the changing Chinese consumer demands disrupts the mainstream thinking of innovation

To pay or not to pay : the dilemmas of an emerging business ecosystem - the case of mobile payments

In the modern digital age, with mobile technology at the heart of new and vibrant digital ecosystems, mobile payments draw extensive attention from researchers and practitioners. A mobile payment ecosystem can be described through the three general characteristics of a business ecosystem (symbiosis, platform, and coevolution), together with a mobile payment technology platform, and all the actors coevolving reciprocally with each other. Due to the complex issues of a mobile payment ecosystem, a narrow view focusing only on a few components of mobile payment is unlikely to provide a sufficient understanding. To that end, a more comprehensive analysis from multiple perspectives is required to gain insights that can form the basis for building viable mobile payment ecosystems. The main research objective of this thesis is to describe and explain the core and the extended network of the mobile payment ecosystem and to offer guidelines to actors in a mobile payment ecosystem in order to strengthen their positions in the mobile payment ecosystem. In order to do so, first, a literature review is carried out, followed by the studies discussing the core actors (different mobile payment providers and merchants), combing qualitative and quantitative methods. On one hand, mobile payment providers are investigated from business models and resources perspective, by considering dynamic changes in the ecosystem. On the other hand, merchants are examined from a business ecosystem perspective to study their adoption behaviour. The main theoretical contribution lies in obtaining a new perspective on existing theories (i.e., business ecosystem theory, platform theory, resource based view, resource dependency theory, contingency theory, configuration theory and business modelling) in light of what we can achieve by integrating them into a general framework. More specifically, first, the StReS model offers a novel general approach for integrating different theories to understand organizational behaviour in a business ecosystem. Second, the analytical framework modelling merchants' acceptance is a novel framework integrating different theories to explain an organization’s adoption of a technology. Third, the approach to link business models to an actor’s position in a business ecosystem provides a novel method to identify the critical design issues of business models that can help to strengthen the core actors in the mobile payment ecosystem. The main practical contribution lies in offering guidelines to actors, especially mobile payment platform providers, to strengthen their positions in the mobile payment ecosystem

New Dimensions of Connectivity in the Asia-Pacific

There is no bigger policy agenda in the East Asian region than connectivity. Costs of international connectivity are indeed falling, in the movement of goods, services, people and data, leading to greater flows, and to the reorganisation of business and the emergence of new forms of international transactions. There are second-round effects on productivity and growth, and on equity and inclusiveness. Participating in trade across borders involves significant set-up costs and, if these costs are lowered due to falling full costs of connectivity, more firms will participate, which is a driver of productivity growth and innovation at the firm level. Connectivity investments are linked to poverty reduction, since they reduce the costs of participating in markets. This volume includes chapters on the consequences of changes in both physical and digital connectivity for trade, for the location of economic activity, for forms of doing business, the growth of e-commerce in particular, and for the delivery of new services, especially in the financial sector. A study of China's Belt and Road Initiative (BRI) is also included. These studies are preceded by an assessment of the connectivity performance in the Asia-Pacific region and followed by a discussion of impediments to investment in projects that contribute to productivity. The collection as a whole provides the basis for a series of recommendations for regional cooperation. The Pacific Trade and Development (PAFTAD) conference series has been at the forefront of analysing challenges facing the economies of East Asia and the Pacific since its first meeting in Tokyo in January 1968

Smart Healthcare solutions in China and Europe, an international business perspective

The thesis is part of the Marie Curie Fellowship project addressing health related challenges with IoT solutions. The author tries to address the challenge for the implementation of telehealth solutions by finding out the demand of the telehealth solution in selected European economies and in China (chapter 1), analyzing the emerging business models for telehealth solution ecosystems in China (chapter 2), how to integrate telehealth solutions with institutional stakeholders (chapter 3) and why are elderly users willing to use telehealth solutions in China. Chapter 1 and chapter 2 form the theoretical background for empirical work in chapter 3 and chapter 4. The thesis addressed four research questions, namely “Which societal and social-economics unmet needs that Internet of Healthcare Things can help to resolve?”, “What are the business model innovation for tech companies in China for the smart health industry?”, “What are the facilitators and hurdles for implementing telehealth solutions”, “Are elderly users willing to use telehealth solutions in China?”. Both qualitative study and quantitative analysis has been made based on data collected by in depth interviews with stakeholders, focus group study work with urban and rural residents in China. The digital platform framework was used in chapter 2 as the theoretical framework where as the stakeholder power mapping framework was used in chapter 3. The discretion choice experiment was used in chapter 4 to design questionnaire study while ordered logit regression was used to analyze the data. Telehealth solutions have great potential to fill in the gap for lack of community healthcare and ensuring health continuity between home care setting, community healthcare and hospitals. There is strong demand for such solutions if they can prove the medical value in managing chronic disease by raising health awareness and lowering health risks by changing the patients’ lifestyle. Analyzing how to realize the value for preventive healthcare by proving the health-economic value of digital health solutions (telehealth solutions) is the focus of research. There remain hurdles to build trust for telehealth solutions and the use of AI in healthcare. Next step of research can also be extended to addressing such challenges by analyzing how to improve the transparency of algorithms by disclosing the data source, and how the algorithms were built. Further research can be done on data interoperability between the EHR systems and telehealth solutions. The medical value of telehealth solutions can improve if doctors could interpret data collected from telehealth solutions; furthermore, if doctors could make diagnosis and provide treatment, adjust healthcare management plans based on such data, telehealth solutions then can be included in insurance packages, making them more accessible

Plateformes et évolution du système bancaire

The US bank Citigroup1 maintains that the bank of the future will be a platform and is actively preparing for this eventuality. The most striking example of this change of tack is CitiDirectBE, which aims to provide a number of services to Citigroup’s institutional clients, including online treasury and trade services. Citigroup is not the only banking group to view its future in this way, but not all are moving at the same pace. ING intends becoming “the Spotify of banking”, by speeding up its technological transition and emphasizing its flexibility and adaptability and its experience of digital banking. French banks too are making headway and have recently increased their advertising and investment in digital banking. The challenge is to be present “anytime anywhere” and to be able to respond individually to every customer. These examples, while symbolically interesting, underline the need to define a platform in economics before we can consider what a banking platform might be. Taking advantage of smartphone use to add a new distribution channel is only a partial approach and does not amount to creating a platform, at least not in terms of economic theory and managerial practices. Rather than talking about the “uberization” of banking, which is reductive and somewhat off topic, it is rather a question of addressing the “platformization” of banking and its possible effect on the entire value chain and in particular on the management of payment methods.It is essential first of all to define and present the idea of a platform in economics. This notion is quite recent and draws on two theoretical currents: first, the theory of networks in economics and, second, the two-sided market approach in industrial economics. The first is concerned with the process of economic intermediation between producers and users of a good or a service. It focuses on regulation as well as the problems of optimizing the externalities produced by these networks and their capacity to attract suppliers and demanders. The two-sided markets approach focuses more specifically on the structure of these markets and pricing on each side of the market.A platform therefore has a much broader meaning than that used by Citigroup or ING. Once organizations adopt a platform, it implies a profound change in the structure of their markets and governance. An organization that decides to develop one of its activities in the form of a platform would be making a basic strategic mistake if it were to view it simply as the diversification of its distribution channels. The fact that customers can contact their bank via smartphone as well as by computer or through the relationship with their bank branch does not constitute a platform positioning. Similarly, the mushrooming of fintech in recent years should not be analysed in terms of the creation of new products or distribution channels. Rather, it points to the emergence of platforms that call into question the use of money, through new means of payment, and more generally of banking and financial services for which technical expectations are moderate. Indeed, we will see that banking businesses such as investment and finance, which are more complex, involve a relationship that it is difficult to reduce simply to digital contact. The behaviour of private individuals in their relationship with a commercial bank is different to that of multinationals using the sophisticated services of an investment bank.Dans une période de digitalisation de l'ensemble de l'activité économique, il est intéressant de s’interroger sur le niveau de transformation que les services bancaires et financiers vont subir suite à ce phénomène. On constate en effet, depuis une dizaine d’années, une modification profonde de la manière qu'ont les gens de consommer de la musique ou de la vidéo, d'échanger des photos, de louer une voiture ou un appartement. On n’achète plus de disques ou de DVD, on consomme de la musique ou des films. L’usage prend le pas progressivement sur la propriété, quel que soit le bien considéré. Ce phénomène ne touche pas uniquement les biens ou services dont la valeur est modique. Il concerne également les biens pour lesquels la propriété a longtemps été un facteur d’affichage de réussite sociale ou de constitution de patrimoine constitué afin de réduire les aléas de la vie ou pour transmettre aux générations à venir, comme l’automobile ou les biens immobiliers. Si tous les services et les biens semblent affectés par ce phénomène, qu'en est-il de l’argent, un bien très particulier, et de l’activité de paiement si intimement liée ?La gestion de la monnaie a longtemps été considérée comme un “service financier” fondamental. La monnaie devait être un bien réel, désiré et au coût de production connu. La lente disparition de la monnaie physique n'a pu s’opérer que parallèlement à un accroissement de la confiance que les individus portent aux banques. La confiance en la matière s'est transférée en une confiance en l’institution. Il apparaît aujourd'hui clairement que la composante physique de la monnaie disparaît, du fait notamment de la généralisation du paiement électronique et des smartphones comme outil permettant l’échange économique et le paiement et de l’apparition de nouveaux acteurs non bancaires permis par une régulation évoluant rapidement.Les comportements des individus face à la digitalisation de l’argent peuvent être plus aisément compris à partir de l’approche de Kahneman (2012). Ce dernier sépare le mécanisme cognitif en deux systèmes, le premier adapté aux prises de décisions rapides et simples, le second mieux à même de traiter des problèmes complexes avec des conséquences de plus long terme. Cette approche des comportements face à l’argent est d’autant plus pertinente depuis l’émergence des smartphones dans la vie quotidienne, notamment lors de transactions économiques et financières. Cette évolution des comportements suppose de tenir compte également des différences générationnelles et géographiques des individus.Une part croissante des échanges économiques implique que ces derniers soient portés à la connaissance d'une communauté. L'échange est alors partagé avec d'autres membres de la communauté et éloigne encore plus cette utilisation de l'argent d'une utilisation plus personnelle pour laquelle la technicité mais également la discrétion sont de rigueur. On constate ici une nouvelle illustration de la dichotomie entre l'argent immédiat lié à l’usage et l'argent objet pour lequel d'autres processus cognitifs sont à l’œuvre

Ecosystem synergies, change and orchestration

This thesis investigates ecosystem synergies, change, and orchestration. The research topics are motivated by my curiosity, a fragmented research landscape, theoretical gaps, and new phenomena that challenge extant theories. To address these motivators, I conduct literature reviews to organise existing studies and identify their limited assumptions in light of new phenomena. Empirically, I adopt a case study method with abductive reasoning for a longitudinal analysis of the Alibaba ecosystem from 1999 to 2020. My findings provide an integrated and updated conceptualisation of ecosystem synergies that comprises three distinctive but interrelated components: 1) stack and integrate generic resources for efficiency and optimisation, 2) empower generative changes for variety and evolvability, and 3) govern tensions for sustainable growth. Theoretically grounded and empirically refined, this new conceptualisation helps us better understand the unique synergies of ecosystems that differ from those of alternative collective organisations and explain the forces that drive voluntary participation for value co-creation. Regarding ecosystem change, I find a duality relationship between intentionality and emergence and develop a phasic model of ecosystem sustainable growth with internal and external drivers. This new understanding challenges and extends prior discussions on their dominant dualism view, focus on partial drivers, and taken-for-granted lifecycle model. I propose that ecosystem orchestration involves systematic coordination of technological, adoption, internal, and institutional activities and is driven by long-term visions and adjusted by re-visioning. My analysis reveals internal orchestration's important role (re-envisioning, piloting, and organisation architectural reconfiguring), the synergy and system principles in designing adoption activities, and the expanding arena of institutional activities. Finally, building on the above findings, I reconceptualise ecosystems and ecosystem sustainable growth to highlight multi-stakeholder value creation, inclusivity, long-term orientation and interpretative approach. The thesis ends with discussing the implications for practice, policy, and future research.Open Acces

How to Catch a Unicorn: Case Studies

Technology companies with high market capitalisation (often called unicorns) have been receiving a lot of attention and media coverage recently. In general, unicorns are IT-based (software mostly, but also hardware). They are often rather young global companies that match unsatisfied demand with supply through the production (which can be scaled up) of innovative and usually affordable services and products. These are usually part of the mobile internet wave, and rely on connectivity (high speed networks, mobile and fixed), new devices (smartphones, tablets, phablets…) and the opportunities these bring. They are grounded in network effects, and demand-side economies of scale and scope. They depend on a strong favourable business environment, developing organically and building on fast expanding markets (emerging economies, middle classes). They are VC-dependent and the competition for funding can generate impressive (inflated?) valuations. These companies can be disruptive for other sectors and firms. This report aims to document the phenomenon by investigating a qualitative sample of 30 companies that have recently been valued above the one billion dollar threshold. It identifies some of their characteristics and the lessons to be learnt.JRC.J.3-Information Societ