关键词: 法治意识, 消费者保护, FinTech创新, 倒U型

Abstract:  Is consumers' awareness of the rule of law promoting or constraining China's FinTech innovation? Under the background that the United States, the United Kingdom and other countries have promoted their own FinTech innovations, this issue is not only a theoretical issue, but also a practical issue related to the global rise of China's finance. Therefore, based on the two major psychological theories of challengethreat and coldhot system, and using the unbalanced panel data of 31 provinces and cities in China from 2009 to 2017, this paper studies this issue with differential GMM model. The results show that the level of consumers' awareness of the rule of law shows an invertedU shape nonlinear relationship with the quantity or the quality of FinTech innovations; too weak or too strong consumers' awareness of the rule of law is not conducive to the improvement of the quantity and quality of FinTech innovation. Therefore, we should follow the principle of moderation when protecting consumers. Further analysis shows that consumers' awareness of the rule of law also indirectly affects the quantity of FinTech innovations through the construction of industry self regulatory organizations and research institutions, and the credit gap. Finally, some suggestions are put forward to promote fintech innovation in China.

Key words:  , awareness of the rule of law, consumer protection, FinTech innovation, invertedU shape