财政在防范系统性金融风险中的作用机制研究  

Research on the Mechanism of Finance in Preventing Systematic Financial Risks

作　　者：张圆圆 Zhang Yuanyuan

机构地区：[1]中国财政科学研究院

出　　处：《西南金融》2019年第7期68-77,共10页Southwest Finance

摘　　要：随着金融机构混业经营和金融衍生品的发展,金融体系的联动性、复杂性和外溢性等特征愈发突出,近年来我国金融风险不断累积,其传染性、系统性和破坏性日益显著,且与发达国家不同的是,我国的金融风险带有结构性和体制性特征,与财政存在不同程度的关联性。国此,财政在以最后贷款人、微观审慎监管和存款保险制度共同构筑成的金融安全网下,理应“有进有退”,明确财政作为经济主体和公共主体的职能定位。本文在明确系统性金融风险内涵的基础上,总结我国当前阶段潜在的金融风险及其特殊性,深入分析在防范化解我国系统性金融风险时提高财政参与度的合理性;从财政作为风险责任主体、防范化解风险的参与主体和公共救助主体三个层级来探讨财政在防范系统性金融风险中的作用机制,构建财政在防范系统性金融风险中的制度框架;提出应当进一步加强“出资人”的风险监管职责,运用结构化工具分类引导化解风险和实现多渠道的财政资金供给。With the development of financial institutions' mixed operations and financial derivatives, the linkage, complexity and spillover characteristics of the financial system have become more and more prominent. In recent years, China's financial risks have accumulated, their contagious, systematic and destructive have become more obvious. Different from developed countries, China's financial risks have structural and institutional characteristics, and they have different degrees of correlation with finance. Therefore, under the financial safety net constructed by the last lender, micro-prudential supervision and deposit insurance system, the finance should have“an entry as well as a withdrawal”, and we should clarify the role of finance as the main body of economic and public entities. On the basis of clarifying the connotation of systemic financial risk, this paper summarizes the potential financial risks and their particularities in China's current stage, and analyzes the rationality of improving fiscal participation in preventing and solving China's systemic financial risks. This paper discusses the role of finance in preventing systemic financial risks from the three levels including acting as the main risk liability subject, the main participants in preventing and mitigating risks, and the main public assistance subject, and constructs the institutional framework of finance in preventing systemic financial risks;Finally, it is proposed that the risk supervision responsibility of“investors”should be further strengthened, and structured tools should be used to guide and resolve risks and achieve multi-channel financial supply.

关 键 词：财政政策 财政金融 系统性金融风险 混业经营 金融控股公司 金融危机 危机救助 风险防范 风险监管 微观审慎监管 存款保险 最后贷款人 金融稳定 

分 类 号：F812[经济管理—财政学] F832