我国区域金融风险的空间传染路径研究  

Research on Spatial Contagion Path of Regional Financial Risk in China

作　　者：沈丽[1] 张影[1] 李文君[1] SHEN Li;ZHANG Ying;LI Wenjun(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学金融学院

出　　处：《当代经济科学》2019年第5期62-73,共12页Modern Economic Science

基　　金：国家社会科学基金项目“新常态初期区域金融风险生成机理及防控对策研究”(16BGL052)

摘　　要：本文从经济四部门入手,基于区域内外两个角度对区域金融风险部门间的空间传染路径进行理论分析,并在合理测度中国区域金融风险的基础上,运用空间偏微分方法验证了上述路径。研究表明,中国存在企业部门—金融部门、政府部门—金融部门和家户部门—金融部门的区域金融风险传染路径,且由于家户贷款属于个人行为,金融机构向企业融资是市场行为,通过融资平台向地方政府融资存在行政干预,从而政府、企业和家户部门对区域金融风险的影响存在差异性,但从影响程度看,政府部门和企业部门是区域金融风险的主要传染源。此外,由于存在区域间政府竞争、技术知识溢出及资本、劳动力流动等区域间作用渠道,上述传染效应会被进一步放大。最后,从区域内和区域外两个方面对中国防控区域金融风险提出政策建议。In the context of China’s current financial risk-prone period,how to measure accurately the regional financial risks and explain the spatial infection path of regional financial risks has become an urgent issue faced by China.This paper analyzes the spatial infection path of regional financial risk between economic departments from two perspectives of inside and outside the region,and validates the above path by using spatial partial differential method on the basis of reasonable measurement of regional financial risk in China.The research shows that there are regional financial risk transmission paths,including the enterprise sector-the financial sector,the government sector-the financial sector and the household sector-the financial sector,and because the household loans are individual behaviors,the financing of financial institutions by enterprises are market behaviors,and there are administrative interventions for financing local governments through financing platforms,so that the impact of government,enterprises and households on regional financial risks is different,but from the perspective of impact,government departments and enterprise sectors constitute the main source of regional financial risks.In addition,due to inter-regional government competition,technical knowledge spillovers,and inter-regional channels of action such as capital and labor mobility,the above-mentioned contagion effects will be further amplified.Finally,a number of policy recommendations on the financial risk prevention and control for China are developed from two aspects of intra-regional and extra-regional.

关 键 词：区域金融风险 空间传染 经济四部门 空间偏微分方法 

分 类 号：F832[经济管理—金融学]