经济政策调整如何影响我国非银行金融机构风险承担  

How do Economic Policy Adjustment Affects the Risk-taking of Non-bank Financial Institutions of China?

作　　者：孙志红[1] 琚望静 刘国锋 周婷 SUN Zhihong;JU Wangjing;LIU Guofeng;ZHOU Ting

机构地区：[1]石河子大学经济与管理学院和兵团金融发展研究中心 [2]石河子大学经济与管理学院 [3]石河子大学农学院 [4]新疆财经大学会计学院

出　　处：《金融监管研究》2021年第6期100-114,共15页Financial Regulation Research

基　　金：国家社会科学基金项目“脱贫与稳增长导向下新疆民族地区特色小镇建设与金融资源配置研究”(编号:17BJY049)的资助。

摘　　要：非银行金融机构风险承担不仅是金融机构风险承担的新拓展,也是系统性金融风险防范的关注点。本文系统阐述了经济政策调整影响非银行金融机构风险承担的理论机制,并利用我国2007—2019年34家非银行金融机构的平衡面板数据进行了实证检验。结果发现:经济政策调整频率的上升会引起非银行金融机构降低风险承担,二者之间存在显著的负向作用;货币政策在这一过程中发挥着重要的调节作用,宽松的数量型货币政策工具能够加强经济政策调整对非银行金融机构风险承担的抑制作用;进一步考虑非银行金融机构的性质、规模以及经济环境的异质性,发现证券和保险类、规模较小以及经济危机时期的非银行金融机构,其风险承担受经济政策调整的影响较大。因此,建议监管部门高度关注非银行金融机构风险承担的变化趋势,保持一定的政策调整以防范系统性金融风险的爆发。Risk taking of non-bank financial institutions is not only a new development of risk taking of financial institutions, but also an important focus of systemic financial risk prevention. This paper systematically elaborates the theoretical mechanism by which economic policy adjustment affects the risk-taking of nonbank financial institutions, and conducts an empirical test using the balance panel data of 34 non-bank financial institutions in China from 2007 to 2019. The results show that the increasing frequency of economic policy adjustment will cause non-bank financial institutions to reduce risk taking, and there is a significant negative effect between the two. Monetary policy plays an important regulatory role in this process. Loose quantitative monetary policy tools can intensify the restraining effect of economic policy adjustment on the risk-taking of non-bank financial institutions. If we further consider the nature and scale of non-bank financial institutions as well as the heterogeneity of the economic environment, we can find that the risk taking of securities and insurance institutions, small scale institutions and institutions in the period of economic crisis are greatly affected by the adjustment of economic policies. Therefore, it is suggested that regulatory authorities pay close attention to the changing trend of risk taking of non-bank financial institutions and maintain certain policy adjustment to prevent the outbreak of systemic financial risk.

关 键 词：经济政策调整 非银行金融机构 风险承担 货币政策 异质性 

分 类 号：F832.1[经济管理—金融学]