金融创新加剧了区域金融风险吗?——基于社会网络与动态面板门槛效应的研究  

Does Financial Innovation Aggravate Regional Financial Risks?Analysis Based on Social Network and Dynamic Panel Threshold Effect

作　　者：李林汉 韩景旺 Li Linhan;Han Jingwang

机构地区：[1]中央民族大学经济学院,北京100081 [2]河北金融学院河北省科技金融重点实验室,河北保定071051

出　　处：《证券市场导报》2023年第3期68-79,共12页Securities Market Herald

基　　金：河北省省级科技计划资助项目(项目编号:22567630H);2022年河北省科技金融协同创新中心开放基金项目“金融创新对于经济高质量发展影响的区域差异性分析”(项目编号:STFCIC202211);2022年河北省教育厅高等学校科技重点项目“非线性动力视角下金融创新监管与经济高质量增长的仿真研究”(项目编号:ZD2022038)。

摘　　要：本文基于2011—2020年我国31个省份的面板数据,运用主成分分析法构建区域金融风险指数,采用社会网络分析法研究金融风险指数的空间关联网络特征,探讨金融创新影响区域金融风险的非线性效应、金融风险水平空间关联网络特征的中介效应以及金融监管的调节效应。研究发现:我国31个省份的金融风险指数空间网络关联性显著存在;金融创新对区域金融风险的影响效应呈现U型非线性特征,区域金融风险水平的空间关联网络特征在其中发挥中介效应;进一步分析表明,金融监管在金融创新加剧区域金融风险的过程中起到调节作用。最后,本文提出政府加强金融监管,合理适度发展金融创新,防范系统性金融风险的政策建议。Based on the panel data of 31 provinces in China from 2011 to 2020,this paper uses principal component analysis to construct regional financial risk indexes.It uses social network analysis to study the spatial correlation network characteristics of financial risk indexes.It discusses the nonlinear effect of financial innovation on regional financial risks,the intermediary effect of the spatial correlation network characteristics of financial risk level,and the regulatory effect of financial supervision.The study shows that the spatial network correlation of financial risk indexes in 31 provinces is significant.The effect of financial innovation on regional financial risks presents U-shaped nonlinear characteristics,and the spatial correlation network characteristics of regional financial risk level play an intermediary effect.Further analysis shows that financial supervision plays a regulatory role in the process of financial innovation aggravating regional financial risks.Finally,this paper puts forward policy suggestions for the government to strengthen financial supervision,develop financial innovation reasonably and appropriately,and prevent systemic financial risks.

关 键 词：金融创新 金融风险 主成分分析 社会网络分析 调节效应 

分 类 号：F832.5[经济管理—金融学]