离岸金融中心的系统性金融风险与离岸证券投资——兼论金融监管的作用  

Systemic Financial Risk and Offshore Portfolio Investment in Offshore Financial Centers:On the Role of Financial Supervision

作　　者：王勇[1] 王建勋 程丽君 WANG Yong;WANG Jianxun;CHENG Lijun(International Business School,Hainan University,Haikou 570228,China)

机构地区：[1]海南大学国际商学院,海南海口570228

出　　处：《合肥工业大学学报（社会科学版）》2024年第3期45-60,共16页Journal of Hefei University of Technology(Social Sciences)

基　　金：国家自然科学基金项目(72164009);海南省哲学社会科学规划课题(HNSK(YB)21-19);海南省研究生创新科研课题(Qhys2022-01)。

摘　　要：离岸金融中心(OFCs)囤积着巨额离岸证券投资但也隐藏着系统性金融风险。文章采用36个OFCs的2006-2020年面板数据,合成并测度了全球OFCs的系统性金融风险,并以此检验了其与OPI的关系和金融监管在其间发挥的作用。研究发现,全球离岸金融系统性风险呈现下降趋势,其中银行市场、货币市场和外汇市场贡献度较高,并且系统性风险抑制了离岸投资者持有OPI。国际社会重压下的离岸金融监管并非力有不逮,而是通过降低金融市场和政府部门风险两条路径降低系统性金融风险,进而吸引了OPI。异质性研究表明,金融监管抑制股权类OPI风险的效果比债务类OPI更为显著,对OPI风险的遏制作用则在金融危机后比危机前更加突出。Offshore financial centers(OFCs)accumulate huge amounts of offshore portfolio investment(OPI),but they are also subject to systemic financial risk(SFR).This paper uses the panel data of 36 OFCs from 2006 to 2020 to synthesize and measure the SFR of global OFCs,examine the relationship between SFR and OPI,and explore the role of financial supervision in this context.The study finds that the global offshore SFR shows a downward trend,among which the banking market,money market and foreign exchange market have contributed more and SFR inhibits offshore investors’holdings of OPI.With the pressure of the international community,offshore financial supervision has played an effective role in attracting OPI through reducing the risks of financial markets and government departments.Heterogeneity studies show that the effect of financial supervision in inhibiting equity OPI risk is more significant than that of debt OPI,and the containment effect on OPI risk is more prominent after the financial crisis than before the crisis.

关 键 词：系统性金融风险 金融监管 离岸证券投资 离岸金融中心 

分 类 号：F831.7[经济管理—金融学]