中国金融机构的行业布局与系统性金融风险  

Industry Layoutand Systemic Risk of Chinese Financial Institutions

作　　者：杨子晖 王姝黛 孙琳[5] Yang Zihui;Wang Shudai;Sun Lin

机构地区：[1]上海财经大学金融学院,上海市 [2]上海财经大学滴水湖高级金融学院,上海市 [3]广东外语外贸大学金融学院 [4]广州市番禺区广东外语外贸大学 [5]复旦大学经济学院,上海市

出　　处：《世界经济》2024年第6期95-123,共29页The Journal of World Economy

基　　金：感谢国家社会科学基金重大项目(21&ZD114);国家社会科学基金项目(23VRC077)的资助。

摘　　要：近年来,在欧美银行接连爆发风险事件的背景下,金融机构的行业布局与风险防范引起了监管部门的高度重视。本文对中国38家上市商业银行、52家资本市场服务机构的行业布局展开测度,并结合极值理论对机构的系统性金融风险进行分解,在此基础上,考察了行业布局对金融风险的影响。研究发现,当金融机构实施差异化、高金融暴露、高房地产暴露的行业布局时,将面临较大的系统性金融风险。同时,金融机构能够通过专业化布局实现精细化管理,从而降低金融风险。基于以上结论,本文对完善中国金融机构的行业布局与风险监管提出相关的政策建议。In recent years,the successive financial storms have shaken European and American institutions.In this context,the industry layout and risk prevention of financial institutions have attracted high attention from regulatory authorities.This paper measures the industry layout of China's 38 listed commercial banks and 52 capital market service institutions,and adopts extreme value theory to decompose the institutions'systemic financial risk.Based on this,the impact of industry layout on systemic financial risk is empirically assessed.The findings reveal that when financial institutions implement differentiated,high-financial-exposure and high-real-estate-exposure layouts,they face more significant systemic financial risk.Meanwhile,financial institutions can achieve refined management through specialisation,thereby reducing financial risk.Based on the above conclusions,the paper makes suggestions on the industry layout of financial institutions in China,offering policy implications for financial riskprevention.

关 键 词：金融机构行业布局 差异化 专业化 部门暴露 风险防范 

分 类 号：F832[经济管理—金融学]