网络特征、金融机构效率与风险承担  

Network Characteristics,Efficiency of Financial Institutions,and Risk-taking

作　　者：李嘉琪[1] 郭文伟 Jiaqi Li;Wenwei Guo(School of Economicsand Finance,South China University of Technology;School of Finance,Guangdong University of Finance and Economics)

机构地区：[1]华南理工大学经济与金融学院 [2]广东财经大学金融学院

出　　处：《经济学报》2024年第1期138-163,共26页China Journal of Economics

基　　金：国家社会科学基金项目“房价泡沫空间溢出对区域金融风险的影响机制和防范研究”(项目批准号:19BJY244);广东省基础与应用基础研究基金“粤港澳大湾区创新要素流动对科技创新效率的影响机制研究”(项目批准号:2023A1515012445)的资助。

摘　　要：本文以来自银行业、证券业、信托业和保险业的45家上市金融机构为研究对象,实证检验了各金融机构在上市金融网络中的地位和影响力对其成本效率和利润效率的影响机制。研究结果表明:我国上市金融机构网络呈现“核心—边缘”分布特征;核心金融机构与边缘机构之间的成本、利润和风险分配存在显著差异,随着金融机构在网络中地位的分化加剧,这种分配差异也将增加。在金融网络中处于核心地位的金融机构成本效率更低、利润效率更高,同时只须承担金融网络内相对较低的系统性风险。中介效应表明,风险承担渠道显著存在,网络特征通过作用于金融机构承担的系统性风险影响其成本效率和利润效率。This paper research on 45 listed financial institutions in the banking,securities,trust,and insurance industries.We analyze the impact mechanism of the position and influence of financial institutions in their connected network on their operational efficiency,including cost efficiency and profit efficiency,and systemic risk.The research indicates that the financial network in China presents the“core-edge”distribution characteristics.There are significant differences in the distribution of cost,profit and risk between the core financial institutions and the marginal institutions.With the aggravation of the differentiation of financial institutions in the network,this distribution difference will also increase.The more popular financial institutions in the core position of the financial network have lower cost efficiency,higher profit efficiency and lower systemic risk.The intermediary effect shows that there are significantrisk channels,and the network characteristics affect the cost efficiency and profit efficiency of financial institutions through their systematic risks.

关 键 词：金融网络 成本效率 利润效率 风险承担 中介效应 

分 类 号：F832.3[经济管理—金融学] F272.3