数字金融对系统性金融风险的影响——基于金融监管的调节效应分析  

Research on the Impact of Digital Finance on Systemic Financial Risk--Based on the Moderating Effect of Financial Regulation

作　　者：张晓燕[1] 李楚 龙亮 Zhang Xiaoyan;Li Chu;Long Liang

机构地区：[1]山西财经大学金融学院

出　　处：《财经科学》2025年第2期1-15,共15页Finance & Economics

基　　金：国家社科基金一般项目“现代金融监管与系统性金融风险防范研究”(23BJY115)的资助。

摘　　要：提升国家金融治理能力、做好数字金融这篇大文章、高水平推进金融强国建设是当前乃至未来一段时期内我国金融领域工作的重中之重。本文选取2011—2022年中国30个省份的面板数据,运用空间杜宾模型(SDM)考察数字金融对系统性金融风险的直接效应和溢出效应。同时,考虑到金融监管的作用,研究了在金融监管作用下数字金融对系统性金融风险的影响。研究表明:数字金融会引发本地区的系统性金融风险,且对周边地区产生正向的空间溢出效应;数字金融各个分维度对系统性金融风险的影响具有结构异质性,且覆盖广度层面影响最为显著;对数字金融实施金融监管能有效降低系统性金融风险。进一步分析发现,当前从“分业监管”向“混业监管”的金融监管体制改革,有效降低了数字金融发展带来的系统性金融风险。因此,我国要加快建立跨部门、跨地区的数字金融协同监管机制,部署常态化监管架构;推进金融监管数字化、智能化转型,提高金融监管效率;构建有效防控风险的金融稳定保障体系,提升金融治理水平。Improving the country's financial governance capacity,doing a good job in digital finance,and promoting the construction of a financial power at a high level are the top priorities of China's financial field at present and in the forthcoming period.This paper selects panel data from 30 provinces in China from 2011 to 2022,and uses the Spatial Durbin Model(SDM) to investigate the direct effects and spillover effects of digital finance on systemic financial risks.At the same time,considering the role of financial supervision,the impact of digital finance on systemic financial risks under the role of financial supervision is studied.The results show that digital finance will trigger systemic financial risks in the region and have a positive spatial spillover effect on the surrounding areas.The impact of each sub-dimension of digital finance on systemic financial risk is structurally heterogeneous,and the impact on the breadth of coverage is the most significant.The implementation of financial supervision on digital finance can effectively reduce systemic financial risks.Further analysis shows that the current reform of the financial regulatory system from "separate supervision" to "mixed supervision" can effectively reduce the systemic financial risks brought about by the development of digital finance.Therefore,China should accelerate the establishment of a cross-departmental and cross-regional collaborative supervision mechanism for digital finance,and deploy a normalized regulatory framework;promote the digital and intelligent transformation of financial supervision and improve the efficiency of financial supervision;We will build a financial stability guarantee system that effectively prevents and controls risks,and improves the level of financial governance.

关 键 词：数字金融 金融监管 系统性金融风险 混业监管 国家治理能力 

分 类 号：F832.5[经济管理—金融学]