| 摘要: |
| 本文以金融压力指数作为系统性金融风险测度指标，基于金融部门、宏观经济、 房地产市场、外部经济等方面构建系统性金融风险测度指标体系，集成分析金融体系整体风 险状况。测度结果显示，2014年至今，我国金融压力指数呈上升趋势，系统性金融风险压力增 大，但整体可控，需要把防控金融风险放到更加重要的位置，切实防范系统性金融风险。 |
| 关键词: 金融风险；指标体系；金融压力指数 |
| DOI： |
| 分类号:F830.5 |
| 基金项目: |
|
| The Study on Measurement of China's Systematic Financial Risks |
|
Zhang Xingjun、Ren Ya、Xue Xiaoqian
|
|
The People's Bank of China，Hefei Sub-branch
|
| Abstract: |
| This paper mainly discusses the control-ownership wedge of private listed companies in China and
the choice between bank debt and public debt. The article takes China's private listed companies panel data as sample
and uses multiple regression analysis. The study found that the greater the degree of the control-ownership wedge,
corporate debt financing more inclined to bank loans; when the information asymmetry is lower and the information
transparency is higher, companies tend to choose public bonds, the agency problems caused by a larger degree of the
control-ownership wedge will be weakened. The conclusion is consistent with the efficient market theory. |
| Key words: Financial risks；Index system；Financial stress index |
