金融系统性风险产生的原因与传导机制——基于资产价格波动的研究评述

The Cause and Transmission Mechanism of Financial Systemic Risk:A Review Based on Asset Price Fluctuation

本文从资产价格波动与金融系统性风险关系的角度梳理了金融系统性风险产生的原因与传导机制。随着金融市场规模逐渐扩大,对金融系统性风险产生原因的解释可归结为资产价格波动。现有研究成果显示,资产价格波动对金融系统性风险的传导可分为抵押品价值—信贷渠道、资本金—信贷渠道和流动性—信贷渠道三种途径。在对传导机制的研究中应更重视资本金的变动,以及利润流量在受资产价格变动影响后对资本金等存量产生的进一步影响。国内学者更需重视由资产价格波动引发我国金融系统性风险的可能性,并拓展相关问题的研究。

This paper mainly surveys the works from relationship between the asset price fluctuation and financial systemic risk,with the finding that along with the development of financial market,most causes can be boiled down to the asset price fluctuation.The systemic risk can be affected by the asset price fluctuation through three channels,which are the value of the collateral-credit channel,the capital-credit channel and the liquidity-credit channel.The change of capital is much more important in the transmission mechanism,especially the profit's affection.However,few work comes from China.We should pay more attention to the likelihood of asset price's solicitation to the financial systemic risk and develop the research.