论当前系统性金融风险的生成逻辑

On the Generation Logic of Systemic Financial Risk in China

当前我国存在五大金融风险点,即实体经济风险、银行部门风险、政府债务风险、虚拟经济风险和货币风险,这五大风险点共振与联动可能生成系统性金融风险。当前我国系统性金融风险正处在金融压力时期,爆发系统性金融风险的可能性高于以往任何时期,应该引起高度警惕。防范系统性金融风险根本上要通过供给侧结构性改革提高实体经济活力,但要把握改革的力度和节奏;金融机构应完善公司治理结构,树立审慎合规经营理念;金融监管机构要形成监管合力,加强宏观审慎监管;融资市场要大力发展直接融资,发挥分散风险功能。

There are five financial risk points within real economy, banking sector, government debt, fictitious economy and currency during the process of Chinese structural reform of supply-side, the joint action of which makes systemic financial risks possible. Chinese systemic financial risk at present is higher than in any previous periods, which should gain great concern. To prevent the systemic financial risk, this paper suggests to improve the real economy by structural reforms under the supply side, improve the corporate governance structure and management philosophy, set up regulatory macro supervision and encourage direct financing to diversify risks.