综合化经营监管对交叉性金融风险的影响

The Impacts of Comprehensive Operation Regulation on Cross-Financial Risks

本文测度中国金融子行业(银行业、证券业与保险业)间的动态风险相关性,并验证调整分业经营壁垒的综合化经营监管政策对跨行业交叉金融风险的影响效应。研究表明,综合化经营监管总体上对交叉性金融风险的影响作用较小。内部综合化经营壁垒的放松对跨行业交叉风险具有微小的正向作用;外部综合化经营壁垒的放松对交叉风险的正向影响程度相对较大,但金融控股公司在一定程度上发挥了稳定风险的作用。

This paper presents an evaluation of dynamic risk correlation between China＇s financial sectors（banking, securities and insurance）, and a verification of the impacts of comprehensive operation policy to adjust comprehensive operation barriers on cross-financial risks. The results of the paper show that the impacts of comprehensive operation regulation on the cross-financial risks are small overall, and loosening the internal comprehensive operation barriers has a small positive impact on the cross-financial risk; loosening the external comprehensive operation barriers has a small positive impact, but financial holding companies play a role of stabilizing risks to some extent.