基于复杂网络视角的金融科技风险传染研究

Financial Technology Risk Transmission from the Perspective of Complex Networks

大数据、云计算、人工智能等新兴技术逐步改变金融生态,金融科技成为传统金融业提效降本的动力源泉。机遇与风险并存,金融科技的加入是否对传统金融造成风险冲击成为重要的研究课题。本文基于复杂网络视角,采用TENET方法搭建以金融科技、银行和证券机构为主体的风险关联网络,融合PMFG极大平面过滤图法,分析金融科技同传统金融主体的风险传染关系,在此基础上提出了关键性风险路径的识别方法。研究结果表明:相较于银行与证券,金融科技的内外部风险传染性最强;金融危机加强了风险传染的跨部门属性;风险传染以规模、业务相近的直接渠道为主,对关键性路径的识别有助于挖掘金融科技机构的潜在风险点。监管当局应加强对金融科技机构的宏微观审慎管理,识别同部门与跨部门的风险传染路径,优化监管效率。

As emerging technologies such as big data,cloud computing,and artificial intelligence gradually change the financial ecology,fintech has become the motive source for the traditional financial industry to improve efficiency and reduce costs.Opportunities and risks coexist.It is an important issue in the field of regulation to study whether the addition of fintech has caused risk impacts on traditional finance.Based on the perspective of complex networks,this paper uses the TENET method and integrates the PMFG algorithm to build a risk-related network with fintech,banking and securities institutions.This paper analyzes the risk transfer relationship between fintech and traditional finance,proposing a method for identifying critical risk paths.The results show that compared with banks and securities,fintech institutions have the strongest internal and external risk transmission.The financial crisis reinforced the cross-sectoral nature of risk transfer.The risk transmission is mainly through direct channels with similar scale and business.The identification of critical paths is helpful to tap the potential risk points of fintech.Therefore,the regulation authority should strengthen the macro and micro prudent management of fintech institutions.Identify the risk transfer paths of the same department and cross-department and optimize the regulation efficiency.