新冠肺炎疫情对金融业的影响及后疫情时代金融治理体系研究

The Research on the Impact of COVID-19 on the Financial Sector and the Financial Governance System in the Post-COVID-19 Era

新冠肺炎疫情对我国金融业造成了严重的冲击,并为后疫情时代金融治理带来了巨大的考验。本文采用因子增广向量自回归模型,综合考虑股票市场、债券市场、外汇市场、银行业和保险业,系统分析了新冠肺炎疫情对金融业的影响。研究发现,新冠肺炎疫情对我国金融业各个金融市场或金融行业均产生了不同程度的负面冲击,加剧了我国金融市场的风险,并且金融风险会在各个市场和行业之间相互传染,产生风险溢出效应。在此基础上,本文为我国后疫情时代金融治理体系建设提出了策略建议。

The COVID-19 epidemic has caused a severe impact on China's financial sector,and brought a great test for financial governance in the post-epidemic era.The paper analyzes systematically the impact of COVID-19 epidemic on the financial sector by adopting the factor augmented vector autoregressive model,which comprehensively considered the stock market,bond market,foreign exchange market,banking and insurance industry.The results show that the COVID-19 epidemic produces different degrees of negative impact on various financial markets or industries in China's financial sector,which intensifies the risks in China's financial market,and the financial risks are contagious among various markets and industries,resulting in risk spillover effect.On this basis,the paper puts forward some strategic suggestions for the construction of financial governance system in the post-epidemic era.