系统性金融风险特征及管理措施研究

The Study on the Characteristics and Management Measures of Systemic Financial Risk

金融天生具有风险属性,随着经济金融全球一体化的发展,金融风险的传染性和破坏性渐趋严重,特别是2008年国际金融危机后,学术界和监管层对系统性金融风险的研究和管理更加重视。系统性金融风险首先具有金融风险的一般特征,特别地,其传染扩散性更强、破坏危害性更大。因此,应加强对系统性金融风险的管理,持续改进宏观审慎管理方式,加强风险预警防范;平衡金融创新和风险防范的关系,强化对交叉金融产品和业务的监管;推动完善多层次资本市场体系,培育发展机构投资者;健全完善金融风险处置机制,妥善干预处置早期风险。

With the development of the global integration of economy and finance,the contagion and destructiveness of financial risks are becoming more and more serious.Especially after the 2008 international financial crisis,academia and regulators have paid more attention to the research and management of systemic financial risks.First of all,systemic financial risk has the general characteristics of financial risk,including objectivity and universality,endogeneity and procyclicality,concealment and sudden,Infectivity and spread,destructiveness and harmfulness,etc.Systemic financial risk is more typical and strong in these characteristics.In particular,its contagion is stronger and destruction is more harmful.Therefore,we should strengthen the management of systemic financial risks,continuously improve the macro-prudential management methods,and strengthen risk early warning and prevention.We should balance the relationship between financial innovation andrisk prevention and strengthen supervisionover cross-cutting financial products and businesses.Weshould improve the multi-tiered capital market system and foster and developinstitutionalinvestors.Weshouldimprove the mechanism for handling financial risks and properly intervene to deal with early-stage risks.