差异化视角下区域金融开放对金融风险的影响研究——基于省级面板数据的实证分析

Research on the Influence of Regional Financial Openness on Financial Risks from the Perspective of Differentiation——Based on Provincial Panel Data Analysis

本文基于2007-2019年我国31个省(区、市)的面板数据,对区域金融开放和区域金融风险水平进行测度,运用状态空间模型实证研究区域金融开放对区域金融风险的动态影响。研究结果表明:我国金融开放水平和金融风险水平的省际差异悬殊,各省金融开放对金融风险的影响效应存在异质性。各省金融开放水平对金融风险的影响效应以各省区域经济金融发展为基础,在经济基础较弱和金融发展水平较低的地区,通过金融开放可以降低区域整体金融风险;在经济基础较好和金融发展水平相对较高的地区,区域金融开放水平的提高带来的金融风险相对较大。

Based on the panel data of 31 provinces in China from 2007 to 2019,this paper measures the level of regional financial openness and regional financial risk,and uses the state space model to empirically study the dynamic impact of regional financial openness and regional financial risk.The results show that there are great differences between provinces in the level of financial openness and financial risk,the provinces open financial impact on financial risk effect exists heterogeneity.The effect of financial openness on financial risk is based on the basis of regional economic and financial development.In the region with weak economic foundation and low level of financial development,financial opening can reduce the overall financial risk of the region;In the region with better economic foundation and relatively high level of financial development,the financial risk brought by the improvement of regional financial opening level is bigger.