关联企业间金融信用风险传染研究综述

Review on Financial Credit Risk Contagion Among Affiliated Enterprises

近年来,由单个企业信用违约引发的群体违约事件时有发生,随着企业间关联关系复杂化程度加深,不但加剧了信用市场内的风险传染效应,更易引发系统性金融风险。从网络理论视角系统梳理关联企业群间金融信用风险传染的研究文献,并从关联企业网络的内涵与特征、网络结构与信用风险传染的关系、网络理论在风险传染研究中的应用展开论述。研究发现,动态网络结构以及多层关联网络下信用风险传染的研究更能对实际场景中的风险传染机制进行准确刻画。

In recent years,group default events caused by single enterprise credit default occur from time to time,which not only aggravates the risk contagion effect in the credit market,but also easily leads to systemic financial risk.With the deepening of the complexity of the affiliated relationship between enterprises(transaction,finance,guarantee,etc.),the contagion mechanism and risk prevention of credit risk in the network formed by affiliated enterprises have become the focus of scholars.From the perspective of network theory,this paper systematically combs the research literature on financial credit risk contagion among affiliated enterprise groups at home and abroad,and discusses the connotation and characteristics of affiliated enterprise network,the relationship between network structure and credit risk contagion,and the application of network theory in risk contagion research.Combing the existing research literature,it is found that the research on credit risk infection under dynamic network structure and multi-layer connected network can more accurately describe the risk infection mechanism in the actual scene.