中文摘要：

以往国际监管组织的系统重要性金融机构测评指标体系偏重于银行群落与机构规模特征,影响了中国金融监管及理论研究的方向。笔者运用复杂网络模型、格兰杰因果检验及产品空间等方法构建中国金融风险传染网络,可视化系统性风险爆发后的风险传染路径,并通过节点出度、传染轮次、K-核分解值、LeaderRank值等指标综合评估各金融机构风险网络传染的速度、范围、深度及风险累积程度。结果表明,中国金融风险传染网络呈现出多层次、多通道的复杂关联,部分非银行金融机构在风险积聚与跨群落传导过程中发挥关键作用,规模与风险传染能力并非完全线性相关,机构关联性及负面信息传播速度等成为引发系统性风险的重要因素。打破既有群落式监管模式,推进综合监管模式创新,对当前金融深化过程中系统性风险预警与管理具有重要意义。

英文摘要：

Systemically Important Financial Institutions（ SIFIs） evaluation indexes used by international organization of supervision usually emphasis on community＇s structure and scale character,which influences Chinese financial supervision and direction of theoretical research. This paper constructs a model of financial risk contagion network structure by using the complex network model, Granger causality test and product space method,visualizes the risk contagion path after the outbreak of systemic risk,through which we investigate risk contagion in several aspects,include the speed,range,depth and risk accumulation degree,using the index such as node degree,contagion rounds,k-core decomposition value,leader rank value. The result shows： China＇s financial structure shows a multi level complex relationship other than the community structure characteristics,several non-bank financial institutions play a key role on risk accumulation and cross community risk transmission process,scale and risk contagion ability don＇t show completely linear correlation,institution relationship and negative information transmission speed become important factors of the systemic risk. Thus,in order to reduce risk infection in financial system,it is an inevitable choice to break the existing community supervision mode,and establish a network supervision mode.