本文關鍵詞：中國非銀行金融機構系統(tǒng)重要性再評估——基于風險倍率擴增綜合指標，由筆耕文化傳播整理發(fā)布。

中國非銀行金融機構系統(tǒng)重要性再評估——基于風險倍率擴增綜合指標

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《Studies of International Finance》

文章摘要：非銀行金融機構作為整個金融部門的重要組成部分,其系統(tǒng)重要性問題對宏觀金融風險管理的理論與實踐均具有重要意義。鑒于國內現(xiàn)有研究往往忽視或因規(guī)模因素忽視對非銀行金融機構的評估,以及測算方法因存在系列缺陷尚未達成一致,筆者嘗試圍繞風險倍率擴增指數、規(guī)模和復雜性影響因素,以最大熵客觀賦權后形成評估系統(tǒng)重要性機構的綜合指標,對現(xiàn)有評估方法形成改進。研究分析了引入非銀行金融機構后相對于傳統(tǒng)評估結果的差異．并進一步給出不同梯隊非銀行金融機構的具體評估數值。結果表明，中國平安、招商證券、中國人壽和中信證券等非銀行金融機構的系統(tǒng)重要性往往顯著高于相關銀行，，監(jiān)管部門亦需重視對非銀行金融機構的監(jiān)管，相較于金融機構業(yè)務復雜度因素,評價結果并不主要依賴于規(guī)模因素。

Abstr：The systemic importance of Non-banking financial institutions, which is an important part of the financial sector, is of great significance in terms of macro-financial risk management theory and practice. Since researches often ignore or give up the non-banking financial institutions because of scale factors, and the measurements can not reach a consensus due to a series of defects, this paper tries to improve the existing evaluation methods with the generalized max entropy endow- ing weight and simulated annealing algorithm based on the risk amplified index, in order to compared the evaluation results in SIFIs both with and without non-banking financial institutions. What＇s more, the paper also gives the specific evaluation val- ues of non-banking financial institutions in different echelons. The resuhs show that the systematic importance of some non- banking financial institutions, such as Ping An Insurance, China Merchants Securities, China Life Insurance and Citic Securi- ties, is often significantly higher than the related banks. Regulators should also pay more attention to the regulation of non- banking financial institutions. The research also shows that the evaluation results do not mainly depend on the scale factors, compared with the complexity factors of financial institutions.

文章關鍵詞：

Keyword：:Non-banking Financial Institutions Systemic Importance Risk Amplified Index Generalized Max En-tropy Simulated Annealing Algorithm

課題項目：本文為國家自然科學基金青年項目“復雜網絡結構下貨幣量值的系統(tǒng)性金融風險測控體系構建研究”（71103126）的階段性成果,并同時得到天津財經大學優(yōu)秀青年學者培育計劃資助.

  本文關鍵詞：中國非銀行金融機構系統(tǒng)重要性再評估——基于風險倍率擴增綜合指標，由筆耕文化傳播整理發(fā)布。