CAJ | 학술논문

本文从空间维度宏观审慎管理这一角度出发．着重探讨了我国房地产业风险外溢对金融业系统性风险的重要影响。通过深入分析金融业、房地产业和地方融资平台三者之间风险传导的机制和路径，本文认为，当前我国宏观审慎管理的空间维度需要重点关注金融机构共同风险敞口过度集中于房地产业及地方融资平台的风险。并提出我国空间维度宏观审慎管理的相关政策建议：应进一步加强对房地产金融支持的严格监管。重点防控房地产信贷的集中度风险；同时，需深入推进地方政府投融资平台贷款的风险防控，不断弱化投融资平台与金融体系之间的风险关联度。
본문종공간유도굉관심신관리저일각도출발．착중탐토료아국방지산업풍험외일대금융업계통성풍험적중요영향。통과심입분석금융업、방지산업화지방융자평태삼자지간풍험전도적궤제화로경，본문인위，당전아국굉관심신관리적공간유도수요중점관주금융궤구공동풍험창구과도집중우방지산업급지방융자평태적풍험。병제출아국공간유도굉관심신관리적상관정책건의：응진일보가강대방지산금융지지적엄격감관。중점방공방지산신대적집중도풍험；동시，수심입추진지방정부투융자평태대관적풍험방공，불단약화투융자평태여금융체계지간적풍험관련도。
In this paper we focus on the cross-sectional dimension of macro-prudential management. Particularly, we study the risk spillover effects between the real estate sector and the financial sector in China, and the risk transfer mechanism and path among the financial sector, the real estate sector and the local financing platform. Then we give some suggestions for the cross-sectional dimension of macro-prudential management in China： first, take a stricter supervision of the real estate fi- nance, focusing on the credit concentration risk; second, weaken the risk connection between the local financing platform and the financial system, and control the credit risk of local financing platform carefully.