CAJ | 학술논문

本文认为，以金融系统内个体间相互连接构成的网络为对象，立足于金融网络结构的稳定性分析，并以此视角对整个金融体系的系统性风险状况进行监测、预警与分析，不失为现有制度约束下，推进我国宏观审慎管理制度建立的关键。本文提出借鉴矩阵模型的思路构建中国金融网络的风险传递模型，并以单一时点压力测试的方式衡量金融网络稳定性，为推动宏观审慎管理框架的建立开拓新的思路。通过分析：（1）理论上，得到了银行网络的稳定条件，并证明了网络稳定状态的存在性与唯一性；（2）实证上，首次利用银行问支付结算数据进行了网络模型实证，并对中国银行网络的结构特点进行了多维度描述；（3）发现我国银行间网络表现出明显的重要节点与局部团状结构共存的结构特征，且网络稳定性表现出一定条件与范围内的均衡。
본문인위，이금융계통내개체간상호련접구성적망락위대상，립족우금융망락결구적은정성분석，병이차시각대정개금융체계적계통성풍험상황진행감측、예경여분석，불실위현유제도약속하，추진아국굉관심신관리제도건립적관건。본문제출차감구진모형적사로구건중국금융망락적풍험전체모형，병이단일시점압력측시적방식형량금융망락은정성，위추동굉관심신관리광가적건립개탁신적사로。통과분석：（1）이론상，득도료은행망락적은정조건，병증명료망락은정상태적존재성여유일성；（2）실증상，수차이용은행문지부결산수거진행료망락모형실증，병대중국은행망락적결구특점진행료다유도묘술；（3）발현아국은행간망락표현출명현적중요절점여국부단상결구공존적결구특정，차망락은정성표현출일정조건여범위내적균형。
From the perspective of financial network stability analysis achieved by studying the network formed with linkages of individual financial institutes, this paper aims to delve into the monitoring, warning, and analy- zing of the systematic risk of the financial system as a whole, which is the key to drive macro-prudential regula- tion forward within the regime of existing financial regulations. Through the analysis we＇ve achieved the follow- ing. First, a new way of depict of the structure of financial system＇s network and a practical method of macro- prudential regulation is proposed. Second, by analyzing the stability of the banking network, it can be seen that after the explosion of the economic crisis, the country＇s macro-economic policies to improve the stability of China＇s own financial network produced positive results. Third, through an initial empirical analysis of the na- tional banking network, the country＇s inter-banking network displays a structural characteristic of the coexistence of important nodes and locally closely connected clusters.