The Systemic Risk Of The Financial System In China And Governance Mechanism Research

After the global financial crisis, the European and American countries generally recognize that the past micro-prudential supervision based on individual risk of financial institutions can not fully guarantee the stability of the financial system, systemic risk become the focus of attention from all walks of life. Focus on domestic, although there is no concern of systemic financial crisis in the financial system of China, but there are still serious potential systemic risks. How to fully draw lessons from the experience of the international financial crisis and how to effectively evaluate the systemic risk, in turn to carry out scientific risk governance mechanism, has become the important challenges facing the financial system at present stage in China.The article’s research target is the systemic risk of the financial system in China, having a relatively comprehensive discussion about the concept, formation mechanism, measure methods, governance mechanism of systemic risk. Based on the comparison of the existing systemic risk measure methods, the article selects the daily yield of Citic s&p 300 financial index from 2003.12 to 2015.10, combines the VaR and extreme value theory, based on two parameter methods of different distribution assumption and a nonparametric method, ie.the generalized pareto distribution and skewed generalized error distribution and historical simulation method, uses principal component analysis, proposes a systemic risk overall measure index, uses the index to evaluate the accumulation degree of financial systemic risk. The empirical results show that the systemic risk accumulation level of financial system in our country at present stage is nearly in line with the international financial crisis, and shows a significant upward trend.In order to further explore the governance mechanism of systemic risk of financial system in our country,the article takes comparative analysis about the financial supervision reform tendency of developed economies and international financial organizations, studies and draws on the experience of systemic risk management; Based on the realistic background of the financial market in China, excavate the basic characteristics of the financial system and potential systemic risks in China. Finally, based on the overall plan of macro-prudential regulation, from reconstructing financial regulation mode, weakening risk transmission mechanism, improving the macro-prudential regulation tools, strengthening the supervision of leverage and reducing financial institutions homogeneity, these five aspects to expound the governance mechanism of financial systemic risk in China.