Research On Indentification Of Domestic Systemically Important Financial Institutions

The outbreak of the financial crisis in 2008 puts new challenges to financial risk management,namely,to prevent comprehensive and overall financial systemic risks,and the premise of accurately identifying systemically important financial institutions to prevent financial systemic risks.The basis for effective supervision of financial institutions.Over-identification will not only increase the cost of financial supervision,but also inhibit the enthusiasm of the development of the financial industry,and the lack of identification will lead to neglect of risks,resulting in the accumulation of risks within the system,resulting in more inestimable consequences of infection.Therefore,we must clearly understand the importance of preparing to identify systemically important financial institutions.Based on the research on the identification of systemically important financial institutions,this paper starts from the related theories of financial systemic risks and systemically important financial institutions.After analyzing the concepts,characteristics and classification of systemically important financial institutions,this paper draws on the research results of international financial organizations and academics,and combined with the actual development of China's financial system,finally choose the combination of market method and index method as the identification method of systemically important financial institutions in China.Among them,the market method adopts the CoVaR method,which aims to measure the risk contribution of a single financial institution to the systemic risk of the financial system,and the index rule is based on the evaluation guidelines published by the Financial Stability Board(FSB),taking into account the current macroeconomic situation in China.The economic situation and the development of the financial system have developed a systemic importance identification index system for banks,securities institutions and insurance institutions in terms of scale,relevance,complexity and irreplaceability,and using principal component analysis.The method excludes duplicate information in the multi-index system,and makes the identification indicators independent of each other,which improves the accuracy and reliability of the recognition results.In the process of empirical research,a total of 41 listed companies from domestic banks,securities institutions and insurance institutions were used as research samples,and empirical analysis was carried out with market data and financial data in 2017.The results show that China's systemically important banks are Industrial and Commercial Bank of China.Agricultural Bank of China,China Construction Bank,Bank of Communications,Bank of China;systemically important securities institutions are CITIC Securities,Haitong Securities,GF Securities,Guotai Junan,Huatai Securities;systemically important insurance institutions are China Life Insurance,China Ping An.