Research On The Impact Of Real Economic Growth On Systemic Financial Risk

Currently,the economy of our country is in the critical transition stage,and the development and operation of financial industry has also entered the significant transition period.Hidden financial risks that have been covered up and ignored in the stage of rapid economic growth have gradually emerged,and the financial market has become a source of risks that cannot be ignored.Therefore,the government has emphasized in several meetings to "firmly hold the bottom line of no systemic financial risks".In this context,this paper studies the mechanism of real economy growth affecting systemic financial risks,which is of great significance to promote real economy growth and mitigate systemic financial risks.Based on existing research,firstly,the typical characteristics of China’s real economy and systemic financial risks were analyzed.Then,the entropy weight method is used to measure and analyze technological innovation,and the financial pressure index method is used to measure and analyze systemic financial risks.Based on this,a panel fixed effects model is established to study the impact of real economic growth on systemic financial risks,Analyze the mediating role of virtual economy inflation in suppressing systemic financial risks in real economy growth,as well as the moderating role of technological innovation in suppressing systemic financial risks in real economy growth.Finally,based on the level of development of various provinces(autonomous regions,municipalities directly under the central government)in China,a regional heterogeneity analysis is conducted on the impact of real economic growth on systemic financial risks from the perspective of technological innovation.The main conclusion of this article is:(1)Real economy growth can suppress systemic financial risks.(2)The mechanism shows that the expansion of virtual economy plays a mesomeric effect in the inhibition of systemic financial risks by real economic growth.(3)Technological innovation plays a moderating role in suppressing systemic financial risks in the growth of the real economy.Technological innovation can further enhance the effectiveness of real economic growth in suppressing systemic financial risks.(4)Technological innovation in developed regions can further release the effect of alleviating systemic financial risks through real economic growth,while this effect is not significant in underdeveloped regions.Based on the research findings,this article proposes the following suggestions: firstly,financial return to serving the real economy,structural financial instruments should support innovation to promote high-quality development of the real economy,and form a positive interaction between the real economy and financial support;Secondly,enhance the profitability of physical enterprises,reasonably reduce the tax burden on enterprises,optimize the business environment,and establish and improve the promotion mechanism for cost reduction work;Finally,we will further plan and promote the construction of the "Science and Technology Innovation 2030 Major Project",enhance our technological innovation capabilities,and promote the deep integration of technological innovation and the real economy.