李嘉琪,郭文伟

• 1:华南理工大学经济与金融学院
• 2:广东财经大学金融学院

摘要(Abstract)：

本文以来自银行业、证券业、信托业和保险业的45家上市金融机构为研究对象，实证检验了各金融机构在上市金融网络中的地位和影响力对其成本效率和利润效率的影响机制。研究结果表明：我国上市金融机构网络呈现“核心—边缘”分布特征；核心金融机构与边缘机构之间的成本、利润和风险分配存在显著差异，随着金融机构在网络中地位的分化加剧，这种分配差异也将增加。在金融网络中处于核心地位的金融机构成本效率更低、利润效率更高，同时只须承担金融网络内相对较低的系统性风险。中介效应表明，风险承担渠道显著存在，网络特征通过作用于金融机构承担的系统性风险影响其成本效率和利润效率。

关键词(KeyWords)： 金融网络;成本效率;利润效率;风险承担;中介效应

Abstract:

Keywords:

基金项目(Foundation): 国家社会科学基金项目“房价泡沫空间溢出对区域金融风险的影响机制和防范研究”(项目批准号:19BJY244);; 广东省基础与应用基础研究基金“粤港澳大湾区创新要素流动对科技创新效率的影响机制研究”(项目批准号:2023A1515012445)的资助

作者(Author): 李嘉琪,郭文伟

参考文献(References)：

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• (1)45家金融机构中证券业有21家:东北证券(DBZQ)、锦龙股份(JLGF)、国元证券(GYZQ)、国海证券(GHZQ)、广发证券(GFZQ)、长江证券(CJZQ)、山西证券(SXZQ)、中信证券(ZXZQ)、国投安信(GTAX)、国金证券(GJZQ)、宝硕股份(BSGF)、西南证券(XNZQ)、华鑫股份(HXGF)、海通证券(HTZQ)、招商证券(ZSZQ)、太平洋证券(TPY)、兴业证券(XYZQ)、东吴证券(DWZQ)、华泰证券(HTZQ1)、光大证券(GDZQ)、方正证券(FZZQ);银行业有16家:平安银行(PAYH)、宁波银行(NBYH)、浦发银行(PFYH)、华夏银行(HXYH)、民生银行(MSYH)、招商银行(ZSYH)、南京银行(NJYH)、兴业银行(XYYH)、北京银行(BJYH)、农业银行(NYYH)、交通银行(JTYH)、工商银行(GSYH)、光大银行(GDYH)、建设银行(JSYH)、中国银行(ZGYH)、中信银行(ZXYH);信托业有2家:陕国投A(SGTA)、安信信托(AXXT);保险业有6家:天茂集团(TMJT)、西水股份(XSGF)、中国平安(ZGPA)、新华保险(XHBX)、中国太保(ZGTB)、中国人寿(ZGRS)。 (2)如图1所示,该网络内的核心金融机构主要是国有四大银行。 (3)2018年11月中国人民银行、银保监会和证监会联合发布的《关于完善系统重要性金融机构监管的指导意见》。 (4)完全中介效应下,总效应等于中介效应,即有(-0.0367)×0.1166≈-0.0043,0.0027×0.1166≈ 0.0003,0.0025×0.1166≈ 0.0003; (5)部分中介效应的总效应等于中介效应加直接效应,即有(-0.1780)×0.1166 + (-0.0122) ≈ -0.0330,(-0.3693)×0.1166 + (-0.0751) ≈ -0.1182,(-0.0845)×0.1166 + (-0.0215) ≈ -0.0314。 (6)总效应分别为:(-0.1780)×(-0.1195)≈ 0.0213,0.0027×(-0.1195)≈ -0.0003,0.0025×(-0.1195)≈ -0.0003; (7)总效应为:(-0.0845)×(-0.1195) + 0.0221 ≈ 0.0322。