摘要
本文基于当前金融业与实体企业收益率的长期不均衡这一热点问题,研究了金融业相对盈利性对金融市场风险溢出效应的影响。结果表明:金融业相对盈利性与金融市场风险溢出效应之间存在稳健的U型曲线关系;金融业与实体企业收益率趋于相等时,金融市场风险溢出效应最小;较高的金融业相对盈利性会促使实体企业加杠杆从而增强金融市场风险溢出效应。因此,促进金融业与实体企业之间的收益平衡,将有助于从源头上防控金融风险。
Based on the current hot issue of the long-term imbalance between financial and non-fmancial returns, this paper studies the impact of the relative profitability of financial industry on the Risk Spillover Effect of financial market. The results show that there is a robust U-curve relationship between the relative profitability of financial industry and the Risk Spillover Effect of financial market;when the returns of financial industry and non-financial industry tend to be equal, the Risk Spillover Effect of financial market is the smallest;higher relative profitability of financial industry will promote non-financial enterprises to leverage and thus enhance the Risk Spillover Effect of financial market. Therefore, promoting the income balance between financial industry and non-financial industry will help prevent and control financial risks from the source.
作者
武志胜
吕洋
王百之
Wu Zhisheng;Lv Yang;Wang Baizhi
出处
《投资研究》
CSSCI
北大核心
2019年第1期21-31,共11页
Review of Investment Studies
关键词
金融业相对盈利性
杠杆率
金融市场风险
Relative profitability of financial industry
Leverage ratio
Financial market risk
