Identification Of Systemically Important Financial Institutions In China And Analysis Of Its Influencing Factors

The outbreak of the global financial crisis in 2008 has led the national regulatory authorities to pay attention to the systemic risk,and strengthen the identification and regulation of the systemically important financial institutions.Based on the development of our financial system,in order to prevent the outbreak of systemic risk and maintain the sound development of our financial system,this paper identifies the domestic systemically important financial institutions and analyzes the influence factors of domestic systemically important financial banks,which supplies the theoretical support of regulation decision and practice for regulators.In this paper,Banking,securities,insurance and trust financial institutions were selected as the observation samples.This paper identifies the domestic systemically important financial institutions from the view of static and dynamic,using the quantile regression and adding the lagged state variables to build Co VaR model.After that,this paper analyzes the influence factors of systemically important financial banks.The results of this paper show that the state-owned commercial banks and large joint-stock commercial banks are the domestic systemically important banks;The systemically important financial institutions in our financial sectors are relatively stable,regulators can implement differentiated regulations for the banks of different degrees of systemically important in the three categories,which are divided according to the rankings of systemically important banks △CoVaR;From the view of financial industry,banking industry has a great importance in the systemically important contribution,followed by insurance,securities industry,trust industry.The size and complexity of banking institutions are positively correlated with their systemic importance.The substitutability of banking institutions are negatively correlated with their systemic importance.Therefore,the large size,high complexity,low substitutability of banking institutions have a significant impact on the stability of the financial system.