The Influence Mechanism of Regional Financial Risk in China from the Perspective of Asymmetric Information
Based on the principal-agent theory,this paper constructs an analysis framework for the impact mechanism of regional financial risk in China from the perspective of asymmetric information,and uses the TVP-SV-VAR model to ex-plore the heterogeneity of the financial risk impact mechanism in different regions.The results show that the entrustment agency behavior of the financial system under asymmetric information leads to credit rationing of commercial banks,and the tilt of funds promotes the expansion of local bonds and the accumulation of real estate bubbles.Once the debt default and bubble burst cause a large number of banks'non-performing assets to accumulate,regional financial risks will be triggered.Heterogeneity studies have found that real estate bubble in economically developed regions is the leading factor in the formation of regional financial risks.Excessive borrowing by local governments in economically sub-developed re-gions is the main impact of regional financial risks.Regional financial risks in economically underdeveloped areas are caused by the combination of excessive borrowing by local governments and real estate bubbles.The China Banking and Insurance Regulatory Commission should rigorously control the flow of credit funds from commercial banks and implement differentiated supervision on factors influencing regional financial risks,such as local debt expansion and real estate bub-bles,using an"attribute + strategy"approach.It is suggested to establish a regional cooperation platform for risk govern-ance to enhance the prevention and disposal capabilities of regional financial risks.
asymmetric informationregional financial riskslocal government debtreal estate bubble
万方数据
维普
