矩阵式资金流量表与风险波及测算

 本研究将中国的资金流量表调整为矩阵式资金流量表，统计描述性分析部门间资产与负债的基本特征。进而应用列昂惕夫逆矩阵建立部门间金融风险的波及效应模型及展开乘数分析，说明各项金融交易风险波及的排序，解析金融系统性风险对中国金融整体的最终波及效应。推测与分析结果表明，2010年中国各种金融交易项目的系统性风险评估超过了2007年美国爆发次贷危机时的状况。

Flow of Funds Matrices and Calculation on Risk Influencing

This research transposes the data which from China’s Flow of Funds Account to Flow of Funds Matrix, and clarifies the features of the assets and the liabilities between sectors. Then, using the principle of Leontief Inverse, this paper builds the ripple effect model for measuring financial risk, conducts a multiplier analysis to explain the ranking of the risk ripple effect of each financial transaction item, and analyzes the final ripple effect of the systematic financial risk in the whole China’s financial market. Results from estimation and analysis suggest that the systematic risk of each one of China’s financial transaction items in 2010 was higher than that of the U.S that generated the subprime mortgage crisis in 2007.