金融学院知识库

 近年来，我国持续推进金融高水平开放，有效提高了我国金融业资源的优化配置能力。但与此同时，随着金融开放的逐渐深入，金融资源跨境配置将更加深入和广泛，国内外金融市场之间的联动性、风险传染性将更强。中央金融工作会议明确，“要着力推进金融高水平开放，确保国家金融和经济安全”。金融开放所带来的金融安全威胁不容忽视，必须坚持统筹高水平金融开放和高水平金融安全，以更大的开放、更激烈的竞争倒逼金融业增强活力、提质增效。目前我国所面临的国内外形势发生重大变化，宏观经济波动不断加剧，经济转型压力持续上升。本文旨在通过研究我国金融开放对金融安全的影响，从而为我国统筹金融高水平开放和高水平金融安全提供借鉴。
首先，本文梳理了现有的金融开放与金融安全的相关文献和理论，深入分析了金融开放对金融安全的理论机制，认为金融开放对金融安全的影响取决于金融开放程度的大小，金融开放与金融安全可能存在倒“U”型关系。同时，深入分析了我国金融开放以来的发展历程和特点，了解了我国金融开放的现状。在此基础上，选择从外商直接投资、对外直接投资及金融机构本外币存贷款总额等相关指标，加权计算了我国个省份的事实上金融开放程度（CFOI）。随后，在前人金融安全测度研究的基础上，本文基于金融服务于实体经济的角度从政府、企业及居民三个维度选指标，通过熵值法，合成了我国个省份金融安全指数（CFSI）。最后，对测度得到的金融开放度和金融安全指数进行统计学分析，将金融开放程度（CFOI）和（CFSI）分别作为解释变量和被解释变量，采用双向固定效应模型，实证研究了二者的关系，实证结果表明：我国金融开放与金融安全之间的关系呈现倒“U”型关系，当金融开放程度较低时，金融开放能够有效促进金融安全水平的提高，而当金融开放程度超过某一适当水平或较高时，金融开放则抑制了金融安全水平的提高。金融开放的拐点值为0.1073，目前我国尚处于拐点左侧，即现阶段扩大金融开放能够促进我国金融安全水平的提高。随后将我国各省份划分为东部、中部、西部及东北地区，进行区域异质性检验，研究发现，除我国东部地区外，中部地区金融开放对金融安全呈现负效应，中部、东北地区则不显著。再次，通过分位数检验发现，金融安全水平更高的地区，金融开放对金融安全的正向影响更加显著，若金融安全处于一个极低的水平，金融开放对金融安全呈现负效应。最后，中介效应检验发现，我国金融开放能够通过促进金融资源配置效率来提高金融安全水平。为了更好的发挥金融开放对金融安全的促进作用，根据理论和实证分析结论，提出几点政策建议：（1）协调有序推动金融高水平开放，降低金融风险，维护金融安全。（2）引导金融业健康发展，统筹发展与安全。（3）强化金融监管体系，建立金融安全预警机制。

In recent years, China has continued to promote high-level financial opening-up, which has effectively improved the ability of China's financial industry to optimize the allocation of resources. However, at the same time, with the gradual deepening of financial opening-up, the cross-border allocation of financial resources will be more in-depth and extensive, and the linkage and risk contagion between domestic and foreign financial markets will be stronger. The Central Financial Work Conference made it clear that "efforts should be made to promote high-level financial opening-up and ensure national financial and economic security". The financial security threat brought about by financial opening cannot be ignored, and we must persist in coordinating high-level financial opening and high-level financial security, and force the financial industry to enhance its vitality and improve quality and efficiency with greater openness and more fierce competition. At present, China is facing major changes in the domestic and international situation, macroeconomic fluctuations are intensifying, and the pressure of economic transformation continues to rise. The purpose of this paper is to study the impact of China's financial opening-up on financial security, so as to provide reference for China's overall high-level financial opening-up and high-level financial security.
First, this paper reviews the existing literature and theories on financial openness and financial security, and deeply analyzes the theoretical mechanism of financial openness on financial security. On this basis, the de facto financial openness (CFOI) of each province in China was weighted from the relevant indicators such as foreign direct investment, outward direct investment, and total deposits and loans of financial institutions in local and foreign currencies. Subsequently, on the basis of the previous research on financial security measurement, this paper selects indicators from the three dimensions of government, enterprises and residents from the perspective of financial services in the real economy, and synthesizes the financial security index (CFSI) of each province in China through the entropy method. Finally, the statistical analysis of the measured financial openness and financial security index is carried out, and the financial openness (CFOI) and (CFSI) are taken as explanatory variables and explanatory variables respectively, and the relationship between the two is empirically studied by using the two-way fixed effect model. When the degree of financial openness exceeds a certain appropriate level or is high, financial openness inhibits the improvement of the level of financial security. The inflection point value of financial opening is 0.1073, and China is still on the left side of the inflection point, that is, expanding financial opening at this stage can promote the improvement of China's financial security level. Subsequently, the provinces of China are divided into eastern, central, western and northeast regions, and the regional heterogeneity test is carried out, and it is found that except for the eastern region of China, the financial opening in the central region has a negative effect on financial security, while the central and northeast regions are not significant. Thirdly, through the quantile test, it is found that the positive impact of financial openness on financial security is more significant in regions with higher levels of financial security, and if financial security is at a very low level, financial openness has a negative effect on financial security. Finally, in order to give full play to the role of financial openness in promoting financial security, several policy suggestions are put forward based on theoretical and empirical conclusions: (1) Promote high-level financial opening-up in a coordinated and orderly manner, reduce financial risks, and maintain financial security. (2) Guide the healthy development of the financial industry and coordinate development and security. (3) Strengthen the financial supervision system and establish an early warning mechanism for financial security.