Page 47 - CCFA Journal - Third Issue

风控大讲堂 Risk Management Forum
（二） 系统性风险的管理和监管思维共同服务于金融危
机防范
由于系统性风险是站在宏观的视角看待微观的问题，系统
性风险监管是由政府监管部门以宏观审慎监管和微观审慎
监管的方式在推进，很多人在系统性风险问题上基本上都
是系统性风险监管思维，似乎系统性风险只是一个由监管
部门负责思考的问题，而金融机构和市场参与者只要照着
做，做好合规管理即可。
其实不然。系统性风险也是一个管理问题，系统性风险管
理思维同样重要。对金融机构而言，系统性风险管理思维
是金融机构风险管理发展的自然延伸，是监管合规的需要，
也是运行环境分析的需要，更应该是战略管理的需要。
在系统性风险管理思维下，系统性风险和信用、市场、操
作和流动性风险一样，也是金融机构日常要面临的金融风
险（不是金融危机），因而也要加强从识别到衡量再到应
对（包括合规）及持续监测的风险管理全流程管理。只不
过它不同于前述单一的风险因子，它是覆盖所有风险因子
的风险环境，尤其强调关注金融机构自身以及市场其他参
与者对这一风险环境的影响和相互作用，还有监管的相关
反应和要求。
由于系统性风险是从现代金融机构风险管理思维的基础上
发展而来，它既具有金融机构个体管理风险的思维，又具
有自身“系统性风险”特色的管理思维。前者包括风险计
量思维、风险交易转移和配置思维（尤其是把风险配置到
有能力承担且有意愿承担的机构和个人，从而达到一个所
谓的系统性风险比较低的理想状态）、资本管理和监管思
维、风险治理文化和战略等全面风险管理思维；后者所指
的系统性风险管理思维包括纵向周期性的长期性思维、横
向关联性的全局性思维、个体与整体的关系思维以及战略
发展性思维。
系统性风险管理思维对于政府监管部门也是很有必要的。
这应该是监管思维的基础和监管有效性的保障，因为金融
监管本质上是金融机构的外部风险管理者。一方面监管部
门的系统性风险监管政策的制定要充分考虑金融机构微观
风险管理机制的运行；另一方面监管部门不仅要要求金融
机构合规，更要鼓励和要求金融机构主动地开展系统性风
险管理。
四、中国金融系统性风险的特点
（一）中国的系统性风险具有向上集中的特点
与典型的市场经济国家相比，中国的系统性风险具有向上
集中的特点。典型的市场经济都是通过成熟的破产制度和
金融市场上非刚性兑付投资安排，把风险分散到个体去承
担，以参与者自身的资本金兜底。企业、个人、银行乃至
于政府都可以宣布破产，破产制度实际上是一种在全社会
分散风险的制度安排。
然而，中国由于制度、历史和文化等国情方面的原因，风
险往往容易层层往上集中。资管投资有刚性兑付，中小银
行都有地方政府担保，大型银行更是有国家信用支持，地
方政府融资平台实际上充当的是一种政府融资担保的角色，
国有企业陷入财务困境甚至成为“僵尸企业”也难以破产。
在这种情况下，风险必然往上集中。因此，中国的系统性
风险主要是政府承担的，市场主体一般会认为对于系统性
风险不应该由自己承担，往往会推卸给国家。这是中国向
市场经济转型发展过程中需要亟待解决的一个问题。
CCFA JOURNAL OF FINANCE
加中金融
(2) Systemic risk management and supervisory work together
with financial crisis prevention
Because systemic risk management is to look at problems at
micro levels from a macro perspective, its supervision is often
promoted by government regulators in the form of both macro
and micro prudential supervisions. Many people would think that
systemic risk management is only a matter of regulators’ business;
financial institutions and market participants are only required to
be compliant with the regulations.
As a natural extension of the risk management of financial
institutions, the management of systemic risk is a requirement of
not only regulatory compliance, but also operational
environmental analysis, and strategic management.
Systemic risk, like credit, market, operational and liquidity risks,
is one type of financial risks (not financial crisis) that financial
institutions face everyday, so it is necessary to manage it through
a full cycle of processes from identification, measurement to
response (including compliance) and ongoing monitoring. Unlike
other single risk factors, it is a risk environment that covers all risk
factors, impacts and interactions of financial institutions and
market participants, and regulatory responses and requirements.
Because systemic risk management is developed from the
modern risk management within financial institutions, it has the
contents of risk management of individual financial institution,
and has its own "systemic risk" characteristics. The former refers
to the enterpriser risk management including risk measurement,
transfer and allocation, capital management and supervision, risk
governance culture and strategy. The latter includes a long-term
thinking of vertical interconnectivity and horizontal cycles,
relationship of individuals with the overall system, and strategic
development.
The thinking of systemic risk management is also necessary for
regulators. This is the foundation of regulations and also the
assurance of regulatory effectiveness, because the financial
regulator is essentially the external risk manager of financial
institutions. On the one hand, the regulatory authorities should
ensure that regulations for systemic risk enable operations of
micro risk management framework in the financial institutions,
and should also encourage financial institutions to proactively
manage systemic risk, beside compliance with the regulations.
4. The characteristics of systemic risk in China's financial system
(1) China's systemic risk has trending of upward concentration
Compared with the typical market economy countries, China's
systemic risk has the characteristics of upward concentration. In
a typical market economy, the risk is diversified to market
participants through the matured bankruptcy system and non-
rigid payment arrangements in financial markets, taken by
market participants. All participants including enterprises,
individuals, banks and even governments can declare bankruptcy,
and the bankruptcy system is actually a kind of risk-dispersing
system (transfer risk to the whole society).
However, because of China’s social system, history and culture,
the risk is often to concentrate upwards. Asset management
tends to have a rigid payment system, small and medium-sized
banks have local government as guarantors, and large banks have
national credit support. Local government financing platform is
actually acting as a government financing guarantor. When state-
owned enterprises become insolvent and even "zombie
enterprises" they won’t declare bankruptcy. In this case, the risk
must be concentrated upwards. Therefore, China's systemic risk
is mainly taken by the government. This is a problem that must
be solved during the process of China's transition to market
economy.
（二）中国系统性风险结构性问题突出。
DECEMBER 2020 Page 47