关键词: 系统性金融风险 , 金融压力 , 所有制结构 , 银行风险承担 , 影子银行

Abstract: After the 2008 financial crisis, monitoring and guard against systemic financial risks and maintaining financial stability have become the focus of regulators. In this paper, we firstly construct a Chinese financial stress index (FSIC) reflecting China's systemic financial risk. Based on this index, this paper studies how commercial banks with different ownership structures will adjust their shadow banking activities to deal with systemic financial risks. The empirical results show that when the financial pressure increases, the risk level of nonstateowned banks increases significantly compared with stateowned banks. Further research shows that this difference is attributed to the different adjustment to shadow banking activities by the two types of banks: when financial pressure rises, stateowned banks will significantly reduce the shadow banking business while nonstateowned bank will not. This paper puts forward a view of dual functions of stateowned banks to explain the findings of empirical research. The conclusions of this paper have important implications for guiding China's financial market reform and preventing systemic financial risks.

Key words: systemic financial risk , financial stress , ownership structure , bank risktaking , shadow banking