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

摘要： 2008年金融危机之后，监测与防范系统性金融风险、维护金融稳定成为各国监管机构的工作重点。本文构建了一个反映我国系统性金融风险的中国金融压力指数（FSIC）。基于此，本文研究不同所有制结构的商业银行将如何调整影子银行业务以应对系统性金融风险。实证结果表明，当金融压力上升时，相较于国有银行，非国有银行的风险承担水平显著上升。进一步研究发现，这一差异与两类银行对影子银行这一风险业务的调整有关。当金融压力上升时，国有银行会显著减少影子银行业务，而非国有银行的影子银行业务不会减少。本文提出了国有银行的双重职能这一观点来解释实证研究的发现。本文的研究结论对于指导我国金融市场化改革和防范系统性金融风险具有重要启示。

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