法律制度环境对系统性金融风险的影响研究
Study on the Influence of Legal System Environment on Systemic Financial Risk

法律制度环境作为一切经济活动外部约束规则，对经济增长的作用越来越大。本文基于2010~2019年省域面板数据，采用双向固定效应模型，实证检验法制环境对系统性金融风险的作用机理。研究发现：1) 法律制度环境的优化显著抑制系统性金融风险。在更换代理变量、剔除外部冲击影响稳健性检验后，上述结论依旧成立；2) 异质性分析结果显示，发达地区法律制度环境的优化对系统性金融风险的影响更为明显；3) 分段检验结果表明，法制环境的优化主要通过加大金融监管力度、加强政府调控力度抑制系统性金融风险。因此，本研究就如何继续合理优化法律制度环境进一步降低系统性金融风险发生的可能性提供一定的理论依据和经验支撑。
As the external constraint rule of all economic activities, the legal system environment plays an increasingly important role in economic growth. Based on the provincial panel data from 2010 to 2019, this paper empirically examines the mechanism of legal environment on systemic financial risk by using a two-way fixed effect model. The findings are as follows: 1) The optimization of legal system environment significantly inhibits systemic financial risks. After replacing proxy variables and eliminating the robustness test of external impact, the above conclusions are still valid. 2) The results of heterogeneity analysis show that the optimization of legal system environment in developed regions has a more obvious impact on systemic financial risks; 3) The segmented test results show that the optimization of the legal environment mainly restrains systemic financial risks by intensifying financial supervision and strengthening government regulation. Therefore, this study provides a certain theoretical basis and empirical support for how to continue to reasonably optimize the legal system environment to further reduce the possibility of systemic financial risks.