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Chinese Journal of Management Science

Chinese Journal of Management Science ›› 2021, Vol. 29 ›› Issue (6): 23-35.doi: 10.16381/j.cnki.issn1003-207x.2018.1371

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Research on the Cross-market and Cross-network Contagion Mechanism of Preventing and Controlling Financial Risk in the New Era

WANG Jun-yong1, LI Xin-dan1, Lin Liang-cai1,2   

  1. 1. School of Management and Engineering, Nanjing University, Nanjing 210093, China;
    2. College of Engineering, National University of Singapore, Singapore 119077, Singapore
  • Received:2018-09-25 Revised:2020-03-11 Published:2021-06-29

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Abstract: With the continuous enhancement of the linkage and risk contagion among financial sub-markets, the ability of cross-contagion of financial risk across markets is also gradually increasing. Therefore, based on the Xi Jinping's socialist financial thought with Chinese characteristics in the new era and the background of big data era, the SIRS model is used to explore the cross-market and cross-network contagion mechanism of preventing and controlling financial risk in the new era. Through the theoretical deduction of the model and the numerical simulation analysis, the research results show that (1) the cross-market and cross-contagion of preventing and controlling financial risk mainly depends on R0, the larger its value is, the easier the spreading tendency that the financial risk cross-market and cross-contagion will form; (2)the cross-contagion spreading tendency of financial risk among financial sub-markets mainly depends on β、δ、α、μ、γ and other factors; (3)the financial risk prevention measures, which only take the ex-ante defense measures or the post-event prevention and control measures, will be inefficient. Precautions against financial risk should be taken as a whole from the two layers of pre-defense and ex-post resolve so as to enhance the ability to prevent cross-market and cross-contagion of financial risk. On this basis, the cross-market and cross-network contagion mechanism of preventing and controlling financial risk from three levels are put forward. It can provide some references for building the financial risk rescue mechanism plan to block further cross-contagion and spread of financial risk among various financial sub-markets, achieving the goals of strengthening the ability of preventing and controlling cross-market and cross-contagion of financial risk in the new era, and better preventing and resolving systemic financial risk to help with fighting the battle of better preventing and resolving significant risk and safeguard national financial security.

Key words: the new era, financial risk, cross-network contagion, numerical simulation

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