经济与管理2025，Vol.39Issue(5)：40-47,8.
我国非金融企业系统重要性和脆弱性影响因素研究
Research on the Influencing Factors of Systemic Importance and Vulnerability of Non-Financial Firms in China
摘要
Abstract
As an important entity in the operation of the real economy,the potential risk transmission effect of non-financial firms is be-coming increasingly apparent.Taking the listed firms of CSI800 from 2007 to 2022 as a sample,we use the CoVaR model to measure the systemically important firms and systemically vulnerable firms and empirically analyze the influencing factors.The results show that non-financial firms have systemic importance and vulnerability.The market risk,systematic risk,corporate size,debt level,and pro-duction network correlation of non-financial firms are important influencing factors.Non-financial firms should be included in the sys-temic risk regulatory framework,effective regulatory tools should be developed,and regulatory scientificity should be improved.关键词
非金融企业/系统性风险/系统重要性企业/系统脆弱性企业Key words
non-financial firms/systemic risk/systemic importance firms/systemic vulnerability firms分类
管理科学引用本文复制引用
张文龙,潘扬..我国非金融企业系统重要性和脆弱性影响因素研究[J].经济与管理,2025,39(5):40-47,8.基金项目
国家社会科学基金项目(20BJL016) （20BJL016）
