金融经济学研究

金融监管体制改革是在金融领域推进国家治理体系和治理能力现代化的重要引擎。采用复合系统协同度模型，构建中央和地方金融监管协同度模型，评价31个省(区、市)2014—2022年央地金融监管协同水平，推演金融委办公室地方协调机制建立对地方金融风险的因果逻辑，并以协调机制建立为准自然实验，利用强度双重差分法检验其政策效果。研究结果表明，央地金融监管协同度整体呈现上升趋势，但仍处于初级协同等级；金融委办公室地方协调机制的建立能够降低地方金融风险，提高地方金融效率。基于此，应推动金融监管体制改革中的顶层设计，强化基层监管能力建设，完善央地在日常监管、风险处置等方面的分工协作，并辅以制度健全、支撑有力的配套保障体系。

Reform of the financial regulatory system serves as a vital engine for modernizing the national governance system and capacity in the financial sector.By adopting a composite system synergy model, this study constructed indicators of collaborative governance between central and local financial regulators and evaluated 31 provinces(autonomous regions and municipalities) from 2014 to 2022 to determine the degree of central-local financial regulatory coordination.We subsequently traced the causal logic behind how local coordination mechanisms set up by the Financial Stability and Development Committee(FSDC) could mitigate local financial risk.Treating the establishment of the coordination mechanism as a quasi-natural experiment, we then employed an intensity-based difference-in-differences approach to examine its policy effects.The results revealed that the synergy between central and local financial regulators exhibited an overall upward trend, although it remained in the early stages of coordination.Moreover, the establishment of local coordination mechanisms under the FSDC reduced local financial risk and improved local financial efficiency.Based on these conclusions, policymakers are encouraged to pursue top-level designs for financial regulatory reforms, strengthen local regulatory capacity, refine the division of responsibilities between central and local governments in day-to-day supervision and risk resolution, and bolster these efforts with a robust, well-designed support system.