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在金融危机的系统性金融冲击下,深圳特区金融市场面临巨大考验。文章就金融危机对深圳股票市场的冲击、对金融机构的影响以及传导机制进行分析,探讨深圳金融业的发展思路。研究表明:(1)从短期效应来看,深圳区域内个别金融机构所受影响不具有系统性且亏损规模有限;资本市场受境外市场的波动溢出现象并不显著。(2)从长期效应来看,次贷危机将通过出口、消费和投资领域影响实体经济,从而对深圳区域金融市场产生深远影响。因此,金融机构通过产品和业务创新,优化资产负债结构,防范金融风险,把握机遇,稳步开拓海外业务;政府应引导新的竞争格局,强化深圳金融服务业的竞争优势,细化和完善对金融风险的监管,促进区域内虚拟经济和实体经济的良性互动,进一步构建深港国际金融中心。
Under the systemic financial shock of the financial crisis, the Shenzhen Special Economic Zone faces a huge test. The article analyzes the impact of the financial crisis on the Shenzhen stock market, the impact on financial institutions and the transmission mechanism to explore the development of Shenzhen’s financial industry. The research shows that: (1) From the perspective of short-term effect, the influence of individual financial institutions in Shenzhen area is not systematic and the scale of losses is limited; the volatility spillover of capital markets by overseas markets is not significant. (2) From the perspective of long-term effect, the subprime mortgage crisis will affect the real economy through export, consumption and investment, which will have a profound impact on Shenzhen’s regional financial markets. Therefore, financial institutions, through product and business innovation, optimize the structure of assets and liabilities, guard against financial risks and seize opportunities to steadily explore overseas business. The government should guide new competition landscape, strengthen the competitive advantage of Shenzhen’s financial services industry, refine and improve its financial Risk supervision, promote the virtual interaction between the fictitious economy and the real economy in the region, and further build the Shenzhen-Hong Kong International Financial Center.