Measurement and Importance Identification of Regional Systemic Risk in China

Regional risk has become the focus of attention in the theoretical and practical areas in recent years, and the research on regional risk has become a hot issue. In this paper, we use all of China's A-share listed companies as the object of study, all the shares of listed companies in accordance with the provincial classification for the sub-category is divided into 31 regions. And then studies the characteristics and importance of the regional system risk in each province of our country. The following conclusions are obtained: (1) The overall systemic risk level of our country is on the rise, and the provinces with relatively high regional risk levels show the trend of shifting from inland areas to southeast coastal areas; (2) The highest importance of systemic risk is Beijing, followed by Guangdong, Zhejiang, Jiangsu and Shanghai, while the regional and institutional risks in Qinghai and Ningxia are less important. This study is of great significance to the understanding and control of regional systemic risks in China.