关键词: 金融结构, 金融风险, 空间外溢性, 区域异质性

Abstract: It is of great theoretical value and practical significance to clarify the spatial spillover and regional heterogeneity of the impact of financial structure on financial risk for optimizing financial structure and stabilizing financial development. This paper uses the Spatial Durbin Model to explore the spatial spillover rules, characteristics and regional heterogeneity of financial structure on financial risk with China?s provincial annual economic and financial data from 2003 to 2019. The results show that there are regional differences between financial structure and financial risk, and the fluctuation trend of both has reverse similarity. Financial structure has a significant spatial positive correlation, so does financial risk. The financial open structure has a significant negative spatial spillover effect on financial risks, while the financial industrial structure and financial asset structure have significant positive spillover. The influence of financial market structure, financial opening structure and financial asset structure on financial risks is heterogeneous in different regions. This paper not only provides a new perspective of explanation for the regional differences in financial risk levels, but also provides empirical inspiration for making strategies of financial structure optimization and financial development.

Key words: Financial Structure, Financial Risk, Spatial Spillover, Regional Heterogeneity