免费日韩片_欧美成人精品一区二区男人小说_国产乱码一区二区三区四区_国产精品国产三级国产aⅴ入口_成人看的污污超级黄网站免费_欧美一级在线免费观看_成人午夜免费无码福利片_国产乱人伦偷精品视频色欲_aaa少妇高潮大片免费看_国产精品1234_亚洲精品国产suv一区88_中文字字幕在线中文无码_精品亚洲区_午夜九九九_国产av国片精品jk制服丝袜_色综合亚洲_亚洲成av人片无码bt种子下载_欧美色就色_精品少妇的一区二区三区四区_男人用嘴添女人下身免费视频

By Zhang Shiguo, Zhang Jinqing, Jiang Jiajun, Zhang Jianyu & Nie Yuqing, Management World journal; Sun Dazhao, Financial Research Center, Fudan University

Research Report, No.195, 2021 (Total 6260) 2021-7-12

Abstract: The insufficient liquidity of economic entities is a major feature of China’s financial security emergency risks in recent years. In light of the MERTON-KMV model, this paper constructs a financial security evaluation framework based on government’s departmental liquidity balance sheets, and evaluated China’s financial security. The study finds out the following results. 1. China’s current overall financial security index is in the historical 54% quantile, higher than the historical average, and the overall situation is controllable. 2. The COVID-19 pandemic has exerted an obvious impact on China’s financial security across the board, especially the financial security level of government departments has been lowered significantly since the breakout of the pandemic. In a bid to correctly evaluate China’s financial security level and improve the capacity to withstand the external shocks, we need to flesh out the national economic statistics mechanism, formulate and monitor the liquidity balance sheets of each government’s department, and make use of the financial security measurement results of each department to focus on major departments with problems and resolve key issues.

Keywords: financial security, liquidity balance sheet, COVID-19 pandemic, debt issues