【摘要】 宏观审慎工具在防范和化解系统性金融风险方面的作用日益凸显。本文以上市银行为样本，基于宏观审慎政策指数，从宏观审慎工具视角研究其对系统性金融风险的影响及作用路径。研究发现：宽松型和紧缩型宏观审慎工具均能显著降低系统性金融风险，且二者表现并无差异，在解决内生性问题后结论依然成立。宏观审慎工具作用的发挥主要通过降低银行风险承担实现。异质性分析显示：当银行竞争度高、透明度低时，宏观审慎工具的作用效果更显著，表明宏观审慎工具有效性的发挥是情境依赖的。本文从系统性风险溢出效应视角丰富和补充了宏观审慎工具应用评价的研究，在宏观审慎工具运用情境方面具有一定现实意义，为政策制定提供参考。更多还原

【Abstract】 After the stock market collapse and corporate bond default, systemic financial risk is getting more attention from the government. Macroprudential tools are widely used by many countries, including China. Therefore, it is of great theoretical and practical significance to discuss and study the macroprudential tools to resolve and slow down systemic financial risks.This paper takes listed banks as samples and uses the macro-prudential policy index to study their impact and action path on systemic financial risk from the perspective of macroprudential tools. The study found that both loose and tight macroprudential tools significantly reduced systemic financial risks, and there was no difference in their role. The conclusion remained valid after solving the endogeneity problem. The role of macroprudential tools can be realized mainly by reducing banks′ risk-taking behaviors. Heterogeneity analysis shows that macroprudential tools are more effective when banks have high competition and low transparency. This shows that the effectiveness of macro-prudential tools depends on the actual situation.From the perspective of the systemic risk spillover effect, this paper enriches and complements the research on the application evaluation of macroprudential tools. It not only evaluates the effectiveness of macroprudential tools from the classification of easy and tight monetary policies, but also reveals the mediating effect of bank risk-taking. Relevant research conclusions broaden the scope of evaluation of macroprudential tools from a relative global perspective, helping to improve the pertinence and orientation of macroprudential tools, and also provide a necessary reference for developed countries and other emerging economies.更多还原