【摘要】 为研究互联网金融与传统金融业(银行、证券、保险)之间的相关性和波动影响程度，采用分位数回归方法计算CoVaR来度量风险溢出效应。实证结果显示，互联网金融与传统金融业均存在风险联动性，在处于99%的置信水平下，互联网金融对银行业的风险溢出效应为正且最大，对保险业风险溢出效应最小，而证券业对互联网金融存在反向的风险溢出。更多还原

【Abstract】 To clarify the risk spillover mechanism between Internet Finance and traditional finance(banks, securities, insurance) and to measure it quantitatively, quantile regression method was used to calculate CoVaR to measure the degree of spillover. The results show that there is a risk linkage between internet finance and traditional financial industries. At 99% confidence level, the risk spillover effect of internet finance on the banking industry is positive and maximum, while the risk spillover effect on the insurance industry is minimal. However, the securities industry has a reverse risk spillover effect on internet finance.更多还原