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Computer Methodologies for the Comparison of Some Efficient Derivative FreeSimultaneous Iterative Methods for Finding Roots of Non-Linear Equations 被引量:1
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作者 Yuming Chu Naila Rafiq +3 位作者 Mudassir Shams Saima Akram Nazir Ahmad Mir Humaira Kalsoom 《Computers, Materials & Continua》 SCIE EI 2021年第1期275-290,共16页
In this article,we construct the most powerful family of simultaneous iterative method with global convergence behavior among all the existing methods in literature for finding all roots of non-linear equations.Conver... In this article,we construct the most powerful family of simultaneous iterative method with global convergence behavior among all the existing methods in literature for finding all roots of non-linear equations.Convergence analysis proved that the order of convergence of the family of derivative free simultaneous iterative method is nine.Our main aim is to check out the most regularly used simultaneous iterative methods for finding all roots of non-linear equations by studying their dynamical planes,numerical experiments and CPU time-methodology.Dynamical planes of iterative methods are drawn by using MATLAB for the comparison of global convergence properties of simultaneous iterative methods.Convergence behavior of the higher order simultaneous iterative methods are also illustrated by residual graph obtained from some numerical test examples.Numerical test examples,dynamical behavior and computational efficiency are provided to present the performance and dominant efficiency of the newly constructed derivative free family of simultaneous iterative method over existing higher order simultaneous methods in literature. 展开更多
关键词 Non-linear equation iterative method simultaneous method basins of attractions computational efficiency
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A System of Simultaneous Equations (SEM) for the Study of the Effectiveness of the Japanese Monetary Policy
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作者 Rosa Ferrentino Luca Vota 《Applied Mathematics》 2021年第5期407-420,共14页
In this paper, the authors study the effectiveness of the Japanese monetary policy set by the Bank of Japan (BOJ) to contrast the three major crises that the country has experienced since the second half of the 90s: t... In this paper, the authors study the effectiveness of the Japanese monetary policy set by the Bank of Japan (BOJ) to contrast the three major crises that the country has experienced since the second half of the 90s: that of the lost decade, that of 2008 and that of the Covid-19 pandemic. To this end, they use a particular type of mathematical-statistical model that is widely applied today in the economic field, namely a simultaneous equation model (SEM). This simultaneous equation model is estimated through an Iteratively reweighted least squares (IRLS) using quarterly historical series in the sample period Q1 1994 - Q2 2020. All data are in real terms. The results, appropriately compared with those of other authors, suggest that the monetary policy has a (limited) impact only on the interbank market. The fiscal policy, instead, has a greater ability to influence the money supply, the private consumption and the inflation expectations. 展开更多
关键词 simultaneous equations Model Mathematical Methods Economic Policy Iteratively Reweighted Least Square Abenomics
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SOLUTION OF SIMULTANEOUS EQUATIONS OF COSINE LAW ARISING FROM SUBJECTIVITY GEOMETRY
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作者 云天铨 《Applied Mathematics and Mechanics(English Edition)》 SCIE EI 1990年第7期631-635,共5页
This paper discusses the solution of a group of two-order six elements rooted algebraic simultaneous equations set up by cosine law arising from the application example of subjectivity geometry[1]. By means of the imp... This paper discusses the solution of a group of two-order six elements rooted algebraic simultaneous equations set up by cosine law arising from the application example of subjectivity geometry[1]. By means of the implicit function theorem, this paper proves that there exists a unique real solution of those equations. Transforming this problem into an unconstrained nonlinear optimization problem, the solution can be found by known methods. 4 numerical example by descent method is given. 展开更多
关键词 SOLUTION OF simultaneous equations OF COSINE LAW ARISING FROM SUBJECTIVITY GEOMETRY
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Household Income and Expenditure Relationships: A Simultaneous Equation Approach
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作者 Nik Hashim Nik Mustapha Noorhaslinda Kulub Abd. Rashid Aslina Nasir 《Chinese Business Review》 2011年第6期395-405,共11页
Income and expenditure are highlighted in this study as they currently affect the quality of life of the Malaysian society. In the Ninth Malaysia Plan (2006-2010) poverty eradication was emphasized as one of the soc... Income and expenditure are highlighted in this study as they currently affect the quality of life of the Malaysian society. In the Ninth Malaysia Plan (2006-2010) poverty eradication was emphasized as one of the socio-economic targets to uplift those poor households from the fast moving modern sectors of the economy. The primary objective of this paper is therefore to identify income and expenditure relationships among the households of the east coast of Peninsular Malaysia during the current economic downturn. Attempts to analyze household consumption as a share of total income and to identify factors contributing to household income and expenditure have become a topic of interest in literature. A substantial portion of household income devoted to productive loans characterizes the majority of Malaysians as the economy progresses to a more advance stage. A significant and strong relationship between income and types of household expenditure is explored from the socio-economic perspectives. Using primary data a system of simultaneous equations, namely the two stage least squares (2SLS) was applied. This paper identifies crucial variables associated with the income and expenditure. Some of these variables showing high correlation with the total expenditure are the housing loan, automobile loan and educational expenditure. 展开更多
关键词 EXPENDITURE INCOME simultaneous two-stage equation method
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Estimating Crash Rate of Freeway Segments Using Simultaneous Equation Model
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作者 Anthony Ramos Hualiang (Harry) Teng Yuyong Fu 《Journal of Transportation Technologies》 2016年第5期327-338,共12页
This study develops crash rate prediction models based on the premise that crash frequencies observed from adjacent paired non-weaving and weaving freeway segments are spatially correlated and therefore requires a sim... This study develops crash rate prediction models based on the premise that crash frequencies observed from adjacent paired non-weaving and weaving freeway segments are spatially correlated and therefore requires a simultaneous equation modeling approach. Simultaneous equation models for paired freeway non-weaving segments and weaving segments along with combined three freeway segments upstream and downstream were developed to investigate the relationship of crash rate with freeway characteristics. The endogenous variables have significant coefficients which indicate that unobserved variables exist on these contiguous segments, resulting in different crash rates. AADT is a variable that can show the interaction between the traffic and crashes on these contiguous segments. The results corroborate such an interaction. By comparing the simultaneous equation model and the multiple linear regression model, it is shown that more model parameters in the simultaneous models are significant than those from linear regression model. This demonstrates the existence of the correlation between the interchange and between-interchange segments. It is crucial that some variables like segment length can be identified significant in the simultaneous model, which provides a way to quantify the safety impact of freeway development. 展开更多
关键词 Weaving Segments Freeways simultaneous equation Models Crash Rate
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Empirical Research on the Relationship between Education Poverty Alleviation and Rural Revitalization—Spatial Panel Simultaneous Equation Model Based on Provincial Panel Data
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作者 Ningning Li Shichang Shen 《Open Journal of Applied Sciences》 2023年第11期2032-2046,共15页
On the basis of using entropy weight method to measure China’s education poverty alleviation and rural revitalization evaluation indicators, using the panel data of 30 provinces in China (excluding Xizang, Hong Kong,... On the basis of using entropy weight method to measure China’s education poverty alleviation and rural revitalization evaluation indicators, using the panel data of 30 provinces in China (excluding Xizang, Hong Kong, Macao and Taiwan) from 2012 to 2021, a spatial panel simultaneous equation model is constructed based on adjacency matrix, geographical distance matrix and economic geographical distance matrix deeply study the interaction mechanism and spatial spillover effects between education poverty alleviation and rural revitalization through the generalized spatial three-stage least squares method (GS3SLS). The results indicate that there is a significant spatial spillover effect and a positive spatial correlation between education poverty alleviation and rural revitalization, and there is a significant interactive effect between the two variables, while promoting each other positively. Therefore, the government should clarify the deep relationship between education poverty alleviation and rural revitalization based on the current background, and better consolidate and expand the effective connection between the achievements of education poverty alleviation and rural revitalization. 展开更多
关键词 Education Poverty Alleviation Rural Revitalization Entropy Weight Method Space Panel simultaneous equation Model GS3SLS
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Modeling compatible single-tree aboveground biomass equations for masson pine(Pinus massoniana) in southern China 被引量:22
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作者 ZENG Wei-sheng TANG Shou-zheng 《Journal of Forestry Research》 CAS CSCD 2012年第4期593-598,共6页
Because of global climate change, it is necessary to add forest biomass estimation to national forest resource monitoring. The biomass equations developed for forest biomass estimation should be compatible with volume... Because of global climate change, it is necessary to add forest biomass estimation to national forest resource monitoring. The biomass equations developed for forest biomass estimation should be compatible with volume equations. Based on the tree volume and aboveground biomass data of Masson pine (Pinus massoniana Lamb.) in southern China, we constructed one-, two- and three-variable aboveground biomass equations and biomass conversion functions compatible with tree volume equations by using error-in-variable simultaneous equations. The prediction precision of aboveground biomass estimates from one variable equa- tion exceeded 95%. The regressions of aboveground biomass equations were improved slightly when tree height and crown width were used together with diameter on breast height, although the contributions to regressions were statistically insignificant. For the biomass conversion function on one variable, the conversion factor decreased with increasing diameter, but for the conversion function on two variables, the conversion factor increased with increasing diameter but decreased with in- creasing tree height. 展开更多
关键词 aboveground biomass error-in-variable simultaneous equa- tions mean prediction error compatibility Pinus massoniana
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Construction of tree volume equations for Chinese fir plantations in Guizhou Province, southwestern China 被引量:5
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作者 Zhong-Sheng XIA Wei-Sheng ZENG +1 位作者 Song ZHU Hong-Zhang LUO 《Forestry Studies in China》 CAS 2013年第3期179-185,共7页
Forest volume, the major component of forest biomass, is an important issue in forest resource monitoring.It is estimated from tree volume tables or equations. Based on tree volume data of 1840 sample trees from Chine... Forest volume, the major component of forest biomass, is an important issue in forest resource monitoring.It is estimated from tree volume tables or equations. Based on tree volume data of 1840 sample trees from Chinese fir (Cunninghamia lanceolata) plantations in Guizhou Province in southwestern China, parallel one- and two-variable tree volume tables and tree height curves for central and other areas were constructed using an error-in-variable modeling method. The results show that, although the one-variable tree volume equations and height curves between the central and other areas were significantly different, the two-variable volume equations were sufficiently close, so that a generalized two-variable tree volume equation could be established for the entire province. 展开更多
关键词 tree volume two-variable equation one-variable equation error-in-variable modeling method parallel models Chinese fir
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Simultaneous approach for simulation of a high-temperature gas-cooled reactor 被引量:2
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作者 Yang CHEN Jiang-hong YOU Zhi-jiang SHAO Ke-xin WANG Ji-xin QIAN 《Journal of Zhejiang University-Science A(Applied Physics & Engineering)》 SCIE EI CAS CSCD 2011年第7期567-574,共8页
The simulation of a high-temperature gas-cooled reactor pebble-bed module(HTR-PM) plant is discussed.This lumped parameter model has the form of a set differential algebraic equations(DAEs) that include stiff equation... The simulation of a high-temperature gas-cooled reactor pebble-bed module(HTR-PM) plant is discussed.This lumped parameter model has the form of a set differential algebraic equations(DAEs) that include stiff equations to model point neutron kinetics.The nested approach is the most common method to solve DAE,but this approach is very expensive and time-consuming due to inner iterations.This paper deals with an alternative approach in which a simultaneous solution method is used.The DAEs are discretized over a time horizon using collocation on finite elements,and Radau collocation points are applied.The resulting nonlinear algebraic equations can be solved by existing solvers.The discrete algorithm is discussed in detail;both accuracy and stability issues are considered.Finally,the simulation results are presented to validate the efficiency and accuracy of the simultaneous approach that takes much less time than the nested one. 展开更多
关键词 Differential algebraic equations(DAEs) High-temperature gas-cooled reactor(HTR) SIMULATION simultaneous approach
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On Computer Implementation for Comparison of Inverse Numerical Schemes for Non-Linear Equations 被引量:1
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作者 Mudassir Shams Naila Rafiq +3 位作者 Nazir Ahmad Mir Babar Ahmad Saqib Abbasi Mutee-Ur-Rehman Kayani 《Computer Systems Science & Engineering》 SCIE EI 2021年第3期493-507,共15页
In this research article,we interrogate two new modifications in inverse Weierstrass iterative method for estimating all roots of non-linear equation simultaneously.These modifications enables us to accelerate the con... In this research article,we interrogate two new modifications in inverse Weierstrass iterative method for estimating all roots of non-linear equation simultaneously.These modifications enables us to accelerate the convergence order of inverse Weierstrass method from 2 to 3.Convergence analysis proves that the orders of convergence of the two newly constructed inverse methods are 3.Using computer algebra system Mathematica,we find the lower bound of the convergence order and verify it theoretically.Dynamical planes of the inverse simultaneous methods and classical iterative methods are generated using MATLAB(R2011b),to present the global convergence properties of inverse simultaneous iterative methods as compared to classical methods.Some non-linear models are taken from Physics,Chemistry and engineering to demonstrate the performance and efficiency of the newly constructed methods.Computational CPU time,and residual graphs of the methods are provided to present the dominance behavior of our newly constructed methods as compared to existing inverse and classical simultaneous iterative methods in the literature. 展开更多
关键词 Non-linear equation inverse iterative method simultaneous method basins of attraction lower bound of convergence
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Inverse Estimation on Trigger Factors of Simultaneous Slope Failures with Purification of Training Data Sets
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作者 Hirohito Kojima Ryo Sekine +1 位作者 Tomoya Yoshida Ryo Nozaki 《Journal of Earth Science and Engineering》 2013年第9期594-602,共9页
This paper presents an procedure for purifying training data sets (i.e., past occurrences of slope failures) for inverse estimation on unobserved trigger factors of "different types of simultaneous slope failures"... This paper presents an procedure for purifying training data sets (i.e., past occurrences of slope failures) for inverse estimation on unobserved trigger factors of "different types of simultaneous slope failures". Due to difficulties in pixel-by-pixel observations of trigger factors, as one of the measures, the authors had proposed an inverse analysis algorithm on trigger factors based on SEM (structural equation modeling). Through a measurement equation, the trigger factor is inversely estimated, and a TFI (trigger factor influence) map can be also produced. As a subsequence subject, a purification procedure of training data set should be constructed to improve the accuracy of TFI map which depends on the representativeness of given training data sets of different types of slope failures. The proposed procedure resamples the matched pixels between original groups of past slope failures (i.e., surface slope failures, deep-seated slope failures, landslides) and classified three groups by K-means clustering for all pixels corresponding to those slope failures. For all cases of three types of slope failures, the improvement of success rates with respect to resampled training data sets was confirmed. As a final outcome, the differences between TFI maps produced by using original and resampled training data sets, respectively, are delineated on a DIF map (difference map) which is useful for analyzing trigger factor influence in terms of "risky- and safe-side assessment" sub-areas with respect to "different types of simultaneous slope failures". 展开更多
关键词 Purification of training data simultaneous slope failures inverse analysis of unobserved trigger factor spatial data integration structural equation modeling.
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Research on the Spatial Interaction Effects Between Residents'Happiness and Urban Renewal in China:An Empirical Analysis Based on Spatial Simultaneous Equations
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作者 Zhichang CHEN Yadong MA Xiaoxu ZHANG 《Journal of Systems Science and Information》 2025年第4期550-569,共20页
Recent research has indicated that urban renewal can positively impact residents'happiness.However,the reciprocal influence of residents'happiness on urban renewal requires further exploration.Employing an int... Recent research has indicated that urban renewal can positively impact residents'happiness.However,the reciprocal influence of residents'happiness on urban renewal requires further exploration.Employing an inter-provincial panel dataset spanning from 2006 to 2020 and considering spatial dynamics,this study employs a spatial simultaneous equation model to analyze the mutual interaction and spatial spillover effects between residents'happiness and urban renewal.The findings reveal a bidirectional promotion mechanism between residents'happiness and urban renewal.Specifically,urban renewal contributes to heightened residents'happiness,while residents'happiness also fosters urban renewal.Moreover,a notable spatial interaction spillover effect is observed between residents'happiness and urban renewal.The linkage between residents'happiness and urban renewal in the focal region is intricately intertwined with the same factors in surrounding areas. 展开更多
关键词 residents'happiness urban renewal spatial simultaneous equations
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Zoeppritz equation-based prestack inversion and its application in fluid identification 被引量:5
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作者 黄捍东 王彦超 +3 位作者 郭飞 张生 纪永祯 刘承汉 《Applied Geophysics》 SCIE CSCD 2015年第2期199-211,275,共14页
Prestack seismic inversion methods adopt approximations of the Zoeppritz equations to describe the relation between reflection coefficients and P-wave velocity, S-wave velocity, and density. However, the error in thes... Prestack seismic inversion methods adopt approximations of the Zoeppritz equations to describe the relation between reflection coefficients and P-wave velocity, S-wave velocity, and density. However, the error in these approximations increases with increasing angle of incidence and variation of the elastic parameters, which increases the number of inversion solutions and minimizes the inversion accuracy. In this study, we explore a method for solving the reflection coefficients by using the Zoeppritz equations. To increase the accuracy of prestack inversion, the simultaneous inversion of P-wave velocity, S-wave velocity, and density by using prestack large-angle seismic data is proposed based on generalized linear inversion theory. Moreover, we reduce the ill posedness and increase the convergence of prestack inversion by using the regularization constraint damping factor and the conjugate gradient algorithm. The proposed prestack inversion method uses prestack large-angle seismic data to obtain accurate seismic elastic parameters that conform to prestack seismic data and are consistent with logging data from wells. 展开更多
关键词 Prestack inversion Zoeppritz equation simultaneous inversion fluid identification
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New Neumerical Method to Calculate Time-Dependent Quantum Properties in Finite Temperature Based on the Heisenberg Equation of Motion
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作者 Shin-Ichiro Kondo 《Journal of Modern Physics》 2012年第10期1537-1549,共13页
For the purpose of computer calculation to evaluate time-dependent quantum properties in finite temperature, we propose new numerical method expressed in the forms of simultaneous differential equations. At first we d... For the purpose of computer calculation to evaluate time-dependent quantum properties in finite temperature, we propose new numerical method expressed in the forms of simultaneous differential equations. At first we derive the equation of motion in finite temperature, which is found to be same expression as Heisenberg equation of motion except for the c-number. Based on this equation, we construct numerical method to estimate time-dependent physical properties in finite temperature precisely without using analytical procedures such as Keldysh formalism. Since our approach is so simple and is based on the simultaneous differential equations including no terms related to self-energies, computer programming can be easily performed. It is possible to estimate exact time-dependent physical properties, providing that Hamiltonian of the system is taken to be a one-electron picture. Furthermore, we refer to the application to the many body problem and it is numerically possible to calculate physical properties using Hartree Fock approximation. Our numerical method can be applied to the case even when perturbative Hamiltonians are newly introduced or Hamiltonian shows complex time-dependent behavior. In this article, at first, we derive the equation of motion in finite temperature. Secondly, for the purpose of verification and of exhibiting the usefulness, we show the derivation of gap equation of superconductivity and of sum rule of electrical conductivity and the application to the many body problem. Finally we apply this method to these two cases: the first case is most simplified resonance charge transfer neutralization of an ion and the second is the same process but impurity potential is newly introduced as perturbative Hamiltonian. Through both cases, it is found that neutralization process is not so sensitive to temperature, however, impurity potential as small as 10 meV strongly influences the neutralization of ion. 展开更多
关键词 HEISENBERG equatION of Motion NEUMANN equatION TIME-DEPENDENT Physical Properties Finite Temperature Numerical Solutions simultaneous Differential equations
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The simultaneity in human capital estimations: The case of China
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作者 Tam Bang Vu 《Chinese Business Review》 2009年第10期25-32,共8页
Existing papers on human capital and growth in China has been using single equation estimations.This might cause a simultaneity bias if a two-way causality between the two variables exists.In this paper,the author per... Existing papers on human capital and growth in China has been using single equation estimations.This might cause a simultaneity bias if a two-way causality between the two variables exists.In this paper,the author performs vector autoregressive estimations using panel data on the number of graduates at each level of education as a proxy for human capital in China during 1991-2005.The results show that investment in human capital increases output per worker at all three levels of education.Regarding the effects of output per worker on the accumulation of human capital,the author finds mixed results with the primary-school graduates'benefits the most from increases in per capita output. 展开更多
关键词 simultaneous equation estimations EDUCATION PRODUCTIVITY China's economy
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Analysis of High Concentration Spikes Appearing in Mass Plume in Nearly Homogeneous Turbulent Flow Based on the PDF Transport Equation
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作者 Masaya Endo Qianqian Shao +1 位作者 Takahiro Tsukahara Yasuo Kawaguchi 《Open Journal of Fluid Dynamics》 2016年第4期472-495,共24页
To evaluate the pollutant dispersion in background turbulent flows, most researches focus on statistical variation of concentrations or its fluctuations. However, those time-averaged quantities may be insufficient for... To evaluate the pollutant dispersion in background turbulent flows, most researches focus on statistical variation of concentrations or its fluctuations. However, those time-averaged quantities may be insufficient for risk assessment, because there emerge many high-intensity pollutant areas in the instantaneous concentration field. In this study, we tried to estimate the frequency of appearance of the high concentration areas in a turbulent flow based on the Probability Density Function (PDF) of concentration. The high concentration area was recognized by two conditions based on the concentration and the concentration gradient values. We considered that the estimation equation for the frequency of appearance of the recognized areas consisted of two terms based on each condition. In order to represent the two terms with physical quantities of velocity and concentration fields, simultaneous PIV (Particle Image Velocimetry) and PLIF (Planar Laser-Induced Fluorescence) measurement and PLIF time-serial measurement were performed in a quasi-homogeneous turbulent flow. According to the experimental results, one of the terms, related to the condition of the concentration, was found to be represented by the concentration PDF, while the other term, by the streamwise mean velocity and the integral length scale of the turbulent flow. Based on the results, we developed an estimation equation including the concentration PDF and the flow features of mean velocity and integral scale of turbulence. In the area where the concentration PDF was a Gaussian one, the difference between the frequencies of appearance estimated by the equation and calculated from the experimental data was within 25%, which showed good accuracy of our proposed estimation equation. Therefore, our proposed equation is feasible for estimating the frequency of appearance of high concentration areas in a limited area in turbulent mass diffusion. 展开更多
关键词 High Concentration Spikes Quasi-Homogeneous Turbulence Turbulent Mass Diffusion Concentration PDF Transport equation PIV and PLIF simultaneous Measurement
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Algebraic Method of Solving Simultaneous Equations
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《中学生数学(初中版)》 2009年第2期F0003-F0003,共1页
In the following sections we shall introduce the three basic algebraic methods of solving simultaneous equations.1.Equating Expressions
关键词 中等教育 英语教学 阅读理解 《Algebraic Method of SOLVING simultaneous equations
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Introduction of Simultaneous Equations
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《中学生数学(初中版)》 2009年第1期F0003-F0003,共1页
In primary school,you would have come across problem like the one shown below. 3 chickens and 4 ducks cost $ 99. 2 chickens and 3 ducks cost $ 71. Find the cost of 1 duck.
关键词 Introduction of simultaneous equations
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长江经济带FDI与区域协调发展空间交互影响研究
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作者 金飞 孙攀 《长江流域资源与环境》 北大核心 2025年第3期522-533,共12页
FDI是利用高质量外资的重要抓手,区域协调发展战略是党的十六届三中全会提出的“五个统筹”之一。因此,在国家大力推进高质量发展的背景下,厘清两者之间的关系尤为重要。构建区域协调发展评价指标体系,并采用熵值法测度出其具体数值;基... FDI是利用高质量外资的重要抓手,区域协调发展战略是党的十六届三中全会提出的“五个统筹”之一。因此,在国家大力推进高质量发展的背景下,厘清两者之间的关系尤为重要。构建区域协调发展评价指标体系,并采用熵值法测度出其具体数值;基于1990~2022年长江经济带11个省域的面板数据,采用全域莫兰指数对FDI与区域协调发展的空间自相关性进行检验,在此基础上,运用效应值可分解的空间联立方程模型,探究FDI与区域协调发展之间存在的交互影响。结果表明:(1)FDI与区域协调发展相互促进。(2)FDI与区域协调发展都存在显著的正向空间溢出效应。该文对高水平对外开放背景下利用高质量外资,以及深入推进区域协调发展战略具有重要的理论价值和实践意义。 展开更多
关键词 FDI 区域协调发展 空间联立方程模型 长江经济带
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地方再融资债务扩张与城商行风险反馈
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作者 李一花 祝婕 《经济理论与经济管理》 北大核心 2025年第12期115-136,共22页
当前地方政府表内表外债务均呈现出大规模借新还旧滚动接续的显著特征,其中蕴含的表内债务与表外债务关系和债务风险与银行风险关系值得深入研究。本文利用2018—2023年地方政府专项债再融资和融资平台再融资数据,匹配城商行风险数据,... 当前地方政府表内表外债务均呈现出大规模借新还旧滚动接续的显著特征,其中蕴含的表内债务与表外债务关系和债务风险与银行风险关系值得深入研究。本文利用2018—2023年地方政府专项债再融资和融资平台再融资数据,匹配城商行风险数据,采用联立方程组模型,考察了地方再融资债务扩张与城商行风险反馈的关系。研究发现,专项债再融资扩张会提升城商行风险感知水平,城商行提高流动性囤积会阻碍融资平台到期债务再融资,加深融资平台对财政的依赖,削弱地方政府对专项债的偿债能力,进一步推升专项债再融资规模。在进行多种稳健性检验和内生性检验后该结论依然成立。异质性分析发现,地方再融资债务扩张与城商行风险反馈受到地区经济实力、银行特征等因素影响呈现一定的异质性。拓展分析发现,城商行风险感知水平上升会提高融资平台再融资的风险溢价,可能不利于融资平台存量债务风险缓释。在地方政府债务进入存量时代且再融资规模居高不下的背景下,本文丰富了地方政府表内外债务互动和地方债务与银行风险反馈的研究,同时为财政金融协同化债提供新的启示。 展开更多
关键词 专项债再融资 融资平台再融资 流动性囤积 联立方程组模型
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