In the banking network system, systemic risk affected by many factors. The cross-ownership of the subordinated debts is regarded as the accelerator of the spread of the systemic risk. In view of the systemic risk of banking network systems, considered interbank lending, overlapping portfolios, and cross-ownership of the subordinated debts, a multi-channel systemic risk contagion network model is proposed. In addition, in order to reflect the operation process of the banking network system more truly, the model introduces investment risk and allows banks to compensate for liquidity by depreciating assets. Based on the proposed model, the effects of deposit, investment, cross-ownership of the subordinated debts, and deposit reserve rate on risk contagion are studied and analyzed quantitatively. The proposed model indicates that cross-ownership of the subordinated debts is helpful to the stability of the banking network system when the banking network system suffered a small shock, but once the banking network system suffered a big shock, cross-ownership of the subordinated debts becomes the booster of risk transmission in the banking network system, which is liable to lead to the Domino effect of bankruptcy. This study provides a scheme for quantitative research on the systemic risk of the banking network system, which can be calibrated to real data. It also provides a reference for policy makers and regulatory authorities to guard against systemic risk of banking network systems.

在银行网络系统中，系统性风险受许多因素影响。次级债的交叉所有权被认为是系统风险传播的加速器。鉴于银行网络系统的系统风险，考虑到银行同业拆借，投资组合重叠以及次级债务的交叉所有权，提出了一种多渠道系统风险传染网络模型。此外，为了更真实地反映银行网络系统的运行过程，该模型引入了投资风险，并允许银行通过贬值资产来补偿流动性。在此模型的基础上，定量分析了存款，投资，次级债的交叉所有权，存款准备金率对风险蔓延的影响。所提出的模型表明，当银行网络系统遭受较小冲击时，次级债的交叉所有权有助于银行网络系统的稳定性，但是一旦银行网络系统遭受较大冲击，则次级债的交叉所有权成为银行网络系统中风险传递的助推器，这很可能导致Domino破产效应。这项研究为银行网络系统的系统风险的定量研究提供了一种方案，该方案可以根据实际数据进行校准。它还为决策者和监管机构提供参考，以防范银行网络系统的系统性风险。但是，一旦银行网络系统遭受了巨大的冲击，次级债的交叉所有权就成为银行网络系统中风险传递的助推器，这很可能导致多米诺骨牌效应破产。这项研究为银行网络系统的系统风险的定量研究提供了一种方案，该方案可以根据实际数据进行校准。它还为决策者和监管机构提供参考，以防范银行网络系统的系统性风险。但是，一旦银行网络系统遭受了巨大的冲击，次级债的交叉所有权就成为银行网络系统中风险传递的助推器，这很可能导致多米诺骨牌效应破产。这项研究为银行网络系统的系统风险的定量研究提供了一种方案，该方案可以根据实际数据进行校准。它还为决策者和监管机构提供参考，以防范银行网络系统的系统性风险。