Small and medium-sized bet365 premier league odds are mainly composed of urban commercial bet365 premier league odds and rural financial institutions，Occupying an important and fundamental position in my country’s financial system，It is to develop inclusive finance、An important force serving small and medium-sized private enterprises。Since the 2008 financial crisis，The asset size of small and medium-sized bet365 premier league odds generally maintains a rapid growth trend，However, behind the rapid expansion of assets is an increase in on- and off-balance sheet risk exposures。In recent years，The Financial Affairs Commission of the State Council continues to deploy the work of small and medium-sized bet365 premier league odds，Pay close attention to the risks of small and medium-sized bet365 premier league odds。

2020 is a crucial year for fighting the three tough battles of "preventing and resolving major risks", "targeted poverty alleviation" and "pollution prevention and control"。The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly proposed，“Improve financial risk prevention、Early Warning、Disposal、Accountability system”。Small and medium-sized bet365 premier league odds are an important part of my country’s financial system，It is also a weak link in the current banking system，It is of great practical significance to deepen the risk prevention and resolution of small and medium-sized bet365 premier league odds。

　　Risk status of small and medium-sized bet365 premier league odds

In recent years，With the continuous development of my country’s economy and society，The asset size of bet365 premier league odds, especially small and medium-sized bet365 premier league odds, has also increased significantly。The rapid expansion of assets of small and medium-sized bet365 premier league odds is accompanied by an increase in on- and off-balance sheet risk exposures。Non-performing loan ratio and provision coverage ratio indicators are common indicators that reflect the risk exposure on the bank's balance sheet，2009-2019，The average non-performing loan ratio of small and medium-sized bet365 premier league odds is significantly higher than that of large commercial bet365 premier league odds and joint-stock commercial bet365 premier league odds，And the provision coverage ratio is significantly low。In particular, the risk exposure problem of rural commercial bet365 premier league odds is very serious，Since the second quarter of 2018，Its non-performing loan ratio has always been around 4%，2-3 times that of large commercial bet365 premier league odds and joint-stock commercial bet365 premier league odds，The provision coverage ratio is only 50%-70% of these two types of bet365 premier league odds。The non-performing loan ratio of city commercial bet365 premier league odds also reached 2 in the second quarter of 2019.48% of the highest level。From the perspective of off-balance sheet financial business reflecting participation in shadow banking activities，The balance of wealth management products of urban commercial bet365 premier league odds and rural financial institutions is significantly higher than that of large commercial bet365 premier league odds and joint-stock commercial bet365 premier league odds，This means that the scale of off-balance sheet financial management business of small and medium-sized bet365 premier league odds has expanded at a faster rate in recent years，Off-balance sheet risks are rising rapidly。

Taken together，Higher systemic risk levels of small and medium-sized bet365 premier league odds，Reflects its deficiencies in risk management and its response to supervision、Vulnerability in changes in external environment such as policies。

　　Causes of risks for small and medium-sized bet365 premier league odds

The causes of risks for small and medium-sized bet365 premier league odds include macroeconomic factors，There are also bank governance factors。Economic growth slows down、Changes in economic structure、Interest rate liberalization and regulatory reform are the macro background for the formation of risks for small and medium-sized bet365 premier league odds，This is also a common macro environment faced by other non-small and medium-sized bet365 premier league odds。Analysis of the risk causes of small and medium-sized bet365 premier league odds and policy discussions on risk resolution paths are essential for preventing and resolving financial system risks、Maintaining financial stability is of great significance。

First，Bank risk externalities and moral hazard are the direct causes of risks for small and medium-sized bet365 premier league odds。bet365 premier league odds are the nodes of social financing，The risk taking and exposure have strong externalities，That is, the benefits of risk taking belong to the bank shareholders or management，The cost of its risk exposure may be borne by depositors。When supervision is inadequate and corporate governance is missing，This kind of strong externality will cause bank controllers to breed moral hazard，Adopt risk-taking strategy，Ultimately leading to increased risk exposure。On the one hand，Financial management through small and medium-sized bet365 premier league odds、Peers、Financial market and other models，Break through the limitations of business fields and operating regions，further amplifies its network effect。Especially in recent years, the network centrality of small and medium-sized bet365 premier league odds has increased significantly，Enables risk externalities to be transmitted to other economic entities faster。On the other hand，Due to insufficient governance and inadequate supervision of small and medium-sized bet365 premier league odds，Some small and medium-sized bet365 premier league odds are under the control of shareholders and management，Serious moral hazard problem occurs，Resulting in over-expansion of scale and increase in risk exposure。

Second，The "procyclical" bank leverage and implicit guarantees make the liability side of small and medium-sized bet365 premier league odds more vulnerable。The "procyclical" adjustment of bank leverage is another reason for the increase in risk exposure of commercial bet365 premier league odds，This feature is especially obvious in small and medium-sized bet365 premier league odds。When the size of the bank's balance sheet increases，It prefers positive asset and liability adjustments，Increase own leverage level，Leading the liability side of bet365 premier league odds to become more vulnerable。Research findings，The existence of implicit guarantees will reduce bet365 premier league odds’ incentives to convey their own risk-taking willingness through low leverage，Further amplifying the "procyclical" nature of bank leverage。Compared to large commercial bet365 premier league odds and joint-stock bet365 premier league odds，my country's small and medium-sized bet365 premier league odds are mostly developed on the basis of urban credit cooperatives and rural credit cooperatives，Is an important force in local economic development。For a long time, small and medium-sized bet365 premier league odds have been under the implicit guarantee of local governments，The "procyclical" characteristics are fully displayed。In addition，Due to the low "franchise value" of the implicit guarantee of small and medium-sized bet365 premier league odds，bet365 premier league odds do not have strong incentives to reduce their own risks in order to continue to obtain "franchise value"，This further promotes the accumulation of risks for small and medium-sized bet365 premier league odds。

　Third，Interest rate liberalization and risk transfer effects have led to excessive allocation of high-risk assets on the asset side of small and medium-sized bet365 premier league odds。When bank interest rate spreads are too low，The moral hazard between bet365 premier league odds and depositors will be further intensified，bet365 premier league odds speculate more intensely by taking on higher risks and passing investment risks onto depositors，That is, the "risk transfer effect" may lead to an increase in bank risk taking。With the slowdown of my country’s macroeconomic growth，Return on investment in the real economy continues to decline，Credit resources to infrastructure、Real Estate、Local government and state-owned enterprises are tilted，The comparative advantages of small and medium-sized enterprises and small and medium-sized bet365 premier league odds are gradually weakening。Compared to large commercial bet365 premier league odds and joint-stock bet365 premier league odds，Small and medium-sized bet365 premier league odds have higher liability-side funding costs，Given the asset-side income，Interest spread further reduced。In addition，With the gradual advancement of interest rate marketization，In the context of increasing downward pressure on the economy，Bank asset-side yields have fallen even further，The downward trend in liability-side costs is limited。Restricted by region、Influences such as fewer outlets，Small and medium-sized bet365 premier league odds face greater pressure on interest rate spreads，Therefore，Its motivation to allocate higher-risk assets on the asset side to alleviate spread pressure is even stronger，Risk exposure increases。

　　Improving the operating environment of small and medium-sized bet365 premier league odds

The handling of risk problems of small and medium-sized bet365 premier league odds is divided into two levels: resolution and prevention。Risk resolution focuses on short-term event response，The core lies in choosing appropriate risk exposure methods and treatment measures，Avoid micro risks from evolving into macro systemic risks。Risk prevention focuses on medium- and long-term system design，The core is to improve the operating environment of small and medium-sized bet365 premier league odds，Reduce the probability of risk events。

First，Preventing the risks of small and medium-sized bet365 premier league odds lies in standardizing corporate governance，The root cause lies in promoting the transformation and upgrading of the economic and financial system。Irregular corporate governance is the direct cause of risks for small and medium-sized bet365 premier league odds，Therefore，Standard corporate governance、Implement shareholder responsibilities、Supplement and consolidate capital，Is an important measure to prevent risks of small and medium-sized bet365 premier league odds。The core of risk prevention for small and medium-sized bet365 premier league odds is to continue to optimize the regulatory environment and economic structure，Easing the institutional difficulties faced by small and medium-sized bet365 premier league odds。

First，Continue to promote the deposit insurance system，Resolutely break the implicit guarantee and unlimited deposit guarantee expectations，Increase market supervision and constraints on bank risk taking。Second，Continue to promote interest rate marketization，At the same time, regulatory constraints and capital requirements must be strengthened，Avoid the downward pressure on interest rate spreads that causes some bet365 premier league odds to choose excessive risk-taking。Third，Promote mergers and reorganizations of small and medium-sized bet365 premier league odds，Enhancing the capital strength and scale effect of small and medium-sized bet365 premier league odds，Strengthening technology and talent levels，Provide realistic conditions for improving the operating quality of small and medium-sized bet365 premier league odds。Fourth，Bank-dependent entity，Alleviating the difficulties of small and medium-sized bet365 premier league odds and economic transformation and upgrading are mirror images of each other。Only by increasing the proportion of residents in income distribution，Increase the proportion of consumption and services in the economy，Continuously stimulate the business vitality of small and medium-sized enterprises，Only then can the comparative advantages of small and medium-sized bet365 premier league odds in serving small and medium-sized enterprises be revealed。Obviously，This transformation will be gradual and slow，Need fiscal and tax policies、Financial Structure、Industry access and other aspects of system reform are jointly promoted。

Next，bet365 premier league odds exposure is the prerequisite for resolving risks，Clear identification of defects and responsibility attribution are the core。Bank bet365 premier league odds resolution ultimately comes down to capital replenishment and subject responsibility sharing (responsible subjects mainly include shareholders、Management、Subordinated capital holders、creditor、Depositors and taxpayers, etc.)。bet365 premier league odds exposure and clear bad identification are the prerequisites for bet365 premier league odds resolution，Only by clarifying the problem itself and its source，Only then can a reasonable subject responsibility sharing and bet365 premier league odds resolution plan be formed。

Finally，Reasonably grasp the scope and pace of bet365 premier league odds exposure，Make anticipatory guidance，Maintain market and liquidity stability，Avoid over-infection of bet365 premier league odds events。Bank bet365 premier league odds events are potentially contagious，On the one hand，bet365 premier league odds exposure must be bold and prompt，Full disclosure should be made to stakeholders，Resolutely break the expectation of just redemption that exceeds the scope of deposit protection，Provide warnings to prevent future risks。On the other hand，Supervision needs to consider the economic and financial environment and market sentiment，We must provide anticipatory guidance，Avoid excessive panic in market sentiment。When necessary，The central bank needs to assume the role of lender of last resort，Inject liquidity to avoid liquidity crisis。

　　(Author’s unit: Department of Economics and Management, East China Normal University；GF Securities Development Research Center)