[Retracted] Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China

Table 4

Risk spillover effects of SMEs on various banks (α = 5%).

Year	CoVaR				△CoVaR
	Banks	State-owned banks	Joint-stock banks	City commercial banks	Banks	State-owned banks	Joint-stock banks	City commercial banks
2010	−8.01	−6.28	−8.10	−8.91	−7.12	−5.57	−7.21	−7.67
2011	−6.63	−4.71	−6.99	−6.86	−5.90	−4.17	−6.25	−5.90
2012	−5.50	−4.09	−5.70	−6.14	−4.89	−3.63	−5.09	−5.28
2013	−9.15	−5.67	−10.06	−8.36	−8.14	−5.02	−9.04	−7.19
2014	−6.83	−5.80	−6.89	−6.83	−6.07	−5.14	−6.13	−5.88
2015	−12.21	−11.37	−11.81	−13.07	−10.85	−10.08	−10.46	−11.25
2016	−5.34	−4.65	−5.30	−6.11	−4.75	−4.12	−4.71	−5.26
2017	−4.65	−4.32	−4.79	−5.01	−4.14	−3.83	−4.28	−4.31
2018	−6.62	−6.26	−6.53	−5.92	−5.88	−5.55	−5.79	−5.09
2019	−5.80	−4.40	−6.18	−5.67	−5.16	−3.90	−5.53	−4.88
2020	−6.51	−4.62	−6.99	−6.23	−5.91	−4.12	−6.78	−5.38
Mean	−6.74	−5.64	−7.09	−7.26	−6.13	−5.04	−7.17	−6.17