Abstract: With the development of financial innovation and financial technology, financial institutions, as the core carrier of the financial system, are increasingly related to each other. Therefore, the degree of risk contagion across institutions is increasing. From the perspective of Risk Spillover, this paper constructs a dynamic correlation network of Risk Spillover model Based on TENET to study the direction and path of risk contagion among financial institutions, and the dynamic evolution mechanism of Risk Spillover intensity. The data of Chinese financial institutions from 2014 to 2021 is selected to empirically analyzes the nonlinear risk spillover network structure and Risk Spillover level among the institutions. It is found that the systemic risk level of Chinese financial institutions presents periodic changes and nonlinear characteristics. In addition, the Risk Spillover intensity of the securities sector is the highest. Furthermore, the Systemic Risk Spillover of financial technology institutions is gradually increasing. Moreover, the banking sector absorbs most of the Risk Spillover of other financial institutions, which plays a major role in maintaining the stability of the financial system. It is suggested that the regulatory application of financial technology should be noticed. The supervision of cross-market risk contagion among financial institutions should be strengthened. The recommendations of this paper can help China's financial risk prevention system to keep the bottom line of systemic financial risk nonoccurrence.

Key words: systemic risk, TENET, risk spillover, nonlinear measure