论我国“影子银行”的表现形式——基于法律关系的视角

The Manifestations of Shadow Banking in China from the Perspective of Legal Nexus

"影子银行"体系是非银行的信用中介机构,主要从事着期限转换、流动性转换的信用中介活动。从法律关系来分析,"影子银行"体系是由一系列的交易组成。因此,"影子银行"体系的法律关系可以分为交易法律关系主体、内容以及交易法律关系客体。根据"影子银行"的交易法律关系主体和客体来分析我国"影子银行"的表现形式,主要有银信理财合作业务、资产证券化以及私募股权投资基金。而民间金融不属于"影子银行"。

Generally considered, Shadow Banking System is a non-bank intermediary engaging in maturity and liquidity conversion. From the perspective of Legal Nexus, it consists of series of transactions. Consequently, its legal nexus can be divided into transaction subjects, contents and objects. Based on the analysis of transaction subjects and contents of the legal nexus, the manifestations of shadow banking in China mainly includes money management cooperation, assets securitization and private equity fund. Otherwise, informal finance shall not be included in the shadow banking system.