影子银行的风险与监管改革研究

The Risks and Regulatory Reform of Shadow Banking

本文从运行模式、金融工具、金融机构、风险传递等方面对中美影子银行进行比较研究。研究结果表明,现阶段中国影子银行基本上还没进入资产证券化领域,金融工具简单、杠杆率低,但中国影子银行本身隐藏了巨大的风险,给传统商业银行经营带来了负面影响,其信用创造功能削弱了货币政策效果,高利率扭曲了资金价格,危及实体经济。因此,要完善相关法律法规、将影子银行纳入监管范围,加强"一行三会"的相互协作、引入功能监管,提高其信息披露透明度,构建宏观审慎监管与微观审慎监管相结合的监管框架,强化影子银行系统性风险预警与动态监测。

This paper presents a comparative study of Chinese and Ameirican shadow banking in the aspects of operation mode, financial tools, financial institutions, risk transmission and so on. The results show that, at present, Chinese shadow banking hasn＇ t basically entered the field of asset securitization, their financial tools are simple and the leverage ratio is low. Neverthless, huge risks hide in Chinese shadow banking which have negative impacts on the operation of traditional commercial banks, and the function of the credit creation of shadow banking weakens the effects of monetary policy, the high interest rates distort fund price and hurt real economy. Therefore, it＇s necessary to improve relevant laws and regulations, supervise shadow banking, strengthen the cooperation of PBC, CBRC, CIRC and CSRC, introduce function supervision, increase the transparency of the in- formation disclosure of shadow banking, construct the supervision framework that combines the macro-prudential supervision and the micro-prudential supervision, strengthen the early warning and dynamic monitoring of the systemic risks of shadow banking.