中国影子银行体系的发展与影响——基于国际比较视角的政策选择

The Development and Influence of Chinese Shadow Banking System and Its Policy Selection——From the International Comparative Perspective

近年来,中国影子银行体系快速发展,在提高社会融资效率弥补金融市场发展不足的同时,也带来了金融风险及对监管和货币政策的挑战,规范发展影子银行为中国经济金融发展所用,成为学术界和实务界共同关注的课题。本文通过与发展成熟的美国影子银行体系进行比较研究,指出中国影子银行体系产生与发展的历史必然性,并在辩证看待影子银行利弊基础上,充分考虑当前中国金融体系发展阶段和特殊性,从建立完善的统计监测分析体系、构建统一的监管框架和加快商业银行转型发展的角度,提出促进影子银行体系规范发展的政策建议。

Recently, Chinese shadow banking system is developing quickly, and it raises the social financial efficiency and makes up the financial market developing insufficiency, at the same time, it brings risk and challenge to financial supervision and monetary policy. So regulating and developing shadow banking system and making using of it for Chinese economic developing is a very important project in the research and practice financial field. The paper points out there is a historical necessary for the Chinese shadow banking system incuring and developing through comparison between American shadow banking system and Chinese shadow banking system. And we should consider the developing stages and special characteristics of Chinese shadow banking system on the basis of the advantage and disadvantage of shadow banking system, establishing perfect statistical analytical system,constructing the shadow banking system supervision policy frame and facilitating the commericial bank transation, to develop the Chinese banking system.