中国影子银行的监管套利与法律规制研究

On the System of Regulatory Arbitrage and Legal Regulation on the China's Shadow Banking

影子银行对于金融体系带来的主要威胁是监管套利,而监管套利诱发系统性风险具有明显的消极影响。为了有效规制影子银行监管套利行为,需对于传统监管模式进行变革,引入原则导向监管模式和"自我承诺"类监管工具,健全影子金融监管协调机制和宏观审慎监管框架,以降低政府监管成本并提高监管实效。

The main threat of the shadow banking is regulatory arbitrage to the financial system, and regulatory arbitrage triggers systemic risk which has obvious negative impact. In order to effectively regulate regulatory arbitrage of the shadow banking, the traditional supervision mode should be changed, the principle orientation regulation mode and ＂self-commitment＂ regulation tools should be introduced, and the shadow banking supervision coordination mechanism and macro-prudential regulation framework should be perfected, in order to decrease the cost of refulation. government regulation and improve the effect of regulation.