房地产、影子银行与宏观审慎监管机制——基于房地产金融属性视角的分析

Real Estate, Shadow Banks and Macro Supervision Mechanism——Based on Study of Financial Nature of Real Estate

文章从房地产金融属性的视角,对房地产金融支持的放大功能、抵押担保对房地产的依赖性和房地产的金融衍生三个方面的金融属性进行了分析。在此基础上,对房地产发展引发的"影子银行"形成机制进行了客观的论述,指出了"影子银行"产生发展的必然性和蕴藏的金融风险。并对宏观审慎监管体系中房地产金融风险控制体系的构建,从房地产金融发展战略、政策性房地产金融、金融创新与宏观审慎监管的协调、房地产金融与产业金融的协调以及逆周期监管等五个方面提出了框架性建议。

In the view of financial nature of real estate, this paper discusses financial nature of real estate from magnified function of financial supporting real estate, dependence of real estate of mortgage guarantee and financial derivatives. The paper points out the necessity of shadow banks and its risks and comes up with the ways how to build up the framework of preventing the risks in macro supervision from five aspects such as strategy of real estate finance, coordination between financial innovation and macro supervision, coordination between real estate finance and industrial finance and so on.