中国影子银行与金融改革:以银证合作为例

China's Shadow Banking and Financial Reform:Case of Banking-Securities Cooperation

中国影子银行业的兴起是长期金融压抑的结果。其发展既为金融市场化改革带来了倒逼动力,也对金融体系的稳定性带来潜在的系统性风险。作为影子银行业的重要组成部分,银证合作源于监管套利动机,是银行和证券公司应对市场竞争的结果。通过定向资产管理,银行突破了信贷限制,实现对实体经济的贷款;同时也因其表外业务特征,造成信用风险和流动性风险。银证合作是未来资产证券化进程中的一种过渡形式,监管机构应从短期和长期两方面着手.在风险调控的同时,对银证合作业务进行合理规范和引导,并将其纳入金融改革的整体规划。

The prolonged financial repression has resulted in the rise of shadow banking in China.Shadow banking has served as a driving force for China' s financial reform and also brought potential systematic risks to the stability of the financial system.As an important part of China' s shadow banking,the corridor business under the banking-securities cooperation has been motivated by regulatory arbitrage and is also the result of market competition facing both banks and securities firms.Its fixed-target assets management plan allows the banks to lend to the real sectors with no limit of credit quotas;however,it also carries credit and liquidity risks.This article provides a systemic analysis of the rationale of the development,features and major operational patterns of the banking-securities cooperation and analyzes its potential risks and policy implications for regulators.It argues that the current banking-securities corridor business is a transitional form of real securitization in the future.Therefore,regulators should focus on risk management in the short-term and implement institutional financial reform in the long term to properly regulate the business.