现金池业务与影子银行演变研究

The Research on Cash Pool and the Evolution of Shadow Banking

本文从"现金池"业务模式的运行及其作用入手,分析"现金池"业务向影子银行的演变。影子银行在一定范围内满足了企业"现金池"对安全资产需求,满足实体企业真实需要的影子银行类业务具有积极作用。但是,影子银行业务演变可能引发新型银行业危机。因此,"现金池"的综合收益率以银行活期存款利率和主业利润率为上下限。对企业"现金池"业务的预期收益应有限度和约束。防止"现金池"业务变成资金空转平台。应引导企业集团"现金池"业务立足实体需求有序运行。科学合理监管和疏导影子银行业务。

This article concerns the evolution from cash pool business to shadow banking,by analyzing the business mode and effects of cash pool.To a certain extent,shadow banking caters to the demand of institutional cash pools for safe assets.And it is positive that some shadow banking meet the real needs of business entities.However,the evolution of shadow banking business may initiate a new type of banking crisis.Therefore,the bounds of the overall yield rate of a cash pool are the demand deposit interest rate and the dominant business profit rate.The expected return on cash pool should be limited and constrained,in case that the cash pool business turned to be a fund idle platform.The cash pool business of enterprise groups should be correctly guided,satisfying entity needs.To supervise and guide shadow banking in a scientific and reasonable way.