我国地方政府通过影子银行融资的监管研究——以新型城镇化建设为背景

Research on Regulation of Chinese Local Government Financing through Shadow Banking—Under the Background of New Urbanization

由于地方融资平台向银行贷款监管准入标准日益严苛,部分资产质量较差、盈利能力较低、难以符合贷款准入条件的地方融资平台开始开辟新的资金来源渠道,纷纷转向信托、基金、保险等影子银行机构或向银行的"影子业务"寻求资金支持。目前地方政府向影子银行的融资呈现高增长的态势,通过建立市场内外部横向与纵向规制相结合的监管体系,引导地方政府融资平台"合理""合规""合法"地向影子银行融资,抑制其固有的风险性带来的负面影响,将是对当下我国面临城镇化新一轮建设的重要支持。建立我国地方政府向影子银行融资的监管模式,也是我国建立资本创新体制并发展金融创新市场的契机。

Due to the increasingly stricter regulating admittance criterion of bank loans to LGFP, some LGFPs with low-quality assets, low profitability and low qualification of loan have started to find new channels of capital source. In general, these LGFPs always turn to some shadow banking organizations such as trust, fund and insurance or the ＂shadow business＂ of banks to seek financial supports. However, the current capitalization of local governments from shadow banks appears high growth posture. In order to support the new round construction of urbanization, we should build internal and external, horizontal and vertical market regulating system, guide LGFPs＇ financing from shadow banks reasonably, compliantly and legally and further control the negative effects from shadow banks＇ intrinsic risk. It is an opportunity for China to set up capital innovation system and develop financial innovation market through establishing the regulation mode of local government financing from shadow banks.