对我国金融机构资产负债表、杠杆率与金融稳定的思考

Thoughts on Balance Sheet, Leverage Ration and Financial Stability of Financial Institutions in China

金融机构的资金来源方式、资金运用方式会影响金融机构本身和金融体系的杠杆率与稳定性。若金融机构或金融体系主要通过金融市场融资,资金运用主要集中于金融资产,并且通过金融资产进行再融资的规模不受限制,那么面对宏观经济或金融市场的冲击,这种类型的金融机构或金融体系的杠杆率会快速下降,在其资产和负债的期限错配较严重时,资金链条就会断裂,引发系统性金融风险。通过分析不同的资金来源和运用方式对金融机构杠杆率产生的影响,并结合历史上数次金融危机的教训,针对杠杆率快速下降时如何维护金融稳定提出了政策建议。

The financial institutions＇ funding sources and funding use would affect the financial institutions＇ leverage ratio and financial stability themselves. If the financial institutions or financial system mainly financed from the financial market, the funding use mainly concentrated on the financial assets and the scale of refinancing from the financial assets was not limited. Then when facing the macroeconomic or financial market shocks, the leverage ratio this type of financial institutions declined rapidly. If the term mismatch of the assets and liability was more serious, the capital chain would break off and lead to systematic financial risk. This paper analyzed the different funding sources and funding use＇ s impact on the financial institutions leverage ratio, referred to the lessons of several financial crisis in history, gave some advises for how to keep the financial stability when the leverage ratio declined rapidly.