基于中美对比视角的中国影子银行发展研究

Research on Shadow Banking System's Development Based on the Perspective of Comparison between China and the United States

新常态下,影子银行风险不断累积,为探究中国影子银行发展情况以及下一步应该采取的策略,以中美两国影子银行对比为主线,基于金融市场发展演进的历史与规律,对影子银行的运作机制、运作效果、主要缺陷等方面进行研究。结果表明:分别以融资为主导及以证券化为中心的中美影子银行体系都存在着诸多优缺点;在借鉴与反思的基础上,应不断完善相关市场条件,规范影子银行运作细则,并逐步引导一部分高资质影子银行向证券化方向过渡,一方面提高金融结构与实体经济的匹配程度,另一方面利用各类金融机构直接或间接的信用支持缓解债务压力。

Under China＇s newnormal,shadowbanking system＇s risk is accumulating.To explore China＇s shadowbanking system ＇s situation and the strategy to adopt,this paper studies operation mechanism,operation effects and major drawbacks of the shadowbanking system based on the main line which contrasts China and the United States,and lawof development of financial market evolution.The article holds the viewthat Chinese and American shadowbanking which dominated by the central financing and securitization respectively exists many advantages and disadvantages.On the basis of reference and reflection,our government is obliged to perfect the related market conditions constantly,standardize the shadowbanking operation rules in detail and guide a portion of the shadowbanks with high quality moving to securitization gradually.On the one hand,it will improve the compatibility between financial structure and the real economy,on the other hand,with direct or indirect credit support,it will alleviate the pressure of the debt in our country by using all kinds of related financial institutions.