影子银行对我国货币政策实施效果影响的实证研究

An Empirical Study of Effects of Shadow Banking in Implementation of Monetary Policy in China

影子银行诞生于商业银行业竞争较为激烈的时期,在金融创新监管有所放松的大背景下,为了提高竞争力,商业银行往往采取规避监管的方式,通过将高风险贷款经理财、信托等表内业务转移到表外以满足监管的要求并降低流动性风险。为了解影子银行对于我国货币供应的影响,本文采取VAR模型来研究各内生变量对系统的影响,得出影子银行规模的扩张与货币调控方向相反的结论,并提出了针对性的建议。

The shadow bank was born in the fierce competition period of commercial banking.Under the background that financial innovation supervision has been relaxed,in order to improve competitiveness,commercial banks tend to adopt a circumvention of supervision by transforming high-risk loans into wealth management,trusts,etc.,so that on-balance sheet items can be transferred to off-balance sheet business to meet regulatory requirements and reduce liquidity risks.In order to understand the impact of shadow banking on China＇s money supply,this paper adopts the VAR model to study the impact of each endogenous variable on the system,and draws conclusions that the expansion of the shadow bank scale is in the opposite direction of currency control,and proposes targeted recommendations.