影子银行杠杆效应对整体金融杠杆率的影响

The Impact of Shadow Banking Leverage Amplification on Overall Financial Leverage Rate

从我国影子银行的内涵、产生原因、运营模式及风险特征入手,实证分析影子银行的杠杆效应对整体金融杠杆率的影响。结果表明:我国影子银行主要通过同业存单、同业理财及委外投资等运作模式获取收益和规避监管,具有期限错配、监管套利、高杠杆和高关联等特性,因而存在风险的产生、放大和转移等问题。结合当前金融“去杠杆”的监管措施,对影子银行健康发展和风险防范提出相应建议。

This paper elaborates on the connotation,causes,operation mode and risk characteristics of shadow banking in China,and empirically analyzes the impact of the leverage amplification effect of shadow banking on the overall financial leverage ratio.The result shows that shadow Banks in China mainly obtain profits and evade regulation through operation modes such as interbank deposit certificates,interbank financing and outsourcing investment,which bear characteristics such as maturity mismatch,regulatory arbitrage,high leverage and high correlation,and thus generate,amplify and transfer risks.Finally,this paper puts forward several corresponding suggestions on the future healthy development and risk prevention of shadow banking based on the current regulatory measures of financial"de-leveraging".