中国影子银行发展及风险控制——基于监管机制改革的视角

Shadow Banking Development and Risk Control——Based on the Perspective of Regulatory Mechanism Reform

2020年末,银保监会课题组发布的《中国影子银行报告》令学界和业界对影子银行的关注持续升温。本文基于监管机制改革视角,从理论逻辑和历史演进方面梳理了银子银行发展、风险生成、监管机制改革之间的关系,分析当前监管机制改革中仍存在的问题及产生根源。结论认为,在后资管新规时代,“风险导向型”监管实现了对影子银行被动适应到主动防御的转变,但当前监管机制改革下仍存在会计信息披露不完善、监管策略缺乏弹性以及对非银行体系评估能力较弱等问题。因此,为提升监管效率,有效化解风险,应强化表内结构化分析及表外披露,实施分级分类监管,同时围绕宏观审慎监管体系,增强金融支持实体经济发展的能力,维持经济稳定,统筹兼顾风险控制与业务发展。

The Report on China’s Shadow Banking released by the Research Group of China Banking and Insurance Regulatory Commission at the end of 2020 makes investors pay more attention on shadow banking.From the perspective of theoretical logic and historical evolution,this paper combs the relationship between the development of shadow banking,risk generation and regulatory mechanism reform,and further studies the existing problems and root causes in the current regulatory mechanism reforrm.Our conclusions suggest that,the"risk-oriented"supervision on shadow banking has transformed from passive adoption to active defense since the implementation of the new regulation on capital management.However,under the current regulatory mechanism reform,there are still some problems,such as imperfect disclosure of accounting information,lack of flexibility of regulatory strategies and weak ability to evaluate the non-banking system under macro-prudential supervision.To control the systemic risks and improve the regulation on shadow banking,we suggest to strengthen structural analysis of balance sheet and the disclosure of off-balance business,carry out regulation on different levels and categories,also coordinate risk management with economic development.