国内银行理财业务与影子银行关系研究

Study on the Relationship between FinancialSevices of Domestic Banks and Shadow BankingSystem

国内银行理财业务发展迅速。目前共有超过300家银行开展了理财业务,余额接近10万亿元,产品较为多样,基本能满足理财投资者各类投资需求。本文从政策和操作两个层面对理财业务与影子银行的关系进行了比较分析。目前,我国已对理财业务建立了较为严格的监管框架,理财业务法律关系清晰,信息应按要求充分披露,无高杠杆操作,流动性风险可控,从政策层面不应属于影子银行。但在实际操作中,为规避监督和实现监管套利,部分银行存在理财业务资金来源与运用不能对应,表现为影子银行。中长期看,银行理财业务发展机遇与挑战并存,理财业务将成为银行的一项主营业务,银行将持续减少理财投资对'通道'的依赖,探索理财产品直接投资,提高投资标准化投资工具的比重。同时,银行在销售渠道、内部控制和风险管理技术方面的优势将促进银行理财业务持续健康发展。

Abstract:The wealth management business has witnessed a rapid growth in China.At present,there are over 300 banks providing various wealth-management services and products with outstanding balance of around RMB 10 trillion,which could largely satisfy different investment demand of customers.This study carries out comparative analysis between wealth management business and shadow banking business from both the policy and operational aspects.Currently,strict regulatory framework has been set up in China to regulate wealth management business.Under this regulatory framework,the wealth management businesses have clear-cut legal relationship and adequate information disclosure process;they do not have high leverage;and the liquidity risk is controllable.Due to these characteristics,this paper argues that wealth management businesses in China do not fall into the category of shadow banking business from the policy aspect.However,in operations,some banks try to dodge supervision and seek regulatory arbitrage.The wealth management funds raised for one wealth management product fails to match with their investment as required by the regulatory policy.From this aspect,this paper argues that this kind of wealth management business belongs to shadow banking.In the medium-to-long term,the development of wealth management business presents both opportunities and challenges.As the wealth management business is gradually growing into one of the main banking businesses,banks would become less dependent on“conduits”in investing wealth management products,but would shift to explore direct investment models and increase the percentage of standardized investment instruments.At the same time,banks have advantages in sales channels,internal controls and risk management techniques,which could facilitate the sustained and healthy development of the wealth management businesses going forward.