我国影子银行风险及其监管改革

China's Shadow Banking Risk and Its Supervision Reform

近年来,由于信贷融资的高门槛,大量的融资需求得不到满足,中国影子银行呈现平台井喷式发展。影子银行满足了正规金融机构不能满足的金融需求。但影子银行产品的批发业务模式、投资标的高风险性、资金池的运作方式等特点,最终可能产生影子银行产品的违约风险,通过影子银行产品的关联交易和信用链条传播,这种违约风险可能扩散为金融风险。为防范影子银行大规模扩展所产生的金融风险,提出规范影子银行业务,促进影子银行健康发展的政策建议。

In recent years,due to the high threshold of bank credit financing,a large number of financing demands cannot be satisfied,and the shadow banking in China present a platform explosive growth. Shadow Banks satisfy the financial demands that cannot be met by formal financial organizations. But the wholesale business model,the risk of investment targets,and the operation mode of capital pool of shadow banking products may eventually produce the risk of default,which may be transmitted through relative transactions and credit chain of shadow banking products. This kind of default risk may be expanded into financial risks. In order to avoid the financial risks caused by the large scale expansion of shadow banking,the paper proposes that the banking service of shadow banks should be regulated and policy suggestions on promoting the healthy development of shadow banking are proposed.