中美影子银行运作机制与运作效果比较研究

发布时间：2018-05-19 04:21

本文选题：影子银行 + 中美对比　；参考：《安徽财经大学》2016年硕士论文

【摘要】：我国经济发展趋于新常态,在这一大环境下实体经济正在加快转型。影子银行规模不断扩大,在促进社会资金利用方面起到了积极作用,但也放大了其风险性与脆弱性。我国影子银行经过十几年的粗放式发展,目前面对较大转型压力,如何降低风险、规范运营、提升效率是当下亟待解决的问题。美国影子银行体系经过三十多年的发展,占据美国金融市场的半壁江山,形成了很多根据客户需求而进行的金融创新,运作模式较规范,有值得我们学习之处;而其在金融危机期间暴露出的问题同样值得我们反思。对比中美两国影子银行体系发展背景、结构与运行机制以及监管等方面的异同,研究两国影子银行体系的特点,并探讨美国影子银行的运行经验,将对我国影子银行的健康发展有积极意义。本文通过比较分析与定性分析,首先基于金融深化、金融抑制、金融创新、监管套利等相关理论探析了两国影子银行产生的原因。介绍了中美影子银行的发展脉络,发现当前我国影子银行所处背景和发展特征与80年代美国影子银行有很大的相似性。而后从运作机制对比方面发现我国影子银行目前的运行仍停留在较初级的模式,只是在一定程度上对商业银行主导的金融体系的补充和替代,运作模式、金融创新的水平有待升级。从运作效果对比方面看出,分别以融资为主导及以证券化为中心的中美影子银行体系都存在着诸多优缺点。我国影子银行的监管等方面目前仍有很大改进之处,应尽早建立风险预警机制,采用细化的功能型监管模式,不应一味的严格管制。最后基于前面的对比与分析,提出了一些建议。对于经营不善或风险性较高的影子银行应提前采取措施处理,完善市场退出,倒逼影子银行进行严格的风险把控。金融机构发展演进遵循一定规律与周期性,每个经济发展阶段都对应有相适宜的金融结构。在借鉴与反思的基础上,我国政府应不断完善相关市场条件,并逐步引导影子银行向以融资和证券化相结合的道路过渡。影子银行应积极探寻发展突破口,采取与目前经济结构转型相适应的结构优化措施,并规范自身运作,提高运作透明性与风险管控能力。
[Abstract]:China's economic development tends to the new normal, in this environment the real economy is speeding up the transformation. Shadow banking plays a positive role in promoting the utilization of social funds, but also magnifies its risk and vulnerability. After more than ten years of extensive development, shadow banking in China is facing great pressure of transition. How to reduce risk, standardize operation and improve efficiency is an urgent problem to be solved. After more than 30 years of development, the shadow banking system in the United States occupies half of the financial market in the United States, forming a lot of financial innovation according to the needs of customers. The problems it exposed during the financial crisis are also worth reflecting on. Comparing the background, structure, operation mechanism and supervision of the shadow banking system between China and the United States, the paper studies the characteristics of the shadow banking system of the two countries, and probes into the operating experience of the shadow banking system in the United States. Will have the positive significance to our country shadow bank healthy development. Based on the theories of financial deepening, financial suppression, financial innovation and regulatory arbitrage, this paper analyzes the causes of shadow banking in the two countries. This paper introduces the development of shadow banking in China and America, and finds out that the background and development characteristics of shadow banking in China are very similar to those of American shadow banks in 1980s. Then it is found from the comparison of operation mechanism that the current operation of shadow banking in our country is still in the primary mode, and only complements and replaces the financial system dominated by commercial banks to a certain extent, and the mode of operation. The level of financial innovation needs to be upgraded. From the contrast of operation effect, there are many advantages and disadvantages in the shadow banking system of China and America, which is dominated by financing and centered by securitization. There are still great improvements in the supervision of shadow banks in our country at present. We should set up a risk warning mechanism as soon as possible, adopt a detailed functional supervision model, and should not blindly strictly control. Finally, based on the comparison and analysis above, some suggestions are put forward. The shadow bank with poor management or high risk should take measures to deal with it in advance, perfect the market exit, and force the shadow bank to carry out strict risk control. The development and evolution of financial institutions follow certain laws and periodicity, and each stage of economic development corresponds to a suitable financial structure. On the basis of reference and reflection, our government should constantly perfect the relevant market conditions, and gradually guide the shadow banking to the combination of financing and securitization. Shadow banks should actively seek for a breakthrough in development, adopt structural optimization measures adapted to the current economic structural transformation, standardize their own operation, and improve operational transparency and risk management ability.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.3;F837.12

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