我国影子银行系统的功能、发展方向与监管框架研究

发布时间：2018-06-17 18:44

本文选题：影子银行 + 监管　；参考：《河南大学》2013年硕士论文

【摘要】：由美国次贷所引致的全球金融危机至今已持续近五年时间，全球经济为此已付出巨大代价，然而这场危机所带来的经济社会效应和深远影响尚未完全显现，全球经济环境复杂多变，不稳定、不确定性因素增多，前景尚不明朗。人们在不断惊讶、恐慌、愤怒和质疑之时，也在不断反思、研究与分析金融危机的方方面面，完善与改革经济金融领域的缺陷，维护金融体系稳定。在此过程中，一个新的金融术语——影子银行体系逐渐凸显出来，，引起国际社会的巨大关注，一时成为金融研究领域的新焦点。这个体系伴随20世纪六七十年代以来的金融自由化产生、发展与膨胀起来，成为现在金融体系的重要组成部分，深刻改变了金融体系结构，直接关系着整个金融体系的稳定与发展。在发达经济体，影子银行体系不仅融资规模庞大，20世纪末就超过了传统银行体系，结构复杂，高度关联，单独或共同组成信用链条形式银行的主要职能，而且形式多样、变化多端，杠杆率高、运作隐蔽且大都游离于货币当局和监管当局视野之外。本文主要运用经济学、金融学、统计学等学科知识，采用理论分析与实证分析相结合的研究方法，融合文献研究、定量与定性研究、历史分析和比较研究等方法，遵循提出问题、分析问题、解决问题的研究思路展开分析。首先，论文概括性的提出本文的研究背景、目的与意义，介绍本文的研究方法和研究内容。回顾与梳理影子银行体系相关文献，分别从概念界定、主要特征和发展历程，与此次金融危机的关系和监管方法以及对中国的研究总结归纳了国内外研究成果，并评述了研究现状。第二，在吸收、借鉴相关文献，依次厘清有关基本概念的基础上，界定了影子银行体系的定义、构成，结合国际影子银行体系的运作过程，从一般意义上深入分析了其主要功能。第三，以此次金融危机为背景，研究了国际影子银行体系的潜在脆弱性，从顺周期性、期限错配、金融创新、杠杆、关联性、监管套利及金融安全角度剖析其作用机制与可能产生的后果。第四，结合中国影子银行当前现状进行分析。具体针对中意影子银行体系的构成和现状、中国影子银行体系的主要功能、中国影子银行体系的风险走势进行了分析，与此同时，本文引入笔者曾参与过的一个我国中小企业融资项目，对该企业进行了深入的调研取证，并从微观视角分析了中国影子银行在中小企业融资过程中的功能。最后，本文对中国影子银行体系监管改革提出了政策建议。分别介绍了FSB、美英欧日影子银行体系监管改革的主要内容，通过比较异同点，总结探讨了影子银行体系国际监管改革的思路、构架与主要趋势，分析了中国影子银行监管的相撞与突出问题，借鉴国际经验和实施，提出了相应政策建议并梳理总结出了本文的主要观点和研究结论。
[Abstract]:The global financial crisis caused by the subprime mortgage of the United States has lasted for nearly five years, and the global economy has paid a great price for this. However, the economic and social effects and far-reaching effects of the crisis have not yet been fully revealed. The global economic environment is complex, volatile, uncertain and uncertain. When people are constantly surprised, panicked, angry and questioned, they are also constantly reflecting, studying and analyzing all aspects of the financial crisis, perfecting and reforming the defects in the field of economic and financial affairs, and maintaining the stability of the financial system. In this process, the shadow banking system, a new financial term, has become a new focus in the field of financial research. With the emergence, development and expansion of financial liberalization since the 1960s and 1970s, this system has become an important part of the present financial system and has profoundly changed the structure of the financial system. It is directly related to the stability and development of the whole financial system. In developed economies, the shadow banking system not only has a large financing scale and surpassed the traditional banking system at the end of the 20th century, but also has a complex structure and highly relevant structure, and forms the main functions of banks in the form of credit chain alone or together. Varied, highly leveraged, covert and largely out of view of monetary and regulatory authorities. This paper mainly uses the knowledge of economics, finance, statistics and so on, adopts the research method of combining theoretical analysis with empirical analysis, fusing literature research, quantitative and qualitative research, historical analysis and comparative study, etc. Follow the research ideas of problem raising, problem analysis and problem solving. First of all, the research background, purpose and significance of this paper are summarized, and the research methods and contents are introduced. Reviewing and combing the relevant documents of shadow banking system, respectively from the definition of concept, main characteristics and development process, the relationship with the financial crisis and regulatory methods, as well as the research on China summarized the domestic and foreign research results. The present situation of the research is also reviewed. Second, on the basis of absorbing and drawing lessons from relevant literature and clarifying the relevant basic concepts in turn, this paper defines the definition and composition of the shadow banking system, and combines the operation process of the international shadow banking system. Its main function is analyzed in general sense. Third, against the background of the financial crisis, this paper studies the potential vulnerability of the international shadow banking system, from procyclicality, maturities mismatch, financial innovation, leverage, relevance. From the perspective of regulatory arbitrage and financial security, the mechanism and possible consequences are analyzed. Fourth, combined with the current status of shadow banking in China to analyze. In the light of the composition and present situation of the shadow banking system in China and Italy, the main functions of the shadow banking system in China and the risk trend of the shadow banking system in China are analyzed, and at the same time, This paper introduces a financing project of Chinese small and medium-sized enterprises (SMEs) which the author has participated in, and makes a thorough investigation and evidence gathering of the enterprise, and analyzes the function of Chinese shadow banking in the financing process of SMEs from the micro perspective. Finally, this paper puts forward some policy suggestions on the supervision reform of China's shadow banking system. This paper introduces the main contents of the supervision reform of the shadow banking system in FSB, the United States, the United Kingdom, and Japan respectively. By comparing the similarities and differences, it summarizes the ideas, the framework and the main trends of the international supervision reform of the shadow banking system. This paper analyzes the collision and prominent problems of shadow banking supervision in China, draws lessons from international experience and implementation, puts forward corresponding policy suggestions and summarizes the main viewpoints and research conclusions of this paper.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33

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