防控中国系统性金融风险

发布时间：2018-03-05 04:00

本文选题：中国经济　切入点：金融风险　出处：《国际经济评论》2017年05期 　论文类型：期刊论文

【摘要】：近年来金融风险不停地在股票、房地产、债券、互联网金融和外汇等市场之间游走,表明中国经济已经进入金融风险高发期。而增长持续减速导致实体经济投资回报下降,催生大量的僵尸企业并推动金融风险的快速积累;同时杠杆率剧升,流动性充裕与投资机会不足同时并存;一些领域的金融创新比如互联网金融和影子银行在满足实体经济需求的同时,也制造了许多新的金融风险;而实施多年的"政府兜底"已经越来越难以为继。因此,防控系统性金融风险已经成为当前经济政策的重要目标之一。我们建议政府从三个方面入手:第一,宏观经济政策特别是货币政策应该高度关注金融风险,与宏观审慎监管政策配合,保持经济与金融的相对稳定。第二,放弃政府兜底,强化市场纪律,及时释放风险点,尽快处置僵尸企业与僵尸金融机构。第三,改革金融监管框架,改善政策协调,加强监管机构的独立性、专业性和权威性,一旦条件成熟走向混业监管,建议考虑采用双峰监管模式。
[Abstract]:In recent years, the financial risk kept in stocks, bonds, real estate, traveling between Internet financial and foreign exchange market, shows that the China economy has entered a period of high growth and financial risk. The real economy slowdown leads to the decline in investment returns, the rapid accumulation of the birth of a large number of zombie companies and promote financial risk; while the leverage ratio rose sharply, ample liquidity and lack of investment opportunities coexist; financial innovation in some areas such as Internet banking and shadow banking to meet the needs of the real economy at the same time, also made a lot of new financial risks; and the "government shares" has become increasingly difficult to continue. Therefore, the prevention and control system of financial risk has become one of the most important economic targets the policy at present. We suggest that the government from three aspects: first, macroeconomic policy especially monetary policy should be highly concerned financial risk, With the macro Prudential policy, maintain economic and financial stabilization. Second, give up the government transparency, strengthen market discipline, timely release of the risks, enterprises and financial institutions zombie zombie disposal as soon as possible. Third, the reform of the financial regulatory framework, improve policy coordination, strengthen the independence of regulatory agencies, professional and authoritative. Once the conditions are ripe to mixed supervision, consider using Shuangfeng supervision mode.

【作者单位】：北京大学国家发展研究院;北京大学数字金融研究中心;
【分类号】：F832

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