影子银行在中国的发展及其影响研究

发布时间：2018-01-30 09:34

  本文关键词： 影子银行 风险特征 对策建议 影响分析　出处：《武汉大学》2014年博士论文　论文类型：学位论文

【摘要】：2007年国际金融危机爆发后,“影子银行”概念进入公众视野,影子银行体系成为国际社会关注点和金融界的研究焦点。在分析此次金融危机时,金融界普遍认为美国房地产泡沫的破灭是危机的导火索,影子银行体系的过度扩张和缺乏监管是造成系统性风险的根源,因此加强国际监管协作、改革金融监管框架、强化影子银行监管成为危机后全球各经济体的共同选择。 本文以中国影子银行的发展和影响为研究核心,以国际视角分析了影子银行体系的发展历程、在全球的规模和分布情况,构成影子银行的主要机构,以及影子银行与传统银行的关联度,并重点分析了美国影子银行体系的运行机制和潜在风险。以中国影子银行的发展为核心,着重对中国影子银行的范围、规模、运行机制、产生原因进行分析,并采用中美影子银行对比的方法,进一步分析中国影子银行的风险特征及风险传导机制。采用定性分析研究了中国影子银行对货币政策的目标、中介目标、以及货币政策工具的影响,并采用定量分析手段分析了中国影子银行对宏观金融指标的影响,研究发现,国内生产总值、贷款、广义货币供应量和影子银行存在协整关系,影子银行规模对贷款余额有替代效应,对国内生产总值和广义货币供应量有促进作用。同时,对影子银行和金融脆弱性进行了研究,发现影子银行的滞后项对脆弱性有正向的作用,脆弱性的滞后项对影子银行有负向的作用,但抑制作用不明显。在此基础上,对比国际组织和世界主要经济体对影子银行体系的监管改革,提出加强我国影子银行监管和促进金融稳定的相关建议。 论文共分为七章：第一章绪论,提出全文的研究背景和研究意义,对影子银行的相关概念给予界定,对国内外研究成果进行归纳和整理,提出研究思路和方法,指出文章的创新之处与不足。第二章介绍影子银行相关理论,从宏观角度分析金融危机的经济与金融根源,引入金融体系的不稳定理论,然后从微观角度研究金融机构的内在脆弱性理论,最后介绍了与金融机构和金融行为相关的金融监管理论。第三章概述影子银行体系在全球的发展历程,结合金融环境的变化、金融监管理念的转变,分析影子银行出现的原因。研究影子银行的规模、机构类型及在全球的分布状况,分析主要发达经济体和新兴市场国家影子银行的发展程度差异。重点研究美国影子银行的运行机制,进一步深入分析影子银行的内在结构和业务流程。第四章对中国影子的范围进行了界定,根据中国影子银行的业务类型和产品,重点研究了银行理财产品、银信合作、证券公司定向资产管理业务、基金公司特定资产管理业务、资产证券化业务、其他影子银行的运行机制,分析中国影子银行产生的原因及其对完善金融体系的作用。第五章对比分析中美影子银行体系在参与主体、运作机制、信用扩张机制、风险特征的异同,重点分析了中国影子银行的风险特征,最后研究了中国影子银行的风险传导路径。第六章对中国影子银行的影响进行分析,定性分析了影子银行对我国货币政策目标与政策工具的影响,采用实证的方法,分析了影子银行与宏观金融变量的关系,影子银行对我国金融脆弱性的影响和冲击。第七章总结国际组织和世界主要经济体的国际监管改革实践,从我国金融体制改革、金融监管框架、对影子银行的监管要求、相关配套机制共四个方面提出我国应对影子银行发展的政策建议。
[Abstract]:In 2007 the international financial crisis, the "shadow banking" concept into public view, the shadow banking system has become an international research focus of social concern and the financial sector. In the analysis of the financial crisis, the financial sector generally believe that the U.S. real estate bubble burst is the crisis of cable guide fire, excessive expansion of the shadow banking system and the lack of supervision is the root cause of the systemic risk, so the strengthening of international regulatory cooperation, reform of the financial regulatory framework, the common choice of global economies to strengthen the shadow banking supervision has become after the crisis.
This thesis focuses on the development and influence of the shadow banking China for, from the international perspective analysis of the development process of the shadow banking system, the size and the distribution of global institutions, constitute the main shadow banks, as well as the shadow banking and traditional banking association, the operating mechanism and the potential risks and focus on the analysis of the shadow banking system with the development of the shadow banking China. As the core, focusing on the shadow banking Chinese scope, scale, operation mechanism, the causes were analyzed, and the method of comparison of the shadow banking, shadow banking Chinese the further analysis of the risk characteristics and transmission mechanism. The research goal, the shadow banking China on monetary policy by qualitative analysis of intermediate target, and the influence of monetary policy tools, and the use of quantitative analysis method to analyze the influence of the shadow banking Chinese on macro financial indicators, research Found that the loan to GDP, and the broad money supply and shadow banking there is a cointegration relationship, the size of the shadow banking has substitution effect on loans, has positive effect on GDP and money supply. At the same time, the shadow banking and financial fragility in the study, found that the delay of shadow banking the vulnerability has a positive effect, the vulnerability of the lag of the shadow banking has a negative effect, but the effect is not obvious. Based on the comparison of international organizations and the world's major economies of the shadow banking supervision system reform, put forward relevant suggestions to strengthen the supervision of shadow banking in China and promote financial stability.
This paper is divided into seven chapters: the first chapter is introduction, presents the research background and research significance, given the related definition of shadow banking, the domestic and foreign research results are summarized, put forward ideas and research methods, pointed out the innovation and shortage. The second chapter introduces the related theory of shadow banking, economic and financial analysis the financial crisis and the origin from the macroscopic angle, unstable theory into the financial system, then the internal fragility theory from the perspective of financial institutions, and finally introduced the related financial institutions and financial behavior theory of financial supervision. The third chapter summarizes the shadow banking system in the course of development of the world, with the changes in the financial environment changes. The concept of financial supervision, analysis of the causes of the shadow banking appeared. On the scale of the shadow banking institutions, types and distribution in the world, the main developed economic analysis Differences in levels of development and emerging market countries of shadow banking. Focuses on the operation mechanism of American shadow banking, further analysis of the internal structure and business process of shadow banking. The fourth chapter of Chinese shadow was defined according to the shadow banking China type of business and products, focusing on financial products, bank letter of cooperation, targeted asset management business of securities companies, specific asset management business of fund companies, asset securitization business, the operating mechanism of other shadow banking, analysis of the causes of the shadow banking China and to improve the financial system. The fifth chapter is the comparative analysis between the shadow banking system in the main body, operation mechanism, mechanism of credit expansion, risk characteristics, similarities and differences the focus on the analysis of the risk characteristics of the shadow banking China, finally studies the risk pathway of shadow banking China size. In the sixth chapter The influence of the shadow banking China analysis, qualitative analysis of the influence of shadow banking on China's monetary policy target and policy tools, use empirical methods, analyzes the relationship between shadow banking and macro financial variables, shadow banking on the impact of China's financial fragility and impact. The seventh chapter summarizes the main international organizations and the world the economy of international regulatory reform practice, the reform of China's financial system, the financial regulatory framework for the supervision of shadow banking, put forward the development of our country to deal with the shadow banking policy recommendations in four aspects related mechanisms.

【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.3
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本文编号：1475906