影子银行与我国金融资源市场化配置研究

发布时间：2018-02-05 05:34

本文关键词： 影子银行金融资源市场化配置风险监管　出处：《吉林财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：影子银行最早诞生于20世纪70年代的美国，是伴随着金融自由化产生、发展与膨胀起来，但一直未受到人们关注，直到2008年金融危机的爆发，使影子银行这一在“阴影”下隐藏的体系暴露出来。影子银行的风险与监管层面的缺失等问题逐渐被人们关注，成为学者们研究的热点。在中国，同样存在着影子银行体系，与美国发达的影子银行体系不同，我国影子银行体系实质是在利率双轨制和信贷资源稀缺性背景下，承担了连接货币市场与存贷市场功能的中介运作体系，是金融资源市场化配置的产物，是对传统银行信用扩张渠道的变相替代与补充，同时体现出我国金融体制的不完善，金融改革滞后等弊端。制约我国金融资源市场化配置主要原因：一是国家对金融资源的行政性配置，扭曲了市场的竞争机制；二是利率管制，使市场未能形成合理的资金定价机制；三是金融市场体系不健全导致资金供求不能通过金融市场进行合理分配；四是金融微观主体的不完善，导致金融资源难以有效促进使用者提高使用效率。影子银行的产生与发展，一方面，是金融资源市场化配置的结果，是金融资源市场化配置的合理要求；另一方面影子银行的发展同时促进我国金融资源市场化配置的不断完善，推动金融资源配置的市场化进程。基于此，本文对影子银行与我国金融资源市场化配置的关系展开研究。基于影子银行具有高杠杆、期限错配和不受或少受监管的特点，探讨我国影子银行对金融资源市场化配置的相互作用以及我国影子银行的发展对策。按受监管程度不同，本文将我国影子银行划分为三类：一是完全游离于监管之外的民间信用中介机构，包括民间借贷、互联网金融；二是受到较少监管的由银监会批准成立的非银行金融机构，如小额贷款公司、担保公司等；三是传统银行业务中为规避监管的“银行的影子”业务，包括银行理财产品。影子银行伴随金融资源市场化配置需求而产生，其发展推动金融资源市场化配置，，两者相辅相成。针对我国影子银行在发展过程中出现的市场乱象和风险隐患，提出我国对于影子银行体系的监管应该利用市场化手段，实行统一的金融监管框架、提高信息透明度、放松行政性金融监管、完善金融监管法律体系建设、主动参与国际金融监管协调与合作、加强金融行业自律和内部控制，规范我国影子银行的发展。
[Abstract]:Shadow banking was first born in 1970s in the United States, along with the emergence of financial liberalization, development and expansion, but has not been paid attention to until 2008, the outbreak of the financial crisis. Shadow banking, which is hidden under the shadow, has been exposed. The risk and the lack of supervision of shadow banking have been paid more and more attention, which has become the focus of scholars' research in China. There is also a shadow banking system, which is different from the developed shadow banking system in the United States. In essence, the shadow banking system in China is based on the dual-track interest rate system and the scarcity of credit resources. It is the product of the market-oriented allocation of financial resources and the replacement and supplement of the traditional bank credit expansion channel. At the same time, it reflects the imperfections of our financial system and the laggard of financial reform. The main reasons for restricting the market-oriented allocation of financial resources in China are as follows: first, the administrative allocation of financial resources by the state distorts the competitive mechanism of the market; Second, interest rate control makes the market unable to form a reasonable capital pricing mechanism; Third, the imperfect financial market system leads to the rational distribution of capital supply and demand through the financial market; Fourth, the financial microcosmic main body is not perfect, resulting in financial resources can not effectively promote the use of efficiency. Shadow banking generation and development, on the one hand, is the result of market-oriented allocation of financial resources. It is a reasonable requirement for the market-oriented allocation of financial resources. On the other hand, the development of shadow banking promotes the market allocation of financial resources and promotes the marketization of financial resources. Based on this, this paper studies the relationship between shadow banking and market-oriented allocation of financial resources in China. Based on the characteristics of high leverage, term mismatch and no or less supervision of shadow banking. This paper probes into the interaction of shadow banking to the market-oriented allocation of financial resources and the countermeasures for the development of shadow banks in China according to the degree of supervision. This article divides our country shadow bank into three categories: first, completely dissociates from the supervision outside the folk credit intermediary organization, including the folk loan, the Internet finance; Second, less supervision by the CBRC approved by the establishment of non-bank financial institutions, such as microfinance companies, guarantee companies and so on; Third, the traditional banking business in order to avoid the supervision of the "shadow of the bank" business, including banking financial products. Shadow banking with the demand for market-oriented allocation of financial resources, its development promotes the market-oriented allocation of financial resources. The two supplement each other. In view of the market chaos and risk hidden danger in the process of development of shadow banking in China, the author puts forward that the supervision of shadow banking system in our country should use market-oriented means. We will implement a unified financial regulatory framework, improve the transparency of information, relax administrative financial supervision, improve the legal system of financial supervision, and actively participate in the coordination and cooperation of international financial supervision. Strengthen financial industry self-discipline and internal control, standardize the development of China's shadow banking.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F832.5

【参考文献】