中国影子银行对金融体系稳定性的影响研究

发布时间：2018-06-16 22:13

本文选题：影子银行 + 金融体系稳定性　；参考：《东北师范大学》2014年硕士论文

【摘要】：近年来,中国影子银行规模迅速增长,已成为中国金融体系中不可忽视的一股重要力量。影子银行作为金融创新的重要产物之一,对金融体系稳定性有着双层影响：一方面,影子银行影响了宏观调控措施的施行,弱化了货币政策效果,并且其高杠杆、不透明特征导致风险在金融体系内部传递,对金融体系稳定是一个巨大的挑战；另一方面,影子银行在一定程度上弥补了中国投融资之间的资金缺口,是实体经济的重要服务者,是信贷扩张的需要。所以如果能引导影子银行成为合法的间接融资渠道来为实体经济服务,则更有利于金融体统的稳定发展。本文在分析两者影响机制后,采用2004-2013年的年度数据对影子银行和金融体系稳定性进行测度,并通过建立模型来实证研究二者之间的关系。结果发现,影子银行规模与金融体系稳定性呈现为一种倒U形关系,当影子银行相对规模小于48%时,金融体系稳定性随着影子银行相对规模的扩大而提升；当影子银行相对规模大于48%后,金融体系稳定性随着影子银行相对规模的扩大而下降。对于影子银行的存在,不能孤立、片面、消极的一票否定,政府应该允许影子银行适度发展。但必须正确处理好正规金融体系和影子银行体系的关系,加强对影子银行规模的监测。从规范表外业务、组建专门的影子金融监管协作委员会、加快民间借贷立法建设三个方面建立趋于规范化的影子银行监管体系,确保不发生区域性、系统性的金融风险,威胁金融体系稳定性。
[Abstract]:In recent years, the rapid growth of shadow banking in China has become an important force in China's financial system. As one of the important products of financial innovation, shadow banking has a double influence on the stability of financial system. On the one hand, shadow banking affects the implementation of macro-control measures, weakens the effect of monetary policy, and has high leverage. The opaque characteristics lead to the transmission of risk within the financial system, which is a huge challenge to the stability of the financial system. On the other hand, the shadow banks, to some extent, have made up for the gap between investment and financing in China. Is the entity economy important service person, is the credit expansion need. So if the shadow bank can be a legal indirect financing channel to serve the real economy, it will be more conducive to the stable development of financial system. After analyzing the influence mechanism of the two methods, this paper uses the annual data from 2004-2013 to measure the stability of shadow banking and financial system, and establishes a model to study the relationship between them. The results show that the scale of shadow bank and the stability of financial system are inversely U-shaped. When the relative scale of shadow bank is less than 48, the stability of financial system increases with the expansion of relative scale of shadow bank. When the relative size of shadow banks is greater than 48%, the stability of the financial system decreases with the expansion of the relative size of shadow banks. For the existence of shadow banking, the government should allow the shadow bank to develop moderately. However, the relationship between the formal financial system and the shadow banking system must be properly handled and the scale of shadow banking should be monitored. From the aspects of standardizing off-balance sheet business, setting up a special shadow financial supervision and coordination committee, speeding up the construction of private lending legislation and establishing a standardized shadow banking supervision system, to ensure that there are no regional and systemic financial risks, Threatening the stability of the financial system.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F832.1

【参考文献】