中美影子银行体系比较分析

发布时间：2018-11-03 21:25

【摘要】：全球金融危机爆发后，影子银行体系因为其庞大的融资规模、高杠杆率和运行机制不透明的特点，成为监管机构的工作重点和学术界的研究热点。美国影子银行体系在金融危机爆发后从扩张转向收缩，但其证券化链条和抵押品中介链条都基本保持完整。中国影子银行体系兴起不足十年，是一个以商业银行的影子业务为核心的、存在简化和异化的影子银行体系，其功能主要是影子借贷。我们可以从发展背景、结构与运行机制以及监管等方面对两国影子银行体系进行对比。从发展背景来说，两国的金融体制、社会融资结构和利率市场化程度都存在差异。从影子体系结构与运行机制来说，两国影子银行体系都实现了信用中介功能，但其证券化功能（美国）与非信贷融资功能（中国）之间的差别反映了两国影子发展阶段的差异：当前中国影子体系与美国八十年代的发展程度相当；美国则处于更高阶段，且金融危机的爆发为影子体系的深化改革提供了契机。从监管方面来说，两国也存在较大差异。从美国经验和中国实际出发，我国影子银行今后应注意严格界定产品风险，慎重展开证券化，改革奖惩机制；监管部门也应在宏观审慎框架下，提高影子透明度，建立消费者保护机制，，鼓励互联网金融规范发展。
[Abstract]:After the outbreak of the global financial crisis, the shadow banking system has become the focus of the work of the regulators and the research hotspot in academia because of its huge financing scale, high leverage ratio and opaque operating mechanism. The U.S. shadow banking system moved from expansion to contraction after the financial crisis, but its securitisation and collateral intermediation chains remained largely intact. The shadow banking system of China has been developed for less than a decade. It is a shadow banking system with the shadow business of commercial banks as its core, and there is a simplified and alienated shadow banking system. Its function is mainly shadow lending. We can compare the shadow banking systems of the two countries in terms of their development background, structure and operation mechanism and supervision. From the development background, there are differences in financial system, social financing structure and interest rate marketization between the two countries. From the perspective of shadow system structure and operation mechanism, both countries' shadow banking systems have realized the function of credit intermediation. But the difference between the securitization function (USA) and the non-credit financing function (China) reflects the difference between the two countries' shadow development stage. The United States is at a higher stage, and the outbreak of the financial crisis provides an opportunity to deepen the reform of the shadow system. In terms of regulation, the two countries also have big differences. Based on the American experience and the reality of China, China's shadow banks should pay attention to defining product risk strictly, carrying out securitization prudently, and reforming the reward and punishment mechanism. Regulators should also improve shadow transparency, establish consumer protection mechanisms and encourage the development of Internet financial norms under the macroprudential framework.
【学位授予单位】：外交学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F837.12

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