影子银行的信用创造及风险研究

发布时间：2018-10-10 13:20

【摘要】：自2010年以来,我国影子银行的规模快速增长,社科院学报《中国金融监管报告2013》称,我国的影子银行规模在2012年底或达到20.5万亿元,占GDP的40%。同时,影子银行的风险日渐暴露。越来越多的文章都关注影子银行的风险和监管问题,而忽略了影子银行对货币供应量影响的研究。事实上,如果影子银行真的能够创造信用,其对金融市场和货币政策都会有很大的冲击,只有研究影子银行的运行机制以及其对货币供应量的影响,才能更有针对性的提出政策建议。本文借鉴传统商业银行的分析框架,讨论影子银行的信用创造机制。一方面,在影子银行体系内部,融资性金融机构、资产证券化机构及回购协议形成完整的信用链条,创造具有货币属性的广义流动性金融产品。另一方面,影子银行凭借其不断的创新、缺乏监管等特点,增强了传统信贷市场的货币创造能力,间接的增强传统商业银行的信用创造能力。在金融市场发达的欧美国家,影子银行以资产证券化为核心,而我国的金融市场不够完善、金融工具相对简单,资产证券化业务刚刚起步,因此我国影子银行的界定与欧美发达国家有很大的不同。银信合作理财产品作为我国最有代表性的影子银行,颇具欧美发达国家影子银行的特征,其在发行产品时形成的“资金池”也正是资产证券化的基础。因此以银信合作理财产品为例,探讨我国影子银行的信用创造机制。首先借鉴欧美影子银行信用创造的模型,并将银信合作理财产品分成四类,分析不同类别银信合作理财产品对银行资产负债表的影响,发现只有存量信贷资产银信合作理财产品才会放大货币供应量,并推断出银信合作理财产品的发行会增加M1,M2。但因为准货币、Ml乃至资产证券化的影响,M2相对于M1增加的更多。最后,本文通过联系我国实际情况进行研究,通过总结归纳分析出我国影子银行的风险,并在此基础上采用演绎推理,进一步提出适用于中国的政策建议。
[Abstract]:Since 2010, the scale of shadow banking in China has been growing rapidly. According to the report on China's Financial Supervision and Regulation in the Proceedings of the Academy of Social Sciences, the scale of shadow banks in China reached 20.5 trillion yuan at the end of 2012, accounting for 40 percent of GDP. At the same time, shadow banking risks are increasingly exposed. More and more articles focus on the risk and regulation of shadow banking, ignoring the influence of shadow banking on money supply. In fact, if shadow banking can really create credit, it will have a great impact on financial markets and monetary policy. In order to put forward more targeted policy recommendations. This paper discusses the credit creation mechanism of shadow bank based on the analysis frame of traditional commercial bank. On the one hand, within the shadow banking system, financial institutions, asset securitization institutions and repo agreements form a complete credit chain and create a broad range of liquid financial products with monetary attributes. On the other hand, with its continuous innovation and lack of supervision, shadow banking enhances the ability of money creation in the traditional credit market and indirectly strengthens the credit creation ability of the traditional commercial banks. In Europe and America, where the financial markets are developed, the shadow banks take asset securitization as the core. However, the financial market in our country is not perfect, the financial instruments are relatively simple, and the business of asset securitization has just started. Therefore, the definition of shadow banking in China is very different from the developed countries in Europe and America. As the most representative shadow bank in China, the banking and credit cooperative financial products have the characteristics of the developed countries in Europe and the United States. The "fund pool" formed when issuing the products is also the basis of asset securitization. Therefore, this paper discusses the credit creation mechanism of shadow banks in China, taking Yinxin cooperative financial products as an example. First, draw lessons from the model of shadow bank credit creation in Europe and the United States, and divide the cooperative banking products into four categories, and analyze the impact of different types of cooperative banking products on the balance sheet of banks. It was found that only the stock of credit assets could enlarge the money supply, and it was inferred that the issuance of the cooperative financial products would increase the M1 / M2. But because of the effects of quasi-money, Ml and asset securitisation, M2 has increased more than M1. Finally, through the study of the actual situation in our country, this paper summarizes and analyzes the risk of shadow banking in China, and on the basis of this, puts forward some policy recommendations suitable for China by using deductive reasoning.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.3

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