我国系统重要性非银行金融机构的识别研究

发布时间：2018-11-13 10:35

【摘要】：系统重要性金融机构这一概念随着金融危机爆发开始广为流传。在危机爆发之前,人们普遍认为规模大、资金链复杂且充足、网络关联度强的金融机构受到系统性风险冲击的影响比较小,即使受到冲击,国家为了保证金融稳定也会对其进行救助。但是2008年金融危机之后,学者们纷纷意识到这类机构一旦发生极端风险事件便会快速将风险传染至其他金融机构甚至引发整个金融系统发生系统性风险。至此,监管当局开始逐步加大对系统重要性金融机构的研究与监管。目前,针对系统重要性金融机构的研究大多集中于银行业,对非银行业金融机构的研究较少。而随着金融自由化和金融创新进程的推进,证券、保险机构等非银行金融机构在金融中的地位日益凸显。本文研究对象为非银行金融机构,通过识别出我国系统重要性非银行机构来对我国完善监管措施提出建议。但是目前我国非银行金融机构中证券机构和保险机构的发展比较完善,在经济中的作用和地位显著,因此本文选取证券和保险机构作为样本进行研究。本文借鉴FSB、巴塞尔委员会、IMF等国际机构以及广大学者们对系统重要性金融机构的识别方法的研究成果,结合我国金融行业发展状况,选择指标法来测度我国系统重要性证券机构与保险机构,并且针对不同机构设置了不同的测度指标。针对证券公司的经营情况,设置规模、关联性、可替代性、复杂性四个一级指标;针对保险公司的经营特点,设置规模、关联性、非传统非核心保险业务和可替代性四个一级指标。同时,采用熵值法确定多项指标的权重,然后将作为样本的24家证券公司、9家保险机构的各项指标得分通过加权求和的方式得出其分值,并按照分值排序筛选出我国系统重要性证券机构及保险机构。结果显示,证券机构中中信证券、国泰君安、海通证券、申万宏源以及广发证券为我国系统重要性证券机构;保险机构中中国平安、中国人寿、太保泰康人寿、新华保险、人保、太平为我国系统重要性保险机构。同时,证券机构和保险机构都存在不同机构侧重业务不同的特点,因此监管机构在加强监管时要“对症下药”。本文通过实证分析出了我国的系统重要性证券机构与保险机构,而识别这类机构是为了更好的针对不同机构的状况进行与之适应的监管。因此本文随后分析我国证券行业及保险行业的发展状况、监管及困境。结合我国证券、保险行业监管困境,从加强宏观层面预防、重视微观层面控制以及建立风险救助机制三方面提出建议。
[Abstract]:With the outbreak of the financial crisis, the concept of systemically important financial institutions began to spread widely. Prior to the crisis, it was widely believed that financial institutions with large size, complex and sufficient capital chains and strong network linkages were less affected by systemic risk shocks, even if they were hit. The state will also bail it out in order to ensure financial stability. But in the wake of the 2008 financial crisis, scholars have come to realize that such institutions can quickly spread risk to other financial institutions and even trigger systemic risks across the financial system once extreme risks occur. At this point, the regulatory authorities began to step up the systemically important financial institutions research and regulation. At present, the researches on systemically important financial institutions are mostly focused on the banking sector, but less on the non-banking financial institutions. With the advancement of financial liberalization and financial innovation, non-bank financial institutions, such as securities, insurance institutions, are playing an increasingly important role in finance. The research object of this paper is non-bank financial institutions. By identifying systemically important non-bank institutions in our country, some suggestions on how to improve the supervision measures are put forward. But at present the development of securities institutions and insurance institutions in non-bank financial institutions in China is relatively perfect and plays a significant role in the economy. So this paper selects securities and insurance institutions as samples to study. This paper draws lessons from the research results of the FSB, Basel Committee, IMF and other international organizations and scholars on the identification of systemically important financial institutions, and combines the development of the financial industry in China. The index method is selected to measure the systemically important securities institutions and insurance institutions in China, and different measurement indexes are set for different institutions. According to the management of securities companies, the establishment of scale, relevance, substitutability, complexity of the four first-level indicators; According to the operating characteristics of insurance companies, the establishment of scale, relevance, non-traditional non-core insurance business and substitutability of the four primary indicators. At the same time, the entropy method is used to determine the weight of multiple indexes, and then the index scores of 24 securities companies and 9 insurance institutions are obtained by weighted summation. The systemically important securities institutions and insurance institutions in our country are selected according to the ranking of the score. The results show that CITIC Securities, Guotai Junan, Haitong Securities, Shen Wanhongyuan and Guangfa Securities are systemically important securities institutions in China. China Ping an, China Life, Taibao Taikang Life, Xinhua Insurance, PICC, Taiping are systemically important insurance institutions in China. At the same time, securities institutions and insurance institutions have different characteristics of different institutions focusing on business, so regulators should "take the right remedy" when strengthening supervision. This paper analyzes the systemically important securities institutions and insurance institutions in China, and the purpose of identifying these institutions is to better regulate the situation of different institutions. Therefore, this paper analyzes the development, supervision and difficulties of China's securities industry and insurance industry. Combined with the regulatory dilemma of China's securities and insurance industry, this paper puts forward some suggestions from three aspects: strengthening macro-level prevention, paying attention to micro-level control and establishing risk relief mechanism.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

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