本文選題：影子銀行 + 流動(dòng)性創(chuàng)造　； 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：隨著金融創(chuàng)新和“金融脫媒”的迅速發(fā)展,金融市場(chǎng)體系呈現(xiàn)出多元化的發(fā)展趨勢(shì)。2007年金融危機(jī)之后,影子銀行獲得迅速發(fā)展,成為中國金融業(yè)的一個(gè)新的市場(chǎng)模式,它是一種行使傳統(tǒng)銀行功能,運(yùn)作模式卻完全不同于傳統(tǒng)銀行的融資方式,其發(fā)展是金融機(jī)構(gòu)和政府部門不斷博弈的結(jié)果。隨著影子銀行規(guī)模的日益擴(kuò)張,其對(duì)經(jīng)濟(jì)的影響越來越明顯,甚至?xí){到中國金融體系的穩(wěn)定,因此對(duì)影子銀行的研究刻不容緩。但是從國內(nèi)外文獻(xiàn)來看,它們更多的是關(guān)注影子銀行的界定及對(duì)其風(fēng)險(xiǎn),強(qiáng)調(diào)加強(qiáng)對(duì)影子銀行的監(jiān)管,而對(duì)于具有中國特色的影子銀行,影子銀行的流動(dòng)性創(chuàng)造機(jī)制及其流動(dòng)性水平對(duì)宏觀經(jīng)濟(jì)的影響則缺乏較為系統(tǒng)的研究。因此本文分析了影子銀行的流動(dòng)性創(chuàng)造機(jī)制,從實(shí)證的角度研究其對(duì)我國經(jīng)濟(jì)的影響,并給出了相應(yīng)的結(jié)論及建議。本論文共分四大部分： 第一章闡述了本文的選題背景,分析總結(jié)了關(guān)于影子銀行的相關(guān)國內(nèi)外文獻(xiàn),最后對(duì)文章結(jié)構(gòu)及研究方法,可能的創(chuàng)新及不足之處作了說明。 第二章主要分析了影子銀行的發(fā)展過程,流動(dòng)性創(chuàng)造的一般機(jī)制,并與商業(yè)銀行的流動(dòng)性創(chuàng)造機(jī)制做出比較。商業(yè)銀行通過自身的資產(chǎn)負(fù)債表的運(yùn)作創(chuàng)造流動(dòng)性,將具有較高流動(dòng)性的負(fù)債轉(zhuǎn)換為缺乏流動(dòng)性的資產(chǎn),從而向社會(huì)公眾提供信貸支持。而影子銀行則是通過資產(chǎn)證券化把市場(chǎng)的流動(dòng)性轉(zhuǎn)化為銀行的流動(dòng)性,它是在短期貨幣市場(chǎng)發(fā)行各種證券化產(chǎn)品、商業(yè)票據(jù)融來資金,然后在長期欠流動(dòng)性的市場(chǎng)買入資產(chǎn)。最后針對(duì)中美兩國影子銀行的流動(dòng)性創(chuàng)造進(jìn)行對(duì)比分析。鑒于金融市場(chǎng)環(huán)境及發(fā)展階段的差異,中美兩國之間流動(dòng)性創(chuàng)造機(jī)制存在較大的差異。針對(duì)具有中國特色的影子銀行,我們更要從其流動(dòng)性創(chuàng)造機(jī)制中把握住其本質(zhì)。 第三章重點(diǎn)分析了影子銀行的流動(dòng)性對(duì)經(jīng)濟(jì)增長的影響,本論文選取2007年1月到2012年12月的月度數(shù)據(jù),以影子銀行的流動(dòng)性、銀行的表內(nèi)信貸和經(jīng)濟(jì)增長為指標(biāo)變量,利用向量自回歸(VAR)模型和脈沖響應(yīng)函數(shù)等計(jì)量分析手段,實(shí)證分析影子銀行的流動(dòng)性水平對(duì)宏觀經(jīng)濟(jì)的影響,并與銀行表內(nèi)信貸進(jìn)行了對(duì)比分析。 第四章是全文的結(jié)論及相應(yīng)的建議。結(jié)論認(rèn)為自2007年以來,影子銀行的流動(dòng)性創(chuàng)造對(duì)我國經(jīng)濟(jì)增長發(fā)揮了一定的積極作用；在短期內(nèi)影子銀行創(chuàng)造的流動(dòng)性波動(dòng)較大,對(duì)經(jīng)濟(jì)增長具有一定的負(fù)面效應(yīng),但是從長期看將趨于穩(wěn)定。因此提出以下建議：正確認(rèn)識(shí)影子銀行,發(fā)揮出影子銀行的積極作用；增強(qiáng)防范流動(dòng)性風(fēng)險(xiǎn)的意識(shí),加強(qiáng)流動(dòng)性管理；減緩影子銀行順周期性的影響；適度加強(qiáng)對(duì)影子銀行的監(jiān)控。從而在積極引導(dǎo)影子銀行發(fā)展,發(fā)揮出對(duì)宏觀經(jīng)濟(jì)的正面影響的同時(shí),也加強(qiáng)對(duì)其流動(dòng)性風(fēng)險(xiǎn)的管理。
[Abstract]:With the rapid development of financial innovation and "financial disintermediation", the financial market system shows a diversified development trend. After the financial crisis in 2007, shadow banking developed rapidly and became a new market model of Chinese financial industry. It is a kind of traditional bank function, but its mode of operation is completely different from the traditional bank's financing mode, and its development is the result of continuous game between financial institutions and government departments. With the increasing expansion of the scale of shadow banking, its impact on the economy is becoming more and more obvious, even threatening the stability of China's financial system, so it is urgent to study shadow banking. However, from the domestic and foreign literature, they pay more attention to the definition of shadow banking and its risks, and emphasize strengthening the supervision of shadow banks, while for shadow banks with Chinese characteristics, The mechanism of liquidity creation in shadow banks and the effect of liquidity level on macro economy are lack of systematic research. Therefore, this paper analyzes the liquidity creation mechanism of shadow banking, studies its impact on China's economy from the perspective of empirical analysis, and gives corresponding conclusions and suggestions. This thesis is divided into four parts: The first chapter describes the background of this paper, analyzes and summarizes the relevant domestic and foreign literature on shadow banking, and finally explains the structure of the article and research methods, possible innovations and shortcomings. The second chapter mainly analyzes the development process of shadow banking, the general mechanism of liquidity creation, and makes a comparison with the liquidity creation mechanism of commercial banks. Commercial banks create liquidity through the operation of their own balance sheets and convert highly liquid liabilities into illiquid assets, thus providing credit support to the public. Shadow banking, on the other hand, converts market liquidity into bank liquidity through asset securitization. It issues various securitization products in the short-term money market, which is financed by commercial paper, and then buys assets in long-time illiquid markets. Finally, the paper makes a comparative analysis of the liquidity creation of shadow banks in China and the United States. In view of the differences of financial market environment and development stage, there are great differences in liquidity creation mechanism between China and the United States. In view of shadow banking with Chinese characteristics, we should grasp its essence from its liquidity creation mechanism. The third chapter focuses on the impact of shadow banking liquidity on economic growth. This paper selects monthly data from January 2007 to December 2012, taking the liquidity of shadow banks, bank credit and economic growth as indicators variables. By means of vector autoregressive (VAR) model and impulse response function, this paper empirically analyzes the influence of the liquidity level of shadow banks on the macro economy, and makes a comparative analysis with the credit in the bank table. The fourth chapter is the full text of the conclusions and corresponding recommendations. The conclusion is that the liquidity creation of shadow banks has played a positive role in China's economic growth since 2007, and the liquidity created by shadow banks has fluctuated greatly in the short term, which has a certain negative effect on economic growth. But in the long run it will be stable. Therefore, the following suggestions are put forward: to correctly understand shadow banking, to play a positive role in shadow banking; to strengthen the awareness of preventing liquidity risk, to strengthen liquidity management, to mitigate the influence of shadow banking on the procyclicality of shadow banking; Appropriately strengthen the monitoring of shadow banks. Therefore, while actively guiding the development of shadow banking and exerting its positive influence on the macro economy, it also strengthens the management of its liquidity risk.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.33

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