【摘要】：2008年美國(guó)次貸危機(jī)和2009年歐債危機(jī)給世界經(jīng)濟(jì)造成了巨大沖擊,中國(guó)也受到了很大影響。使得各國(guó)把矛頭指向了影子銀行,他們認(rèn)為是影子銀行助推了兩次危機(jī)的發(fā)生。因此,各國(guó)紛紛展開了對(duì)影子銀行的研究。雖然中國(guó)在此次危機(jī)中受到的影響最小,但是,近年來隨著中國(guó)經(jīng)濟(jì)的快速發(fā)展,“中國(guó)模式論”逐漸開始受到質(zhì)疑,甚至有人預(yù)言,下一次經(jīng)濟(jì)危機(jī)很有可能會(huì)在中國(guó)爆發(fā)。本文的寫作目的就是通過對(duì)中美歐影子銀行的比較分析,吸取其經(jīng)驗(yàn)與教訓(xùn),以防范金融危機(jī)在中國(guó)的發(fā)生�；谏鲜霰尘�,本文以中國(guó)影子銀行體系研究為立足點(diǎn),以中美歐影子銀行比較研究為主線,首先從理論層面進(jìn)行分析,再次對(duì)中美歐國(guó)家影子銀行進(jìn)行具體比較分析,最后總結(jié)經(jīng)驗(yàn)并提出對(duì)策建議,遵循這樣的研究思路來展開文章的寫作�；谖恼卵芯康幕A(chǔ),筆者首先對(duì)影子銀行的概念、特征、結(jié)構(gòu)進(jìn)行了初步的闡釋,作為文章研究的切入點(diǎn),即通過理論分析闡述影子銀行的范疇,運(yùn)行機(jī)制、潛在風(fēng)險(xiǎn)特征。其次通過嚴(yán)格的經(jīng)驗(yàn)分析,對(duì)歐美國(guó)家監(jiān)管模式的轉(zhuǎn)變進(jìn)行分析,總結(jié)有哪些成功的經(jīng)驗(yàn)及失敗的教訓(xùn)值得中國(guó)借鑒和警惕。從理論分析和經(jīng)驗(yàn)分析兩個(gè)方面入手,雙管齊下論證文章主題。再次對(duì)歐美國(guó)家影子銀行的成功管理經(jīng)驗(yàn)進(jìn)行總結(jié)和梳理,為中國(guó)影子銀行的管理尤其是建立一種有效監(jiān)管影子銀行的監(jiān)管模式提供借鑒經(jīng)驗(yàn)。最后,筆者提出歐美兩大經(jīng)濟(jì)體影子銀行的比較研究對(duì)中國(guó)的政策啟示,通過全文分析論證,得到以下結(jié)論:(1)中美歐影子銀行的規(guī)模和結(jié)構(gòu)存在較大差異,歐美國(guó)家資產(chǎn)證券化、信托機(jī)構(gòu)、私募基金比較發(fā)達(dá),與之相比我國(guó)影子銀行發(fā)展規(guī)模還比較小,結(jié)構(gòu)比較簡(jiǎn)單,資產(chǎn)證券化尚不成熟,大都表現(xiàn)為信托投融資及表外理財(cái)業(yè)務(wù)等,因此尚未存在較大的系統(tǒng)風(fēng)險(xiǎn)。(2)中國(guó)影子銀行當(dāng)前種類較少,金融產(chǎn)品之間關(guān)聯(lián)范圍較狹窄,運(yùn)作鏈條較短,不像歐美國(guó)家層層嵌套的金融網(wǎng)絡(luò)模式,但不容忽視中國(guó)影子銀行未來發(fā)展之趨勢(shì)。(3)目前中國(guó)影子銀行的資金鏈條還比較短,但隨著互聯(lián)網(wǎng)金融以及新興衍生品的繁榮,將會(huì)使得影子銀行的信貸鏈條被拉長(zhǎng)。(4)分業(yè)經(jīng)營(yíng)、分業(yè)監(jiān)管的模式,使得監(jiān)管套利、監(jiān)管缺位現(xiàn)象普遍,金融信息不對(duì)稱,在鼓勵(lì)金融創(chuàng)新的同時(shí),建立覆蓋影子銀行的法律法規(guī)體系及風(fēng)險(xiǎn)預(yù)警機(jī)制,不斷創(chuàng)新監(jiān)管模式。
[Abstract]:The US subprime mortgage crisis in 2008 and the European debt crisis in 2009 have had a great impact on the world economy, and China has also been greatly affected. This has led countries to point the finger at shadow banks, which, they say, contributed to two crises. Therefore, many countries have launched the research on shadow banking. Although China was the least affected by the crisis, in recent years, with the rapid development of the Chinese economy, the "China model" is gradually being questioned, some even predict that the next economic crisis is likely to erupt in China. The purpose of this paper is to draw lessons from the comparative analysis of shadow banking between China and Europe in order to prevent the financial crisis in China. Based on the above background, this paper takes the study of China's shadow banking system as the foothold and the comparative study of Chinese shadow banking in the United States and Europe as the main line. Firstly, it analyzes the shadow banking in China, the United States and Europe from the theoretical level, and then makes a specific comparative analysis of the shadow banking in China, the United States and Europe. Finally, the author summarizes the experience and puts forward the countermeasures and suggestions, following such research ideas to carry out the writing of the article. Based on the basis of this paper, the author first gives a preliminary explanation of the concept, characteristics and structure of shadow banking, which is the breakthrough point of this paper, that is, the category, operation mechanism and potential risk characteristics of shadow banking are expounded through theoretical analysis. Secondly, through strict empirical analysis, this paper analyzes the change of supervision mode in European and American countries, and sums up the successful experiences and the lessons of failure which are worthy of China's reference and vigilance. From two aspects of theoretical analysis and empirical analysis, two-pronged approach to demonstrate the theme of the article. Thirdly, the successful management experiences of shadow banks in Europe and America are summarized and combed to provide reference experience for the management of shadow banks in China, especially for the establishment of an effective supervision model of shadow banks. Finally, the author puts forward the policy implications of the comparative study of shadow banking in Europe and the United States, and draws the following conclusions: (1) the size and structure of shadow banking in China and Europe are different. Asset securitization, trust institutions and private equity funds are relatively developed in Europe and America. Compared with these, the development scale of shadow banks in China is relatively small, the structure is relatively simple, and asset securitization is not yet mature. Most of them are trust, investment, financing and off-balance-sheet financing business, so there is no significant systemic risk. (2) there are fewer types of shadow banks in China, the range of financial products is relatively narrow, and the chain of operation is short. Unlike the nesting financial network models in Europe and the United States, the future development trend of China's shadow banks cannot be ignored. (3) at present, the capital chain of China's shadow banks is still relatively short, but with the prosperity of Internet finance and emerging derivatives, It will make the credit chain of shadow banking be lengthened. (4) the mode of separate operation and separate supervision makes the regulation arbitrage, the absence of supervision is widespread, the financial information is asymmetrical, while encouraging financial innovation, Establish the system of laws and regulations covering shadow banks and risk warning mechanism, and constantly innovate the regulatory model.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.3

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本文編號(hào)：2427985