本文關(guān)鍵詞：中國影子銀行的規(guī)模及風(fēng)險(xiǎn)研究　出處：《西南民族大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：2008年金融危機(jī)以來，影子銀行因其與金融危機(jī)的內(nèi)在聯(lián)系，越發(fā)受到媒體、學(xué)界及政府機(jī)構(gòu)的關(guān)注。中國的影子銀行作為金融市場的重要組成部分，近幾年呈快速擴(kuò)張趨勢，影子銀行的發(fā)展?fàn)顩r直接關(guān)系到我國金融市場及相關(guān)實(shí)體經(jīng)濟(jì)的運(yùn)行。 影子銀行的概念最早在美國提出。以美國影子銀行的定義及范圍為借鑒，比較了我國關(guān)于影子銀行界定的兩種代表性觀點(diǎn)，發(fā)現(xiàn)這兩種觀點(diǎn)都存在缺陷，要么對影子銀行的界定過于寬泛，要么對影子銀行的界定過于保守。界定我國的影子銀行應(yīng)該重點(diǎn)關(guān)注金融行為、信用中介及監(jiān)管力度等三個(gè)方面。我國的影子銀行是指傳統(tǒng)銀行體系及業(yè)務(wù)之外的，能夠進(jìn)行信用中介服務(wù)，可能引發(fā)流動性風(fēng)險(xiǎn)和監(jiān)管套利風(fēng)險(xiǎn)的類銀行行為的金融工具、相關(guān)業(yè)務(wù)及機(jī)構(gòu)。 以我國影子銀行的界定為依據(jù)，我國影子銀行的范圍可從銀行、非銀行金融機(jī)構(gòu)、非金融機(jī)構(gòu)及民間金融四個(gè)角度進(jìn)行劃分。銀行渠道的影子銀行主要包括銀行理財(cái)產(chǎn)品。非銀行金融機(jī)構(gòu)的影子銀行包括信托公司的集合資金信托產(chǎn)品，證券公司的資產(chǎn)管理計(jì)劃，汽車金融公司及消費(fèi)金融公司的相關(guān)業(yè)務(wù)等。非金融機(jī)構(gòu)的影子銀行主要包括融資租賃公司，融資性擔(dān)保公司，典當(dāng)行及小額貸款公司等。民間金融渠道的影子銀行包括私募基金和民間借貸及互聯(lián)網(wǎng)金融等。 我國影子銀行的規(guī)模究竟有多大？到目前為止沒有一個(gè)一致的統(tǒng)計(jì)數(shù)據(jù)，主要原因是統(tǒng)計(jì)口徑的不一致。以前述對我國影子銀行范圍的劃分為依據(jù)，綜合考慮我國影子銀行各組成部分的規(guī)模、重要性等因素，將我國影子銀行的規(guī)模測算分為四個(gè)口徑：最窄口徑（Ⅰ）的測算標(biāo)準(zhǔn)只包括銀行理財(cái)業(yè)務(wù)與信托公司的集合資金信托產(chǎn)品兩類；較窄口徑（Ⅱ）包括最窄口徑的影子銀行，汽車金融公司、消費(fèi)金融公司及證券公司的相關(guān)業(yè)務(wù)；較寬口徑（Ⅲ）包括較窄口徑影子銀行，，融資租賃公司、融資性擔(dān)保公司、典當(dāng)行、小額貸款公司等非金融機(jī)構(gòu)及相關(guān)業(yè)務(wù)；最寬口徑（Ⅳ）包括較寬口徑的影子銀行與民間金融。對2007年至2013年上半年我國影子銀行規(guī)模進(jìn)行統(tǒng)計(jì)，發(fā)現(xiàn)我國最窄口徑的影子銀行規(guī)模自2009年末以來有加速擴(kuò)張的趨勢。而截至到2013年上半年，我國最寬口徑的影子銀行規(guī)模達(dá)到27.848萬億元，超過2013年上半年的國內(nèi)生產(chǎn)總值，是2013年上半年社會融資規(guī)模的2.74倍。 影子銀行的規(guī)模擴(kuò)張，一方面增加了自身風(fēng)險(xiǎn)滋生的可能性。另一方面，加深了商業(yè)銀行所面臨的風(fēng)險(xiǎn)。對商業(yè)銀行的影響表現(xiàn)在既加速了商業(yè)銀行負(fù)債方的脫媒，增加商業(yè)銀行的流動性風(fēng)險(xiǎn)，提高商業(yè)銀行的經(jīng)營成本；又可能將影子銀行的經(jīng)營風(fēng)險(xiǎn)轉(zhuǎn)嫁給銀行，增加商業(yè)銀行的壞賬損失。此外，影子銀行也可能對實(shí)體經(jīng)濟(jì)運(yùn)行產(chǎn)生一定的風(fēng)險(xiǎn)。例如，影子銀行的高息率在很大程度上增加了中小企業(yè)的經(jīng)營成本和經(jīng)營風(fēng)險(xiǎn)。再如，部分影子銀行為追求高收益而注資房地產(chǎn)行業(yè)，無形中擴(kuò)大了房地產(chǎn)市場泡沫，埋下了泡沫破滅的隱患。最后，影子銀行的存在對宏觀調(diào)控政策可能造成一定的風(fēng)險(xiǎn)。影子銀行對中國人民銀行將M2作為貨幣政策中間目標(biāo)的做法提出了挑戰(zhàn)，容易對宏觀調(diào)控政策特別是貨幣政策造成干擾，影響貨幣、信貸等宏觀變量的既有軌跡，削弱傳統(tǒng)貨幣政策操作的有效性。因此，適度加強(qiáng)我國影子銀行的監(jiān)管是必要的。
[Abstract]:Since the 2008 financial crisis, the shadow banking because of its internal relations with the financial crisis, more and more by the media, academia and government agencies concerned. Chinese shadow banking as an important part of the financial market in recent years, a rapid expansion trend, the development status of the shadow banking is directly related to China's financial markets and the real economy the operation.
The concept of the shadow banking the most forward early in the United States. By definition and scope of the shadow banking for reference, compares our country about two representative viewpoints of the definition of shadow banking, found that these two viewpoints are flawed, or the definition of shadow banking is too wide, or the definition of shadow banking definition is too conservative. Shadow banking in China should focus on the three aspects of financial behavior, credit intermediary and supervision. China's shadow banking refers to the outside of the traditional banking system and business, can the credit intermediary services, bank behavior may lead to liquidity risk and regulatory arbitrage risk financial instruments, business and related institutions.
To define China's shadow banking is on the basis of the scope of China's shadow banks from the banks, non bank financial institutions, four aspects of non financial institutions and private finance division. The shadow banking banking channels mainly include financial products. Non bank financial institutions including shadow banking trust capital trust products securities companies, asset management plan, auto finance companies and Consumer Finance Companies related business. The shadow banking financial institutions including financial leasing companies, financing Guarantee Corporation, pawn shops and small loan companies. The shadow banking private financial channels including private equity funds and private lending and Internet banking.
The size of the shadow bank how? So far there has not been a consistent statistical data, the main reason is inconsistent. The statistics on China's shadow banking scope as the basis, considering the different part of China's shadow banking scale, important factors, measure the size of China's shadow banking is divided into four most narrow caliber caliber: (I) the standard estimates include only the banking business and the trust capital trust products in two categories; narrow caliber (II) including shadow banking the most narrow caliber, auto finance companies, Consumer Finance Companies and related business of the securities company; wide aperture (III) including narrow aperture shadow banking, financial leasing companies, financing Guarantee Corporation, pawn, small loan companies and other non bank financial institutions and related business; the wide caliber (IV) including wide caliber Silver Shadow In line with the folk finance. On 2007 to the first half of 2013 China's shadow banking scale statistics, found that China's most narrow shadow banking scale since the end of 2009 to accelerate the trend of expansion. As of the first half of 2013, China's most wide caliber of the shadow banking scale reached 27 trillion and 848 billion yuan, more than the first half of 2013 GDP is the first half of 2013, the scale of social financing 2.74 times.
The size of the shadow banking expansion, on the one hand, increasing the possibility of the risk of their own breeding. On the other hand, deepen the risk faced by commercial banks. The impact on commercial banks in not only accelerated the liabilities of commercial bank disintermediation, increase the liquidity risk of commercial banks, commercial banks increased operating costs; and the shadow banking risks to banks, loss of bad debts of commercial banks. In addition, the shadow banking may also have a certain risk to the real economy. For example, the shadow banking high interest rate increase of small and medium-sized enterprises operating costs and operating risk to a great extent. Moreover, part of the shadow banking for the pursuit of high returns injection of the real estate industry, expanding the real estate market bubble, the bubble burst buried the hidden trouble. Finally, there is the shadow banking to the macro-control policy may cause a certain The shadow banking risk. The people's Bank of China will challenge M2 as intermediate target of monetary policy, the policy of macro-control is particularly easy monetary policy interference, the impact of monetary, credit and other macro variables both track, weaken the traditional monetary policy is effective. Therefore, appropriate strengthening China's shadow banking regulation is necessary.

【學(xué)位授予單位】：西南民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.3

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