【摘要】：自2010年以來(lái),我國(guó)影子銀行的規(guī)�？焖僭鲩L(zhǎng),社科院學(xué)報(bào)《中國(guó)金融監(jiān)管報(bào)告2013》稱,我國(guó)的影子銀行規(guī)模在2012年底或達(dá)到20.5萬(wàn)億元,占GDP的40%。同時(shí),影子銀行的風(fēng)險(xiǎn)日漸暴露。越來(lái)越多的文章都關(guān)注影子銀行的風(fēng)險(xiǎn)和監(jiān)管問(wèn)題,而忽略了影子銀行對(duì)貨幣供應(yīng)量影響的研究。事實(shí)上,如果影子銀行真的能夠創(chuàng)造信用,其對(duì)金融市場(chǎng)和貨幣政策都會(huì)有很大的沖擊,只有研究影子銀行的運(yùn)行機(jī)制以及其對(duì)貨幣供應(yīng)量的影響,才能更有針對(duì)性的提出政策建議。本文借鑒傳統(tǒng)商業(yè)銀行的分析框架,討論影子銀行的信用創(chuàng)造機(jī)制。一方面,在影子銀行體系內(nèi)部,融資性金融機(jī)構(gòu)、資產(chǎn)證券化機(jī)構(gòu)及回購(gòu)協(xié)議形成完整的信用鏈條,創(chuàng)造具有貨幣屬性的廣義流動(dòng)性金融產(chǎn)品。另一方面,影子銀行憑借其不斷的創(chuàng)新、缺乏監(jiān)管等特點(diǎn),增強(qiáng)了傳統(tǒng)信貸市場(chǎng)的貨幣創(chuàng)造能力,間接的增強(qiáng)傳統(tǒng)商業(yè)銀行的信用創(chuàng)造能力。在金融市場(chǎng)發(fā)達(dá)的歐美國(guó)家,影子銀行以資產(chǎn)證券化為核心,而我國(guó)的金融市場(chǎng)不夠完善、金融工具相對(duì)簡(jiǎn)單,資產(chǎn)證券化業(yè)務(wù)剛剛起步,因此我國(guó)影子銀行的界定與歐美發(fā)達(dá)國(guó)家有很大的不同。銀信合作理財(cái)產(chǎn)品作為我國(guó)最有代表性的影子銀行,頗具歐美發(fā)達(dá)國(guó)家影子銀行的特征,其在發(fā)行產(chǎn)品時(shí)形成的“資金池”也正是資產(chǎn)證券化的基礎(chǔ)。因此以銀信合作理財(cái)產(chǎn)品為例,探討我國(guó)影子銀行的信用創(chuàng)造機(jī)制。首先借鑒歐美影子銀行信用創(chuàng)造的模型,并將銀信合作理財(cái)產(chǎn)品分成四類,分析不同類別銀信合作理財(cái)產(chǎn)品對(duì)銀行資產(chǎn)負(fù)債表的影響,發(fā)現(xiàn)只有存量信貸資產(chǎn)銀信合作理財(cái)產(chǎn)品才會(huì)放大貨幣供應(yīng)量,并推斷出銀信合作理財(cái)產(chǎn)品的發(fā)行會(huì)增加M1,M2。但因?yàn)闇?zhǔn)貨幣、Ml乃至資產(chǎn)證券化的影響,M2相對(duì)于M1增加的更多。最后,本文通過(guò)聯(lián)系我國(guó)實(shí)際情況進(jìn)行研究,通過(guò)總結(jié)歸納分析出我國(guó)影子銀行的風(fēng)險(xiǎn),并在此基礎(chǔ)上采用演繹推理,進(jìn)一步提出適用于中國(guó)的政策建議。
[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.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.3

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