我國系統(tǒng)重要性非銀行金融機(jī)構(gòu)的識別研究
發(fā)布時間：2018-11-13 10:35
【摘要】：系統(tǒng)重要性金融機(jī)構(gòu)這一概念隨著金融危機(jī)爆發(fā)開始廣為流傳。在危機(jī)爆發(fā)之前,人們普遍認(rèn)為規(guī)模大、資金鏈復(fù)雜且充足、網(wǎng)絡(luò)關(guān)聯(lián)度強(qiáng)的金融機(jī)構(gòu)受到系統(tǒng)性風(fēng)險沖擊的影響比較小,即使受到?jīng)_擊,國家為了保證金融穩(wěn)定也會對其進(jìn)行救助。但是2008年金融危機(jī)之后,學(xué)者們紛紛意識到這類機(jī)構(gòu)一旦發(fā)生極端風(fēng)險事件便會快速將風(fēng)險傳染至其他金融機(jī)構(gòu)甚至引發(fā)整個金融系統(tǒng)發(fā)生系統(tǒng)性風(fēng)險。至此,監(jiān)管當(dāng)局開始逐步加大對系統(tǒng)重要性金融機(jī)構(gòu)的研究與監(jiān)管。目前,針對系統(tǒng)重要性金融機(jī)構(gòu)的研究大多集中于銀行業(yè),對非銀行業(yè)金融機(jī)構(gòu)的研究較少。而隨著金融自由化和金融創(chuàng)新進(jìn)程的推進(jìn),證券、保險機(jī)構(gòu)等非銀行金融機(jī)構(gòu)在金融中的地位日益凸顯。本文研究對象為非銀行金融機(jī)構(gòu),通過識別出我國系統(tǒng)重要性非銀行機(jī)構(gòu)來對我國完善監(jiān)管措施提出建議。但是目前我國非銀行金融機(jī)構(gòu)中證券機(jī)構(gòu)和保險機(jī)構(gòu)的發(fā)展比較完善,在經(jīng)濟(jì)中的作用和地位顯著,因此本文選取證券和保險機(jī)構(gòu)作為樣本進(jìn)行研究。本文借鑒FSB、巴塞爾委員會、IMF等國際機(jī)構(gòu)以及廣大學(xué)者們對系統(tǒng)重要性金融機(jī)構(gòu)的識別方法的研究成果,結(jié)合我國金融行業(yè)發(fā)展?fàn)顩r,選擇指標(biāo)法來測度我國系統(tǒng)重要性證券機(jī)構(gòu)與保險機(jī)構(gòu),并且針對不同機(jī)構(gòu)設(shè)置了不同的測度指標(biāo)。針對證券公司的經(jīng)營情況,設(shè)置規(guī)模、關(guān)聯(lián)性、可替代性、復(fù)雜性四個一級指標(biāo);針對保險公司的經(jīng)營特點(diǎn),設(shè)置規(guī)模、關(guān)聯(lián)性、非傳統(tǒng)非核心保險業(yè)務(wù)和可替代性四個一級指標(biāo)。同時,采用熵值法確定多項(xiàng)指標(biāo)的權(quán)重,然后將作為樣本的24家證券公司、9家保險機(jī)構(gòu)的各項(xiàng)指標(biāo)得分通過加權(quán)求和的方式得出其分值,并按照分值排序篩選出我國系統(tǒng)重要性證券機(jī)構(gòu)及保險機(jī)構(gòu)。結(jié)果顯示,證券機(jī)構(gòu)中中信證券、國泰君安、海通證券、申萬宏源以及廣發(fā)證券為我國系統(tǒng)重要性證券機(jī)構(gòu);保險機(jī)構(gòu)中中國平安、中國人壽、太保泰康人壽、新華保險、人保、太平為我國系統(tǒng)重要性保險機(jī)構(gòu)。同時,證券機(jī)構(gòu)和保險機(jī)構(gòu)都存在不同機(jī)構(gòu)側(cè)重業(yè)務(wù)不同的特點(diǎn),因此監(jiān)管機(jī)構(gòu)在加強(qiáng)監(jiān)管時要“對癥下藥”。本文通過實(shí)證分析出了我國的系統(tǒng)重要性證券機(jī)構(gòu)與保險機(jī)構(gòu),而識別這類機(jī)構(gòu)是為了更好的針對不同機(jī)構(gòu)的狀況進(jìn)行與之適應(yīng)的監(jiān)管。因此本文隨后分析我國證券行業(yè)及保險行業(yè)的發(fā)展?fàn)顩r、監(jiān)管及困境。結(jié)合我國證券、保險行業(yè)監(jiān)管困境,從加強(qiáng)宏觀層面預(yù)防、重視微觀層面控制以及建立風(fēng)險救助機(jī)制三方面提出建議。
[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.
【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39
本文編號：2328837
[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.
【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39
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