中美欧影子银行体系比较研究

发布时间：2019-02-22 07:44

【摘要】：2008年美国次贷危机和2009年欧债危机给世界经济造成了巨大冲击,中国也受到了很大影响。使得各国把矛头指向了影子银行,他们认为是影子银行助推了两次危机的发生。因此,各国纷纷展开了对影子银行的研究。虽然中国在此次危机中受到的影响最小,但是,近年来随着中国经济的快速发展,“中国模式论”逐渐开始受到质疑,甚至有人预言,下一次经济危机很有可能会在中国爆发。本文的写作目的就是通过对中美欧影子银行的比较分析,吸取其经验与教训,以防范金融危机在中国的发生。基于上述背景,本文以中国影子银行体系研究为立足点,以中美欧影子银行比较研究为主线,首先从理论层面进行分析,再次对中美欧国家影子银行进行具体比较分析,最后总结经验并提出对策建议,遵循这样的研究思路来展开文章的写作。基于文章研究的基础,笔者首先对影子银行的概念、特征、结构进行了初步的阐释,作为文章研究的切入点,即通过理论分析阐述影子银行的范畴,运行机制、潜在风险特征。其次通过严格的经验分析,对欧美国家监管模式的转变进行分析,总结有哪些成功的经验及失败的教训值得中国借鉴和警惕。从理论分析和经验分析两个方面入手,双管齐下论证文章主题。再次对欧美国家影子银行的成功管理经验进行总结和梳理,为中国影子银行的管理尤其是建立一种有效监管影子银行的监管模式提供借鉴经验。最后,笔者提出欧美两大经济体影子银行的比较研究对中国的政策启示,通过全文分析论证,得到以下结论:(1)中美欧影子银行的规模和结构存在较大差异,欧美国家资产证券化、信托机构、私募基金比较发达,与之相比我国影子银行发展规模还比较小,结构比较简单,资产证券化尚不成熟,大都表现为信托投融资及表外理财业务等,因此尚未存在较大的系统风险。(2)中国影子银行当前种类较少,金融产品之间关联范围较狭窄,运作链条较短,不像欧美国家层层嵌套的金融网络模式,但不容忽视中国影子银行未来发展之趋势。(3)目前中国影子银行的资金链条还比较短,但随着互联网金融以及新兴衍生品的繁荣,将会使得影子银行的信贷链条被拉长。(4)分业经营、分业监管的模式,使得监管套利、监管缺位现象普遍,金融信息不对称,在鼓励金融创新的同时,建立覆盖影子银行的法律法规体系及风险预警机制,不断创新监管模式。
[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.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.3

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