【作者】 韩阳；

【导师】 项卫星；

【作者基本信息】 吉林大学 ， 世界经济， 2016， 博士

【摘要】 2007年爆发的美国次贷危机,并非源自于传统的商业银行体系,而是源自于在这场危机爆发前已经迅速发展的“影子银行体系”。尽管学术界对于导致这场危机的原因有多种解释,但是绝大多数的学者都认为,缺乏对迅速发展的金融创新活动、特别是对影子银行体系的宏观审慎监管,是导致美国爆发次贷危机并最终引发全球金融危机的重要原因。为此,在次贷危机、特别是全球金融危机爆发后,各国金融监管当局都开始关注影子银行体系隐含的高风险,纷纷采取措施加强对影子银行体系的监管。从总体上看,导致美国影子银行体系迅速发展的主要原因是:第一,金融创新的迅速发展;第二,资产证券化的推动;第三,金融自由化的影响;第四,金融监管的宽松和缺失。影子银行体系的资产证券化运作直接引发了次贷危机。而导致影子银行体系的监管套利与金融监管之间进行博弈的主要原因,则主要是次贷危机前金融监管部门对影子银行体系的监管不足。这种不足主要体现在:第一,金融监管部门过于崇尚市场的力量;第二,金融监管措施失效;第三,金融监管体制落后。对影子银行体系监管的不足导致了影子银行监管套利行为频发,且多发于影子银行之间的金融交叉业务、金融创新衍生产品交易的过程。这种监管套利行为主要表现为由微观审慎原则所导致的监管范围真空地带、由规则导向政策所导致的监管套利动机出现以及由监管模式所导致的套利监管盲区等三个方面。次贷危机爆发后、特别是在由此引发的全球金融危机之后,美国国会通过了《多德——弗兰克华尔街改革与消费者保护法案》这一美国金融史上具有里程碑意义的立法。该法不仅标志着美国金融体系“去监管化”的结束,而且也为全球金融监管改革树立了新的标准。本文认为,基于美国次贷危机的教训,中国金融监管部门在对影子银行体系的监管中应该重视货币政策调控方式的改进,特别是提高调控的准确性和有效性;应该重视监管方式的改进,防范监管顺周期风险;应该重视双重多头监管体制的弊端,防范影子银行监管套利;应该重视信息披露,提高影子银行体系经营的透明度;应该重视金融机构公司治理结构改革,强化风险内控制度。本文认为,目前中国金融监管部门对影子银行体系的监管改革应该从六个方面入手:一是构建宏观审慎金融监管框架;二是夯实微观审慎监管机制;三是加快利率市场化改革进程,尽快放开对银行存款利率的管制;四是完善金融综合统计体系,填补数据缺口;五是完善信息披露制度,提高影子银行体系运营的透明度;六是构筑风险隔离机制,强化影子银行的风险内控制度。更多还原

【Abstract】 Shadow banking system implemented the subprime mortgage which was based on credit default. This was the main reason for the financial crisis in 2008. The world began to realize that the collapse of the shadow banking system would be a huge hazard under the regulatory oversight. The shadow banking system was always free from the conventional regulatory system. Even the US who had the most developed financial markets also failed to establish an effective financial supervision system. From the main point of view, the shadow banking included asset sale institutions, structure of investment vehicles, investment banks, hedge funds, private equity funds and money market funds, etc.From the point of view of the issue of products, the shadow banking included asset backed commercial paper, secured debt, credit default swaps, asset backed securities, debt secured debt and cash secured bonds. Before the outbreak of the subprime mortgage crisis in 2007, the United States adopted a dual regulatory model. Regulatory gaps made the shadow banking system develop rapidly. Meanwhile, with the rapid expansion of the shadow banking system, the risk of agglomeration was increasing. The US regulatory authorities recognized the huge risk of the shadow banking system and started to change the traditional loose supervision idea.Shadow banking system regulatory arbitrage occured in the shadow banking financial cross business or the financial innovation derivatives trading process, such as the cooperation between trust and banking, the cooperation between securities and banking and the business dealings between parent and subsidiary financial holding companies. Three reasons led to induce the shadow banking regulatory arbitrage, such as regulatory vacuum zone, rule oriented policy and arbitrage regulatory blind area. In order to solve this problem, U.S. regulators had introduced principles oriented regulatory model and the "self-commitment" category of regulatory tools. In addition to this, the United States regulatory authorities should also clarify the scope of risk regulation as soon as possible and improve the transparency of the business. This approach could help to avoid the occurrence of risk arbitrage in financial markets.Drawing lessons from the United States, China should pay more attention to the improvement of the monetary policy adjustment and improve the accuracy and efficiency of the regulation. Our country should attach importance to the improvement of the way of supervision in order to guard against the risk of CIS cycle. Information disclosure and corporate governance structure are also very necessary. Specifically, the current stage of China’s shadow banking system regulatory reform can start from the following six aspects: One is to build a framework for macro Prudential Financial Supervision; Two is to consolidate the micro prudential supervision mechanism; Three is to accelerate the process of marketization of interest rates and to open the control of bank deposit rates as soon as possible; Four is to improve the financial comprehensive statistical system to fill the data gap; Five is to improve the information disclosure system and the transparency of the shadow banking system operations; Six is to build a risk isolation mechanism and strengthen the shadow banking risk control mechanism.更多还原