【摘要】 规范影子银行业务、遏制银行资金脱实向虚一直是我国金融监管政策实施的重要任务。本文试图探讨监管政策不确定性诱发银行监管规避、脱实向虚的影响机制。研究发现，监管政策不确定性会诱发银行监管规避、脱实向虚，并会引致银行流动性创造呈现存贷业务收缩和影子银行业务扩张的分化趋势。从作用渠道来看，监管政策不确定性会通过抑制银行信心和降低监管力度渠道来发挥作用。从经济后果来看，监管政策不确定性还会短期内加剧银行收益波动和破产风险。从协同治理机制来看，国有金融资本控股、系统重要性银行监管、打破同业刚性兑付等改革政策有助于缓解监管政策不确定性的负面效应。更多还原

【Abstract】 Standardizing shadow banking services and curbing the transfer of bank funds from reality to virtuality has always been an important task in the implementation of China’s financial regulatory policies. This article attempts to explore the impact mechanism of regulatory policy uncertainty on bank regulatory avoidance and the shift from reality to virtuality. Research finds that regulatory policy uncertainty can induce bank regulatory avoidance, detachment from reality to virtuality, and can lead to a differentiation trend in bank liquidity creation, with a contraction in deposit and loan business and an expansion in shadow banking business. From the perspective of channels of action, regulatory policy uncertainty will play a role by suppressing bank confidence and reducing regulatory efforts. From the perspective of economic consequences, regulatory policy uncertainty will exacerbate the volatility of bank earnings and bankruptcy risks in the short term. From the perspective of collaborative governance mechanisms, reform policies such as state-owned financial capital holding, supervision of systemically important banks, and breaking rigid interbank redemption can help alleviate the negative effects of regulatory policy uncertainty.更多还原