摘要
规范影子银行业务经营,防范化解金融风险是当前中国金融供给侧结构性改革的重要任务。本文选取非标资产作为研究中国影子银行的切入点,基于金融供给方对风险分担与监管套利的内生需求,刻画了围绕非标资产交易形成的中国影子银行体系以及由此导致的金融风险。研究表明:第一,银行的风险分担需求与规避监管动机是驱动中国影子银行体系发展的两个重要因素,同时伴随存款供给等因素变化,银行发展非标业务的驱动因素也在二者间发生转换。第二,由非标业务形成的典型金融合同是中国影子银行内部信用流转的重要载体,然而缔约中的信息不对称激发金融机构通过各类兜底、隐性担保来减少同业摩擦,进而使得非标业务具有典型的信用转换特征。第三,银行在监管套利中形成的隐性风险自留机制易导致其低估增信行为的潜在风险,从而由于过度风险承担加剧影子银行系统脆弱性。本文为进一步深化对中国式影子银行内生逻辑的认识提供了一个新的理论分析框架,为巩固金融监管成效并加强科学监管,进而促进金融更好服务实体经济高质量发展提供了重要的政策启示。
Preventing and resolving financial risks,especially preventing systemic financial risks,is a fundamental task of financial work.It is necessary to prevent and dispose of multiple financial risks properly,including the risk of shadow banking(Xi,2017).With the introduction of the Guiding Opinions on Standardizing Asset Management Business of Financial Institutions(No.106,2018,the People’s Bank of China),various types of shadow banking in China have been incorporated into the regulatory framework of asset management business.Meanwhile,the scale of shadow banking has generally been effectively suppressed.Unlike shadow banking in Western developed economies,China’s shadow banking is a“shadow of banks”,which mainly stems from regulatory arbitrage under the mismatch in the financial field.As typical financial contracts in the operation of China’s shadow banking system,non-standard debt contracts(non-SDCs)highlight the historical evolution of China’s shadow banking system and are typical events in the development of financial innovation and regulatory in China.As securitization is important to the research of shadow banking in the US,the shadow banking system in China should be further understood,which requires a clear recognition of the contractual features in the contracting of non-SDCs as well as the internal logic of risks therein.Despite the fact that the scale of non-SDCs has been significantly reduced,it is still necessary to conduct a research on the emergence of non-SDCs business and its risk,so as to help us understand more deeply the mechanism of Chinese-style shadow banking risks,and thus clarify the logic of the interaction between financial regulation and financial innovation.However,there are few theoretical studies on non-SDCs in China,let alone a systematic analytical framework.From the perspective of financial intermediation theory,the problem of regulatory arbitrage in China’s shadow banking system is reflected in the credit transformation process of non-SDCs business.In principle,non-SDC
作者
刘澜飚
李博韬
王博
LIU Lanbiao;LI Botao;WANG Bo(School of Finance,Nankai University)
出处
《经济研究》
CSSCI
北大核心
2022年第5期70-86,共17页
Economic Research Journal
基金
国家社会科学重大专项(18VFH007)
国家自然科学基金面上项目(71873070,72073076)
南开大学文科基金重点项目(ZB21BZ0103)的资助。
关键词
信用转换
非标资产
影子银行
同业增信机制
Credit Transformation
Non-standard Debt Contracts(non-SDCs)
Shadow Banking
Interbank Credit Enhancement
