中美歐影子銀行體系比較研究
發(fā)布時間：2019-02-22 07:44
【摘要】：2008年美國次貸危機和2009年歐債危機給世界經濟造成了巨大沖擊,中國也受到了很大影響。使得各國把矛頭指向了影子銀行,他們認為是影子銀行助推了兩次危機的發(fā)生。因此,各國紛紛展開了對影子銀行的研究。雖然中國在此次危機中受到的影響最小,但是,近年來隨著中國經濟的快速發(fā)展,“中國模式論”逐漸開始受到質疑,甚至有人預言,下一次經濟危機很有可能會在中國爆發(fā)。本文的寫作目的就是通過對中美歐影子銀行的比較分析,吸取其經驗與教訓,以防范金融危機在中國的發(fā)生�；谏鲜霰尘�,本文以中國影子銀行體系研究為立足點,以中美歐影子銀行比較研究為主線,首先從理論層面進行分析,再次對中美歐國家影子銀行進行具體比較分析,最后總結經驗并提出對策建議,遵循這樣的研究思路來展開文章的寫作�；谖恼卵芯康幕A,筆者首先對影子銀行的概念、特征、結構進行了初步的闡釋,作為文章研究的切入點,即通過理論分析闡述影子銀行的范疇,運行機制、潛在風險特征。其次通過嚴格的經驗分析,對歐美國家監(jiān)管模式的轉變進行分析,總結有哪些成功的經驗及失敗的教訓值得中國借鑒和警惕。從理論分析和經驗分析兩個方面入手,雙管齊下論證文章主題。再次對歐美國家影子銀行的成功管理經驗進行總結和梳理,為中國影子銀行的管理尤其是建立一種有效監(jiān)管影子銀行的監(jiān)管模式提供借鑒經驗。最后,筆者提出歐美兩大經濟體影子銀行的比較研究對中國的政策啟示,通過全文分析論證,得到以下結論:(1)中美歐影子銀行的規(guī)模和結構存在較大差異,歐美國家資產證券化、信托機構、私募基金比較發(fā)達,與之相比我國影子銀行發(fā)展規(guī)模還比較小,結構比較簡單,資產證券化尚不成熟,大都表現為信托投融資及表外理財業(yè)務等,因此尚未存在較大的系統(tǒng)風險。(2)中國影子銀行當前種類較少,金融產品之間關聯范圍較狹窄,運作鏈條較短,不像歐美國家層層嵌套的金融網絡模式,但不容忽視中國影子銀行未來發(fā)展之趨勢。(3)目前中國影子銀行的資金鏈條還比較短,但隨著互聯網金融以及新興衍生品的繁榮,將會使得影子銀行的信貸鏈條被拉長。(4)分業(yè)經營、分業(yè)監(jiān)管的模式,使得監(jiān)管套利、監(jiān)管缺位現象普遍,金融信息不對稱,在鼓勵金融創(chuàng)新的同時,建立覆蓋影子銀行的法律法規(guī)體系及風險預警機制,不斷創(chuàng)新監(jiān)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.
【學位授予單位】：貴州財經大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F832.3
本文編號：2427985
[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.
【學位授予單位】：貴州財經大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F832.3
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