影子銀行的信用創(chuàng)造及風險研究
發(fā)布時間：2018-10-10 13:20
【摘要】：自2010年以來,我國影子銀行的規(guī)�？焖僭鲩L,社科院學報《中國金融監(jiān)管報告2013》稱,我國的影子銀行規(guī)模在2012年底或達到20.5萬億元,占GDP的40%。同時,影子銀行的風險日漸暴露。越來越多的文章都關(guān)注影子銀行的風險和監(jiān)管問題,而忽略了影子銀行對貨幣供應(yīng)量影響的研究。事實上,如果影子銀行真的能夠創(chuàng)造信用,其對金融市場和貨幣政策都會有很大的沖擊,只有研究影子銀行的運行機制以及其對貨幣供應(yīng)量的影響,才能更有針對性的提出政策建議。本文借鑒傳統(tǒng)商業(yè)銀行的分析框架,討論影子銀行的信用創(chuàng)造機制。一方面,在影子銀行體系內(nèi)部,融資性金融機構(gòu)、資產(chǎn)證券化機構(gòu)及回購協(xié)議形成完整的信用鏈條,創(chuàng)造具有貨幣屬性的廣義流動性金融產(chǎn)品。另一方面,影子銀行憑借其不斷的創(chuàng)新、缺乏監(jiān)管等特點,增強了傳統(tǒng)信貸市場的貨幣創(chuàng)造能力,間接的增強傳統(tǒng)商業(yè)銀行的信用創(chuàng)造能力。在金融市場發(fā)達的歐美國家,影子銀行以資產(chǎn)證券化為核心,而我國的金融市場不夠完善、金融工具相對簡單,資產(chǎn)證券化業(yè)務(wù)剛剛起步,因此我國影子銀行的界定與歐美發(fā)達國家有很大的不同。銀信合作理財產(chǎn)品作為我國最有代表性的影子銀行,頗具歐美發(fā)達國家影子銀行的特征,其在發(fā)行產(chǎn)品時形成的“資金池”也正是資產(chǎn)證券化的基礎(chǔ)。因此以銀信合作理財產(chǎn)品為例,探討我國影子銀行的信用創(chuàng)造機制。首先借鑒歐美影子銀行信用創(chuàng)造的模型,并將銀信合作理財產(chǎn)品分成四類,分析不同類別銀信合作理財產(chǎn)品對銀行資產(chǎn)負債表的影響,發(fā)現(xiàn)只有存量信貸資產(chǎn)銀信合作理財產(chǎn)品才會放大貨幣供應(yīng)量,并推斷出銀信合作理財產(chǎn)品的發(fā)行會增加M1,M2。但因為準貨幣、Ml乃至資產(chǎn)證券化的影響,M2相對于M1增加的更多。最后,本文通過聯(lián)系我國實際情況進行研究,通過總結(jié)歸納分析出我國影子銀行的風險,并在此基礎(chǔ)上采用演繹推理,進一步提出適用于中國的政策建議。
[Abstract]:Since 2010, the scale of shadow banking in China has been growing rapidly. According to the report on China's Financial Supervision and Regulation in the Proceedings of the Academy of Social Sciences, the scale of shadow banks in China reached 20.5 trillion yuan at the end of 2012, accounting for 40 percent of GDP. At the same time, shadow banking risks are increasingly exposed. More and more articles focus on the risk and regulation of shadow banking, ignoring the influence of shadow banking on money supply. In fact, if shadow banking can really create credit, it will have a great impact on financial markets and monetary policy. In order to put forward more targeted policy recommendations. This paper discusses the credit creation mechanism of shadow bank based on the analysis frame of traditional commercial bank. On the one hand, within the shadow banking system, financial institutions, asset securitization institutions and repo agreements form a complete credit chain and create a broad range of liquid financial products with monetary attributes. On the other hand, with its continuous innovation and lack of supervision, shadow banking enhances the ability of money creation in the traditional credit market and indirectly strengthens the credit creation ability of the traditional commercial banks. In Europe and America, where the financial markets are developed, the shadow banks take asset securitization as the core. However, the financial market in our country is not perfect, the financial instruments are relatively simple, and the business of asset securitization has just started. Therefore, the definition of shadow banking in China is very different from the developed countries in Europe and America. As the most representative shadow bank in China, the banking and credit cooperative financial products have the characteristics of the developed countries in Europe and the United States. The "fund pool" formed when issuing the products is also the basis of asset securitization. Therefore, this paper discusses the credit creation mechanism of shadow banks in China, taking Yinxin cooperative financial products as an example. First, draw lessons from the model of shadow bank credit creation in Europe and the United States, and divide the cooperative banking products into four categories, and analyze the impact of different types of cooperative banking products on the balance sheet of banks. It was found that only the stock of credit assets could enlarge the money supply, and it was inferred that the issuance of the cooperative financial products would increase the M1 / M2. But because of the effects of quasi-money, Ml and asset securitisation, M2 has increased more than M1. Finally, through the study of the actual situation in our country, this paper summarizes and analyzes the risk of shadow banking in China, and on the basis of this, puts forward some policy recommendations suitable for China by using deductive reasoning.
【學位授予單位】：華東理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.3
本文編號：2261932
[Abstract]:Since 2010, the scale of shadow banking in China has been growing rapidly. According to the report on China's Financial Supervision and Regulation in the Proceedings of the Academy of Social Sciences, the scale of shadow banks in China reached 20.5 trillion yuan at the end of 2012, accounting for 40 percent of GDP. At the same time, shadow banking risks are increasingly exposed. More and more articles focus on the risk and regulation of shadow banking, ignoring the influence of shadow banking on money supply. In fact, if shadow banking can really create credit, it will have a great impact on financial markets and monetary policy. In order to put forward more targeted policy recommendations. This paper discusses the credit creation mechanism of shadow bank based on the analysis frame of traditional commercial bank. On the one hand, within the shadow banking system, financial institutions, asset securitization institutions and repo agreements form a complete credit chain and create a broad range of liquid financial products with monetary attributes. On the other hand, with its continuous innovation and lack of supervision, shadow banking enhances the ability of money creation in the traditional credit market and indirectly strengthens the credit creation ability of the traditional commercial banks. In Europe and America, where the financial markets are developed, the shadow banks take asset securitization as the core. However, the financial market in our country is not perfect, the financial instruments are relatively simple, and the business of asset securitization has just started. Therefore, the definition of shadow banking in China is very different from the developed countries in Europe and America. As the most representative shadow bank in China, the banking and credit cooperative financial products have the characteristics of the developed countries in Europe and the United States. The "fund pool" formed when issuing the products is also the basis of asset securitization. Therefore, this paper discusses the credit creation mechanism of shadow banks in China, taking Yinxin cooperative financial products as an example. First, draw lessons from the model of shadow bank credit creation in Europe and the United States, and divide the cooperative banking products into four categories, and analyze the impact of different types of cooperative banking products on the balance sheet of banks. It was found that only the stock of credit assets could enlarge the money supply, and it was inferred that the issuance of the cooperative financial products would increase the M1 / M2. But because of the effects of quasi-money, Ml and asset securitisation, M2 has increased more than M1. Finally, through the study of the actual situation in our country, this paper summarizes and analyzes the risk of shadow banking in China, and on the basis of this, puts forward some policy recommendations suitable for China by using deductive reasoning.
【學位授予單位】：華東理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.3
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