影子银行体系对金融稳定性影响的研究评述  

The Influence of Shadow Banking System on Financial Stability:A Literature Review

作　　者：徐珺[1,2] 

机构地区：[1]西南财经大学中国金融研究中心 [2]中国建设银行养老金部

出　　处：《投资研究》2016年第8期150-158,共9页Review of Investment Studies

基　　金：西南财经大学"金融安全协同创新中心2013专项课题"的资助

摘　　要：随着我国金融环境和金融产品的不断发展,具有中国特色的影子银行体系已经成为了影响我国金融稳定的潜在因素。研究探析中国影子银行体系对金融稳定的影响,有助于完善现有的金融脆弱性理论,并在此基础上构建有针对性的金融监管框架,以防范系统性金融风险,具有理论和现实层面的重大意义。国内外影子银行体系虽然存在差异,但在本质上都是以资产证券化为基础,并具备信用创造的功能,完成了对传统银行体系部分功能的复制。然而,影子银行体系采用的高杠杆操作和对短期流动性的依赖,既造成了其自身的不稳定性,又增加了整个金融体系的脆弱性。对于中国影子银行体系,系统性风险的存在性和影响方式与国外的差异性已经形成了广泛的共识,但对其评估和计量的研究仍处于起步阶段。With the development of China＇s financial markets,the shadow banking system（SBS） with Chinese characteristics has become a potential factor affecting the financial stability of China. The research on the effect of SBS on financial stability,help to improve the financial fragility theory. This will benefit us to build the financial regulatory framework and prevent systemic financial risk. Although SBSs are different between China and abroad,in essence,they all based on the asset securitization,and have the function of credit creation. However,the high leverage and the requirement for short-term liquidity in SBS,increase the vulnerability of the entire financial system. For China＇s SBS,the existence,its impact on the systemic risk and the differences between China and abroad have consensus. However,the research on the assessment and measurement of SBS is still in its infancy.

关 键 词：影子银行体系 金融稳定 研究评述 

分 类 号：F832.3[经济管理—金融学]