银行的影子、信用扩张与监管套利——基于商业银行会计的视角  

Shadow Banking,Credit Expansion and Regulatory Arbitrage of Banks——Based on the Perspective of Commercial Bank Accounting

作　　者：周边 黄叶苨 Zhou Bian;Huang Yeni(Post-doctoral Research Station,Bank of Communications,Shanghai 310000,China;Investigation and Statistics and Research Department,People’s Bank of China,Shanghai Headquarter,Shanghai 200120,China)

机构地区：[1]交通银行股份有限公司博士后科研工作站,上海200120 [2]中国人民银行上海总部调查统计研究部,上海200120

出　　处：《金融理论探索》2021年第2期51-59,共9页Exploration of Financial Theory

基　　金：浦东新区科技发展基金博士后创新实践项目;上海市“超级博士后”计划“央行法定数字货币对银行数字化转型影响分析及应对方案研究”(2020176)。

摘　　要：为帮助监管层和市场更好地识别类银行的影子业务,预防信用风险过度累积,防范化解系统性风险和维护国家金融安全,梳理了中国银行的影子的发展历史和特点,并从会计的角度展示了不同模式下银行的影子本质和发展动机,剖析了银行在不同监管约束下实现监管套利的方法和手段,刻画了风险扩张和积累的路径。案例分析表明,无论是托管行还是非托管行,其表外资产或托管资产因不受准备金率的限制可以无限增大,这也是近16年来理财产品得以爆发式增长的主要原因。由于信贷产品天然具有信用风险及流动性风险的属性,若任其发展终将引发系统性风险。因此,提出了要关注表外理财规模和结构,设计资管产品“特别准备金”制度等政策建议。In order to better assist supervisors and market to specify shadow banking business,prevent over-accumulation of credit risks,resolve system risk and defend state financial safety,this paper sorts out the history and characteristics of“shadow banking”in China,elaborates the essence and motivation of shadow banking from the perspective of accounting,and analyzes the means for regulatory arbitrage of banks and depicts the channel of risk expansion and accumulation.The cases in our paper proves that,whether it is a custodian bank or not,their off-balance assets or custody assets can be infinitely amplified without the restriction of required reserves,which is the main reason of the surge of wealth management products(WMPs).Due to the nature of credit and liquidity risk of credit products,unregulated development could ultimately leads to system risk.Therefore,our paper suggests paying more attention of the scale and structure of off-balance assets and designing special reserves of WMPs.

关 键 词：银行的影子 理财产品 信用扩张 监管套利 银信合作 同业合作 

分 类 号：F832[经济管理—金融学]