银行理财产品监管套利程度的测度与金融风险的抑制  

An Analysis on the Measurement of Regulatory Arbitrage Based on Bank Wealth Investment Products and on the Containment of Financial Risks

作　　者：骆祚炎 莫贤锐 LUO Zuo-yan;MO Xian-rui

机构地区：[1]广东财经大学金融学院

出　　处：《中央财经大学学报》2022年第1期22-34,共13页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“金融加速器效应顺周期性的多维测度与逆周期调控政策研究”(项目编号:71473049);国家自然科学基金面上项目“基于消费视角的居民资产财富效应测度与调控政策研究”(项目编号:71073030);广东省哲学社会科学规划项目“协同供给侧结构性改革的货币政策研究”(项目编号:GD16CYJ09)。

摘　　要：本文以银行理财产品监管套利程度的测度为主要研究对象。以往文献对理财产品的研究较少,且这些研究侧重于定性分析,关于理财产品监管套利程度的测度等定量分析更少见,本文力求弥补相关研究的不足。本文测度结果表明,银行理财产品无论从单项产品还是从总体来看,监管套利程度都呈现上升趋势,理财产品的监管套利风险在增加。进一步的理论和实证分析表明,理财产品监管套利程度与货币政策之间存在相互影响。本文认为,应该采取"疏堵"相结合的措施进一步防范理财产品监管套利风险。第一,根据理财产品的投资期限做好分类监管,尤其要做好对短期理财产品的重点监管。第二,货币政策和宏观审慎政策相配合遏制理财产品监管套利可能引发的风险。第三,从深度上推进银行理财产品纳入监管体系。第四,将银行理财产品监管套利程度作为货币政策关注目标。此外,在适度限制银行理财产品交易的同时,要有效促进信贷资金流向实体经济特别是中小企业。This paper focuses on analyzing the measurement of regulatory arbitrage based on bank wealth investment products.The literature and documents on such phenomena are rare and infrequent.The empirical analysis of this paper shows that the degree of regulatory arbitrage is rising for both individual product and the products as a whole.A further analysis shows that there is relatively strong relationship between the degree of regulatory arbitrage and monetary policy.This paper proposes that the authority should take comprehensive actions to curtail the risks imposed by regulatory arbitrage based on bank wealth investment products.Firstly, we should pursue classified supervision according to the sort of bank wealth investment products, especially targeting the short-term wealth investment products.Secondly, monetary policy should be combined with macro-prudential policy to deter the risks posed by bank wealth investment products.Thirdly, we should further promote the integration of shadow bank products into the regulatory system.Finally, we should take concrete actions to supply more funds to the mid-and small-sized companies, in case the new rule of supervision on shadow bank products possibly shrinks the fund supply to the mid-and small-sized companies.

关 键 词：银行理财产品 监管套利 异常收益率 金融风险 TVP-VAR模型 

分 类 号：F832.2[经济管理—金融学]