资产负债表视角下的银行“脱实向虚”与我国银行系统性风险防范  

The Prevention of Separation from the Real Economy to Fictitious Economy and Systematic Risk in Chinese Banking from the Perspective of Balance Sheet

作　　者：方意[1] 张蓦严 陈敏[2] 黄丽灵 Fang Yi;Zhang Moyan;Chen Min;Huang Liling(School of Finance,Central University of Finance and Economics,Beijing 102206,China;School of Economics,Shandong University of Technology,Zibo 255012,China;HSBC Business School,Peking University,Shenzhen 518000,China)

机构地区：[1]中央财经大学金融学院,北京102206 [2]山东理工大学经济学院,淄博255012 [3]北京大学汇丰商学院,深圳518000

出　　处：《天津大学学报（社会科学版）》2022年第5期398-409,共12页Journal of Tianjin University：Social Sciences

基　　金：国家自然科学基金面上项目(72173144);国家自然科学基金面上项目(71973162);教育部人文社科项目(19YJC790189);北京市教委社科项目(SM202010037006);山东省社会科学规划数字山东研究专项(20CSDJ43).

摘　　要：近年来,房地产市场凭借较高的资本回报率,已成为金融投资的重要方式,极大地鼓舞了金融企业和非金融企业的“脱实向虚”行为。银行部门借助自身资产与负债业务将资金引向房地产市场,成为我国当前“脱实向虚”现象的一个重要渠道,加剧了金融体系的系统性风险。银行负债端的“脱实向虚”行为主要表现非核心负债占比即结构杠杆率的增加。这种行为,不仅会降低银行对实体经济的直接支持力度,而且会加剧资金在银行体系内的空转与银行间风险传染。银行资产端的“脱实向虚”行为主要表现为房地产贷款业务和影子银行业务的过度扩张。这两种行为虽为银行“微观审慎”性的最优个体决策,但都弱化了对实体经济的资金支持,而且会因为银行投资组合的相似性而引发银行业系统性风险。因此,为有效防范我国银行业系统性风险的过度累积,应从结构杠杆率、房地产贷款、影子银行业务等层面入手加强实时监测与风险预警。In recent years,the real estate market has become an important channel attracting financial investment with its high rate of capital return,which greatly diverts financial and non-financial enterprises from real economy to fictitious economy.With the businesses of asset and liability,the bank sector channels capital into the real estate market and has become a vital channel for the national economic development being separated from the real economy,aggravating the systematic risk of the financial system.In the bank’s business of liability,the separation from the real economy is manifested in the increase of the ratio of non-core liabilities,namely the increase of structural leverage ratio.This transformation will not only reduce the direct support of banks to the real economy,but also increase the fund circulating within the banking system and the risk contagion between banks.In the bank’s business of asset,the separation from the real economy is manifested in the excessive expansion of real estate loan business and shadow banking business.Although these two kinds of transformation are bank’s own optimal decision and conform to its micro prudential management,both of them reduce the capital support to the real economy and may lead to bank’s systematic risk due to the similarity of bank investment portfolio.Therefore,in order to effectively prevent the excessive accumulation of systematic risk in China’s banking sector,real-time monitoring and risk warning should be strengthened in such fields as structural leverage ratio,real estate loans and shadow banking business.

关 键 词：脱实向虚 系统性风险 银行资产负债表 影子银行业务 房地产贷款 

分 类 号：F832[经济管理—金融学]