资管新规抑制影子银行规模扩张的政策效应  

The Policy Effect of the New Asset Management Regulations on the Scale Expansion of Shadow Banking

作　　者：王家华[1] 季杰尧 张振超 WANG Jia-hua;JI Jie-yao;ZHANG Zhen-chao(School of Finance,Nanjing Audit University)

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《当代金融研究》2024年第1期82-96,共15页Journal of Contemporary Financial Research

基　　金：国家社会科学基金一般项目“房地产金融的影子银行风险与审计治理机制研究”(23BJY076)。

摘　　要：抑制影子银行扩张和金融“脱实向虚”,引导资金流向实体是我国金融监管的重要工作。选取2013-2022年42家上市商业银行为样本,利用中介效应模型,选取商业银行资本充足率作为中介变量,验证资管新规出台产生的政策效应可通过影响商业银行的资本充足率,进而抑制其影子银行业务规模扩张。进一步研究发现,就商业银行类型而言,资管新规产生的政策效应对国有商业银行和城市商业银行的抑制效果较为显著。对商业银行提出加强影子银行业务得监管以及完善内部控制体系等政策建议。Since 2017,the key focus of China s financial regulation has been to curb the expansion of shadow banking and financial“diversion from reality”to revitalize the real economy and guide funds to flow to the real economy.This article selects 42 listed commercial banks from 2013 to 2022 as the sample for empirical analysis.Using the mediation effect model and selecting capital adequacy ratio(CAR)of commercial banks as the mediating variable,we verify that the policy effect of the introduction of the new asset management rules can affect the capital adequacy ratio of commercial banks to curb the expansion of their shadow banking business.Further research finds that,in terms of bank type,the policy effect of the introduction of the new asset management rules has a more significant inhibitory effect on state-owned commercial banks and city commercial banks.Put forward the addition to the commercial banks Strong shadow banking business has to be regulated And improve the internal control system Policy advice.

关 键 词：商业银行 影子银行 资管新规 政策效应 

分 类 号：F832.2[经济管理—金融学]