资管机构监管指标变化对金融体系结构的影响  

The Impact of Regulatory Indicators Changes for Asset Management Institutions on the Structure of theFinancial System

作　　者：张逸辰 周潮 ZHANG Yichen;ZHOU Chao

机构地区：[1]上海社会科学院 [2]斯里兰卡科伦坡大学人文学院经济系

出　　处：《金融监管研究》2024年第11期24-43,共20页Financial Regulation Research

摘　　要：本文运用存量流量一致性模型研究了资管机构监管指标的变化对广义货币供给的改变,以及资管机构杠杆、流动性资产比率对家庭资产组合、企业融资以及银行资产配置的影响。研究发现:(1)“金融去杠杆”过程中银行表外资产回表放大了广义货币供给,央行对其他金融机构的债权代替了外汇占款,成为货币发行的锚;(2)资管机构法定杠杆比率的下降、流动性资产占比的上升,提高了银行传统业务规模,降低了债券市场价格波动对金融体系风险的影响。本文认为,货币政策在关注总量指标的同时应考虑货币在金融系统内部的流向;同时,监管政策应根据各类金融机构的资金来源和行为模式制定合理的监管指标,实现在发展资本市场的同时控制风险。This paper employs the stock-flow consistent model to investigate the impact of regulatory changes on the broad money supply by asset management institutions,as well as the effects of leverage and liquidity asset ratios of asset management institutions on household asset portfolios,corporate financing,and bank asset allocation.The study finds that:(1)During the process of"financial deleveraging,"the expansion of off-balance sheet assets by banks amplifies the broad money supply,with the central bank substituting claims on other financial institutions for foreign exchange as the anchor of monetary issuance;(2)The decrease in the statutory leverage ratio of asset management institutions and the increase in the proportion of liquid assets enhance the scale of traditional banking activities and reduce the impact of bond market price fluctuations on financial system risk.This paper suggests that monetary policy should consider the flow of money within the financial system while focusing on aggregate indicators;regulatory policies should be based on the funding sources and behavioral patterns of various financial institutions to develop reasonable regulatory metrics,achieving a balance between developing capital markets and controlling risks.

关 键 词：金融机构 货币供给 杠杆 流动性资产占比 风险 

分 类 号：F832[经济管理—金融学]