资金池、资管新规与影子银行:金融稳定的博弈与规范  

Capital Pool,New Asset Management Regulations,and Shadow Banking:The Game and Regulation of Financial Stability

作　　者：敬紫航 Zihang Jing(International Business School of Beijing Foreign Studies University,Beijing 100089)

机构地区：[1]北京外国语大学国际商学院,北京100089

出　　处：《金融界》2025年第1期4-7,共4页

摘　　要：资金池是商业银行的重要业务,但因其资金募集和收益分配的特点,被影子银行广泛采用,加速了其扩张。然而,影子银行因缺乏资本充足率要求,存在高杠杆运作和资产错配等问题,增加了金融体系的系统性风险。2018年资管新规的出台,旨在强化金融监管,要求透明化底层资产信息、破除刚性兑付,并严格限制非银行金融机构从事资金池业务。2022年新规全面落地后,影子银行规模大幅压缩,金融市场透明度和合规性明显提升。但与此同时,部分企业因融资渠道收紧,转向民间借贷或债券市场,融资成本上升,给企业运营带来压力。此外,银行理财业务受影响,投资者风险偏好发生调整,资产管理行业进入净值化运作的新阶段。总体来看,资管新规在规范市场、降低金融风险的同时,也引发了市场结构的调整,未来金融监管需在稳定性与创新发展之间寻求更佳平衡点,以支持实体经济的健康发展。Fund pooling is an important business of commercial banks,but due to its characteristics of fundraising and income distribution,it is widely adopted by shadow banks,accelerating its expansion.However,due to the lack of capital adequacy requirements,shadow banking faces issues such as high leverage operations and asset mismatches,which increase systemic risks in the financial system.The introduction of the new regulations on seniority management in 2018 aims to strengthen financial supervision,require transparency of underlying asset information,eliminate rigid redemption,and strictly restrict non bank financial institutions from engaging in fund pool business.After the full implementation of the new regulations in 2022,the scale of shadow banking will be significantly reduced,and the transparency and compliance of the financial market will be significantly improved.However,at the same time,some companies have turned to private lending or bond markets due to tightened financing channels,resulting in increased financing costs and putting pressure on their operations.In addition,the bank's wealth management business has been affected,investors'risk preferences have been adjusted,and the asset management industry has entered a new stage of net asset value operation.Overall,the new regulations on asset management have not only regulated the market and reduced financial risks,but also triggered adjustments in market structure.In the future,financial regulation needs to seek a better balance between stability and innovative development to support the healthy development of the real economy.

关 键 词：资管新规 资金池 影子银行 

分 类 号：F832.1[经济管理—金融学]