摘 要

虽然影子银行从其诞生至今也有近百年的历史了，但其概念正真受到公众的关注却是在2008年的金融危机之后。 此次金融危机让人们意识到影子银行的规模之大以及其对整个社会的影响之深，但目前的监管却并不全面，其对金融市场所带来的危害也是不容小觑的。在这之后，世界上众多专家学者开启了影子银行的探索之路，但我国对影子银行的研究还处于萌芽阶段，没有统一能解释影子银行的含义。大多数学者都赞成FSB（2011）参考意见对我国影子银行的界定：与传统商业银行类似地从事金融中介活动，其信用转换功能、期限转换功能或流动性转换功能也和它类似的实体或准实体，但其并没有像商业银行那样受到巴塞尔协议III或同等监督管理程度的监管。其主要由证券化机构、市场化的金融公司、结构化投资机构、证券经纪公司和投资银行等金融机构或非金融实体组成。其最明显的特征就是四高（高杠杆率、高风险偏好、高期限错配、高隐蔽性）。影子银行的出现和发展对我国经济而言是一把利弊共存的双刃剑，虽然高杠杆、高错配促进了资金流通和经济发展，但是其风险偏好和隐蔽性也蒙蔽了投资者和监管当局的视线。

本文首先通过收集资料、查阅文献确定了研究的方向与思路并总结了国内外学者的研究现状； 其次通过归纳总结已有的参考文献给出了影子银行的定义、主要构成、显著特点及其发展进程；接着通过对比分析FSB、中国国家统计局等官方网站数据概括出我国影子银行发展现状及地位，并根据我国影子银行产品特征将其进行如下分类：商业银行内生性影子银行、非银行金融机构、非金融机构影子银行体系；然后从我国影子银行发展现状中总结存在的问题及其对金融市场乃至整个社会的影响；最后根据我国实际国情，参考西方发达国家相对成熟的监管制度，给出针对我国影子银行合理发展具有促进作用的相关建议。

关键词：影子银行；发展现状；风险危害；相关建议

Abstract

Although the existence of shadow banks have been nearly a hundred years,it really come into the public vision after the 2008. The financial crisis makes people aware of the size of the shadow bank and its deeply impact on the whole society, but the current regulation is not comprehensive, its harm to financial market should not to be underestimated. After that, a large number of scholars at home and abroad began to study the shadow bank, but so far our research on the shadow bank is still in its infancy, there is no unified concept to define the shadow bank. Most scholars agree that the FSB (2011) reference to the definition of China's shadow bank: It engaged in financial intermediary activities, its credit, duration or liquidity conversion function similar to traditional commercial banks, but it has not been regulated by the Basel agreement III or some other equal supervision. It is mainly composed of some financial institutions like securitization institutions, market-oriented financial companies, structured investment institutions, securities brokerage company and investment banks or other non-financial entities. The most obvious features are high leverage, high risk appetite, high period mismatch, high concealment. The emergence of shadow banks is a double-edged sword for the development of our economy, as high leverage and high mismatches promote capital flows and economic development, but its risk appetite and concealment are also blind to the eyes of investors and regulators.

My essay summarizes the research status of other scholars by gathering information, and then gives the definition, the main structure, the remarkable characteristics and the development of the shadow banks. After the comparative analysis of FSB, Chinese National Bureau of Statistics and some other official websites, I showed the development status of Chinese shadow banks. It has been divided into three parts: bank endogenous shadow bank, Banking and financial institutions, non-financial institutions of the British banking system according to its characteristics; and then summed up the existing problems and its impact on the financial markets and the whole society through its status quo. Finally, combined with Chinese specific circumstances, I put forward some proposal for the development of shadow banks.

Key Words：shadow banking; current situation; problem and detriment; recommendation