CAJ | 학술논문

学术界普遍认为影子银行脱缰似的发展助推并加剧了2008年的全球金融危机。后金融危机时代，我国的监管机构越发重视影子银行的风险防范问题。首先对我国的影子银行进行界定，继而从融资方的需求、投资方的供给以及投融资中介的配合三方面分析了我国影子银行兴起之表面原因，进而在探讨其隐藏的流动性风险、信息不对称风险以及系统性违约风险的基础上，指出影子银行兴起之深层次原因在于我国金融抑制环境下的利率管制以及当下“一行三会”的分业监管模式对金融创新存在监管真空等金融体制方面的弊端，最后提出为防范影子银行的风险，当前我国的金融体制改革的举措主要是完善金融监管体制、推进利率市场化改革，健全信息披露制度，加快社会信用体系的建设。
학술계보편인위영자은행탈강사적발전조추병가극료2008년적전구금융위궤。후금융위궤시대，아국적감관궤구월발중시영자은행적풍험방범문제。수선대아국적영자은행진행계정，계이종융자방적수구、투자방적공급이급투융자중개적배합삼방면분석료아국영자은행흥기지표면원인，진이재탐토기은장적류동성풍험、신식불대칭풍험이급계통성위약풍험적기출상，지출영자은행흥기지심층차원인재우아국금융억제배경하적리솔관제이급당하“일행삼회”적분업감관모식대금융창신존재감관진공등금융체제방면적폐단，최후제출위방범영자은행적풍험，당전아국적금융체제개혁적거조주요시완선금융감관체제、추진리솔시장화개혁，건전신식피로제도，가쾌사회신용체계적건설。
It was commonly believed that the fast development of shadow banking system exacerbated the global financial crisis in 2008. In the post financial crisis era, Chinese regulators have paid more attention to the risk prevention issues of the shadow banking. Starting with the definition of shadow banking in China, this paper analyzes the surface rising reasons of shadow banking from three aspects of the demand of financial parties, the supply of investors, and the cooperation of intermediaries, and then based on the exploration of the hidden liquidity risk, the information asymmetry risk and systematic default risk, it points out that the deep-seated rising reason is the drawbacks of financial system, such as the interest rate control in financial repression environment as well as the separate supervision vacuum of current"One bank and three commissions". Finally, it proposes that in order to prevent the risk of shadow banking, we should take such measures as perfecting the financial supervision system, promoting market-oriented interest rate reform, improving the information disclosure system, as well as accelerating the construction of social credit system.