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巴曙松:中国影子银行的监管趋势

来源: 南方日报网络版     时间: 2019年06月18日 00:39:19
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名鸿龙虎和平台直属招商客服QQ【7915✷171】诚招代理龙虎和龙虎1赔2.211合1赔9.95,定位胆1赔9.95腾讯5,10分欢乐生肖,最高返水100反9快,最高赔率,正规信誉大平台平台24h提供注册及登录。巴曙松:中国影子银行的监管趋势

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(从)(国)(际)(范)(围)(内)(来)(看)(,“影)(子)(银)(行)(”的)(概)(念)(产)(生)(于)(2007年)(美)(联)(储)(的)(年)(度)(会)(议)(上)(,由)(美)(国)(太)(平)(洋)(投)(资)(管)(理)(公)(司)(执)(行)(董)(事)(麦)(卡)(利)(首)(次)(提)(出)(并)(被)(广)(泛)(采)(用)(,又)(称)(为)(平)(行)(银)(行)(系)(统)((TheParallelBankingSystem),在)(美)(国)(当)(时)(的)(金)(融)(环)(境)(下)(,影)(子)(银)(行)(主)(要)(包)(括)(投)(资)(银)(行)(、对)(冲)(基)(金)(、货)(币)(市)(场)(基)(金)(、债)(券)(保)(险)(公)(司)(、结)(构)(性)(投)(资)(工)(具)((SIV)等)(非)(银)(行)(金)(融)(机)(构)(。这)(些)(机)(构)(从)(事)(放)(款)(,也)(接)(受)(抵)(押)(,通)(过)(杠)(杆)(操)(作)(持)(有)(大)(量)(证)(券)(、债)(券)(和)(复)(杂)(金)(融)(工)(具)(带)(来)(金)(融)(市)(场)(繁)(荣)(的)(同)(时)(,影)(子)(银)(行)(的)(快)(速)(发)(展)(和)(高)(杠)(杆)(操)(作)(给)(整)(个)(金)(融)(体)(系)(带)(来)(了)(巨)(大)(脆)(弱)(性)(,并)(成)(为)(2008年)(美)(国)(次)(贷)(危)(机)(以)(及)(全)(球)(金)(融)(危)(机)(的)(主)(要)(推)(手)(。2011年)(4月)(,金)(融)(稳)(定)(理)(事)(会)((FSB)对)(“影)(子)(银)(行)(”作)(了)(严)(格)(的)(界)(定)(:影)(子)(银)(行)(是)(游)(离)(于)(银)(行)(的)(监)(管)(体)(系)(之)(外)(,可)(能)(引)(发)(系)(统)(性)(风)(险)(和)(监)(管)(套)(利)(的)(信)(用)(中)(介)(体)(系)(。影)(子)(银)(行)(引)(发)(系)(统)(性)(风)(险)(的)(因)(素)(主)(要)(包)(括)(期)(限)(错)(配)(、流)(动)(性)(转)(换)(、信)(用)(转)(换)(和)(高)(杠)(杆)(。在)(中)(国)(,影)(子)(银)(行)(在)(不)(同)(的)(阶)(段)(往)(往)(表)(现)(为)(不)(同)(的)(产)(品)(形)(式)(,初)(期)(可)(能)(包)(括)(一)(些)(商)(业)(银)(行)(与)(非)(银)(行)(金)(融)(机)(构)(的)(合)(作)(产)(品)(,近)(期)(则)(演)(变)(为)(一)(些)(跨)(专)(业)(领)(域)(进)(行)(镶)(嵌)(加)(杠)(杆)(等)(的)(产)(品)(。目)(前)(,银)(行)(理)(财)(产)(品)(、非)(银)(行)(金)(融)(机)(构)(贷)(款)(产)(品)(、资)(管)(产)(品)(中)(的)(优)(先)(级)(类)(信)(贷)(产)(品)(、P2P、民)(间)(借)(贷)(等)(都)(可)(归)(结)(为)(“影)(子)(银)(行)(”,但)(其)(概)(念)(至)(今)(没)(有)(一)(个)(非)(常)(明)(确)(的)(界)(定)(。有)(人)(认)(为)(,只)(要)(涉)(及)(借)(贷)(关)(系)(和)(银)(行)(表)(外)(业)(务)(都)(属)(于)(影)(子)(银)(行)(。虽)(然)(银)(监)(会)(2012年)(报)(明)(确)(银)(监)(会)(所)(监)(管)(的)(六)(类)(非)(银)(行)(金)(融)(机)(构)(及)(其)(业)(务)(、商)(业)(银)(行)(理)(财)(等)(表)(外)(业)(务)(不)(属)(于)(影)(子)(银)(行)(。但)(是)(实)(际)(执)(行)(过)(程)(中)(存)(在)(部)(分)(为)(规)(避)(监)(督)(和)(实)(现)(监)(管)(套)(利)(的)(理)(财)(业)(务)(,依)(旧)(表)(现)(为)(影)(子)(银)(行)(产)(品)(。
根)(据)(国)(际)(评)(级)(机)(构)(穆)(迪)(发)(布)(报)(告)(,中)(国)(2016年)(影)(子)(银)(行)(资)(产)(达)(人)(民)(币)(64.5万)(亿)(元)(,同)(比)(增)(长)(21%,当)(然)(,穆)(迪)(统)(计)(的)(影)(子)(银)(行)(的)(口)(径)(与)(通)(常)(监)(管)(机)(构)(的)(口)(径)(有)(所)(差)(异)(。其)(报)(告)(中)(定)(义)(的)(影)(子)(银)(行)(是)(指)(信)(贷)(中)(介)(产)(品)(,包)(括)(委)(托)(贷)(款)(、信)(托)(贷)(款)(、未)(贴)(现)(银)(行)(承)(兑)(汇)(票)(这)(三)(类)(“核)(心)(”影)(子)(银)(行)(,以)(及)(去)(“通)(道)(”后)(的)(银)(行)(理)(财)(产)(品)(、证)(券)(公)(司)(理)(财)(产)(品)(,再)(加)(上)(财)(务)(公)(司)(贷)(款)(、民)(间)(借)(贷)(等)(。其)(中)(,银)(行)(理)(财)(是)(增)(速)(最)(快)(的)(部)(分)(,在)(2017年)(一)(季)(度)(达)(29.1万)(亿)(元)(。其)(实)(,无)(论)(怎)(样)(的)(口)(径)(,都)(可)(以)(看)(出)(随)(着)(混)(业)(经)(营)(的)(发)(展)(,中)(国)(影)(子)(银)(行)(规)(模)(爆)(发)(的)(同)(时)(,产)(品)(结)(构)(设)(计)(复)(杂)(、信)(息)(披)(露)(不)(够)(充)(分)(、不)(受)(资)(本)(约)(束)(等)(弊)(端)(必)(须)(要)(尽)(快)(纳)(入)(监)(管)(框)(架)(之)(下)(,得)(到)(统)(一)(监)(管)(促)(进)(其)(规)(范)(发)(展)(。虽)(然)(人)(民)(银)(行)(2017年)(起)(将)(银)(行)(表)(外)(理)(财)(纳)(入)(广)(义)(信)(贷)(范)(围)(,以)(合)(理)(引)(导)(金)(融)(机)(构)(加)(强)(对)(表)(外)(业)(务)(风)(险)(的)(管)(理)(。但)(相)(比)(较)(30万)(亿)(元)(的)(银)(行)(理)(财)(规)(模)(,预)(计)(还)(有)(一)(部)(分)(影)(子)(银)(行)(产)(品)(游)(离)(于)(监)(管)(的)(资)(本)(要)(求)(之)(外)(。
国)(际)(监)(管)(经)(验)(及)(中)(国)(影)(子)(银)(行)(监)(管)(改)(革)(
金)(融)(危)(机)(爆)(发)(后)(,欧)(美)(各)(国)(开)(始)(考)(虑)(将)(影)(子)(银)(行)(系)(统)(纳)(入)(监)(管)(。2009年)(英)(国)(金)(融)(服)(务)(局)((FSA)发)(布)(报)(告)(,明)(确)(提)(出)(要)(加)(强)(对)(对)(冲)(基)(金)(等)(影)(子)(银)(行)(的)(监)(管)(。另)(外)(,英)(国)(对)(影)(子)(银)(行)(体)(系)(进)(行)(监)(管)(主)(要)(代)(表)(性)(法)(案)(和)(指)(令)(有)(《特)(纳)(报)(告)(》《交)(易)(行)(为)(的)(审)(慎)(制)(度)(》以)(及)(《衍)(生)(产)(品)(场)(外)(交)(易)(市)(场)(改)(革)(方)(案)(》等)(等)(。美)(国)(政)(府)(也)(于)(2009年)(3月)(公)(布)(《金)(融)(体)(系)(全)(面)(改)(革)(方)(案)(》,对)(诸)(如)(对)(冲)(基)(金)(之)(类)(的)(影)(子)(银)(行)(实)(行)(更)(严)(格)(的)(监)(管)(。要)(求)(超)(过)(一)(定)(规)(模)(的)(对)(冲)(基)(金)(及)(其)(他)(私)(募)(基)(金)(必)(须)(在)(美)(国)(证)(券)(交)(易)(委)(员)(会)((SEC)注)(册)(登)(记)(,建)(立)(针)(对)(诸)(如)(CDS等)(场)(外)(衍)(生)(品)(市)(场)(的)(全)(面)(监)(管)(、保)(护)(和)(披)(露)(框)(架)(等)(。2010年)(7月)(美)(国)(政)(府)(颁)(布)(了)(《多)(德)(弗)(兰)(克)(法)(案)(》,该)(法)(案)(允)(许)(美)(国)(金)(融)(监)(管)(机)(构)(按)(照)(“谁)(是)(金)(融)(中)(介)(功)(能)(的)(最)(终)(实)(施)(者)(”这)(一)(思)(路)(对)(影)(子)(银)(行)(体)(系)(进)(行)(管)(控)(。
中)(国)(总)(体)(上)(与)(美)(国)(影)(子)(银)(行)(存)(在)(共)(同)(特)(征)(,比)(如)(缺)(乏)(透)(明)(度)(、成)(为)(加)(杠)(杆)(的)(载)(体)(、从)(事)(监)(管)(套)(利)(和)(资)(金)(套)(利)(等)(,但)(也)(有)(不)(同)(的)(机)(理)(与)(自)(身)(特)(征)(。一)(是)(影)(子)(银)(行)(产)(品)(往)(往)(跨)(越)(不)(同)(金)(融)(细)(分)(领)(域)(,使)(得)(现)(有)(的)(以)(机)(构)(监)(管)(为)(基)(础)(的)(监)(管)(体)(制)(难)(以)(对)(影)(子)(银)(行)(产)(品)(进)(行)(穿)(透)(式)(的)(监)(管)(。目)(前)(中)(国)(的)(监)(管)(体)(制)(实)(行)(的)(是)(分)(业)(监)(管)(模)(式)(,但)(影)(子)(银)(行)(产)(品)(则)(横)(跨)(多)(个)(金)(融)(业)(务)(领)(域)(。二)(是)(通)(过)(影)(子)(银)(行)(产)(品)(实)(现)(监)(管)(套)(利)(。正)(规)(金)(融)(机)(构)(在)(存)(款)(准)(备)(金)(、贷)(款)(规)(模)(控)(制)(、资)(本)(充)(足)(率)(等)(监)(管)(要)(求)(下)(,银)(行)(往)(往)(有)(将)(资)(金)(转)(移)(出)(资)(产)(负)(债)(表)(的)(内)(在)(动)(力)(,从)(而)(形)(成)(向)(影)(子)(银)(行)(体)(系)(的)(资)(金)(供)(给)(。而)(在)(金)(融)(市)(场)(分)(割)(、市)(场)(发)(展)(不)(平)(衡)(、融)(资)(渠)(道)(单)(一)(、金)(融)(工)(具)(相)(对)(匮)(乏)(等)(条)(件)(下)(,影)(子)(银)(行)(体)(系)(客)(观)(上)(填)(补)(了)(正)(规)(金)(融)(的)(空)(白)(,也)(通)(过)(特)(定)(的)(影)(子)(银)(行)(产)(品)(创)(新)(突)(破)(了)(金)(融)(监)(管)(的)(约)(束)(,进)(而)(积)(聚)(金)(融)(结)(构)(不)(平)(衡)(的)(风)(险)(。三)(是)(中)(国)(的)(影)(子)(银)(行)(在)(不)(同)(时)(期)(往)(往)(表)(现)(为)(不)(同)(的)(金)(融)(产)(品)(形)(式)(,2015年)(以)(来)(主)(要)(表)(现)(为)(同)(业)(存)(单)(、委)(外)(等)(业)(务)(形)(式)(突)(破)(监)(管)(约)(束)(,并)(实)(现)(加)(杠)(杆)(等)(目)(标)(。2013年)(中)(国)(人)(民)(银)(行)(公)(布)(《同)(业)(存)(单)(管)(理)(暂)(行)(办)(法)(》规)(范)(了)(同)(业)(存)(单)(业)(务)(,也)(拓)(展)(了)(存)(款)(类)(金)(融)(机)(构)(的)(融)(资)(渠)(道)(。同)(业)(存)(单)(业)(务)(规)(避)(了)(银)(行)(同)(业)(业)(务)(的)(监)(管)(政)(策)(约)(束)(,为)(银)(行)(利)(用)(同)(业)(资)(金)(规)(避)(监)(管)(提)(供)(了)(契)(机)(。相)(应)(的)(业)(务)(模)(式)(主)(要)(有)(同)(业)(存)(单)(质)(押)(、受)(益)(权)(T+D模)(式)(以)(及)(同)(业)(存)(单)(嵌)(套)(同)(业)(理)(财)(委)(外)(投)(资)(模)(式)(。2015年)(以)(来)(,通)(过)(同)(业)(存)(单)(和)(委)(外)(业)(务)(加)(杠)(杆)(的)(规)(模)(迅)(速)(上)(升)(,特)(别)(是)(一)(些)(中)(小)(金)(融)(机)(构)(,将)(此)(视)(为)(突)(破)(分)(支)(机)(构)(网)(络)(限)(制)(、以)(及)(贷)(款)(规)(模)(约)(束)(、资)(本)(金)(约)(束)(等)(的)(重)(要)(渠)(道)(。从)(政)(策)(发)(展)(趋)(势)(看)(,强)(化)(对)(影)(子)(银)(行)(的)(监)(管)(,促)(进)(金)(融)(体)(系)(去)(杠)(杆)(,将)(是)(下)(一)(阶)(段)(影)(响)(金)(融)(市)(场)(的)(一)(个)(重)(要)(政)(策)(趋)(势)(。
首)(先)(,应)(加)(强)(分)(业)(监)(管)(协)(调)(,从)(统)(一)(资)(产)(管)(理)(产)(品)(框)(架)(着)(手)(,强)(化)(影)(子)(银)(行)(产)(品)(的)(穿)(透)(式)(监)(管)(。中)(国)(影)(子)(银)(行)(体)(系)(其)(实)(已)(在)(金)(融)(监)(管)(的)(覆)(盖)(范)(围)(之)(内)(,比)(如)(《商)(业)(银)(行)(个)(人)(理)(财)(业)(务)(管)(理)(暂)(行)(办)(法)(》《商)(业)(银)(行)(理)(财)(产)(品)(销)(售)(管)(理)(办)(法)(》等)(监)(管)(办)(法)(早)(已)(出)(台)(,银)(行)(理)(财)(产)(品)(运)(行)(情)(况)(定)(期)(保)(送)(监)(管)(部)(门)(,明)(细)(也)(保)(送)(央)(行)(纳)(入)(社)(会)(融)(资)(总)(量)(的)(口)(径)(;信)(托)(公)(司)(也)(根)(据)(《信)(托)(公)(司)(净)(资)(本)(管)(理)(办)(法)(》受)(到)(合)(理)(监)(管)(;《企)(业)(集)(团)(财)(务)(公)(司)(管)(理)(办)(法)(》《非)(银)(行)(金)(融)(机)(构)(行)(政)(许)(可)(事)(项)(实)(施)(办)(法)(》《消)(费)(金)(融)(公)(司)(试)(点)(管)(理)(办)(法)(》等)(规)(章)(制)(度)(也)(对)(非)(银)(机)(构)(建)(立)(了)(一)(整)(套)(审)(慎)(监)(管)(制)(度)(。但)(是)(问)(题)(在)(于)(监)(管)(标)(准)(的)(差)(异)(、监)(管)(带)(来)(的)(合)(规)(成)(本)(过)(高)(是)(影)(子)(银)(行)(进)(行)(监)(管)(套)(利)(的)(原)(动)(力)(。在)(目)(前)(中)(国)(分)(业)(监)(管)(带)(来)(了)(监)(管)(套)(利)(空)(间)(。例)(如)(,当)(前)(券)(商)(和)(基)(金)(公)(司)(资)(产)(管)(理)(业)(务)(的)(监)(管)(要)(求)(相)(对)(较)(为)(宽)(松)(、而)(银)(行)(体)(系)(、信)(托)(类)(金)(融)(机)(构)(的)(资)(产)(管)(理)(业)(务)(监)(管)(较)(为)(严)(格)(;信)(托)(公)(司)(依)(赖)(的)(信)(托)(法)(与)(一)(般)(资)(产)(管)(理)(业)(务)(依)(赖)(的)(委)(托)(代)(理)(关)(系)(存)(在)(法)(律)(上)(的)(不)(同)(。因)(此)(要)(加)(强)(分)(业)(监)(管)(协)(调)(、使)(得)(对)(于)(同)(类)(业)(务)(进)(行)(相)(同)(标)(准)(的)(监)(管)(,努)(力)(压)(缩)(“监)(管)(真)(空)(”区)(域)(,消)(除)(监)(管)(套)(利)(空)(间)(。中)(国)(的)(监)(管)(框)(架)(应)(强)(化)(功)(能)(监)(管)(,制)(定)(统)(一)(的)(监)(管)(框)(架)(,强)(化)(信)(息)(披)(露)(。
其)(次)(,推)(进)(金)(融)(结)(构)(调)(整)(,平)(稳)(促)(进)(去)(杠)(杆)(,逐)(步)(释)(放)(影)(子)(银)(行)(体)(系)(风)(险)(,把)(握)(风)(险)(释)(放)(速)(度)(和)(不)(刺)(破)(风)(险)(底)(线)(的)(平)(衡)(。目)(前)(,决)(策)(层)(已)(经)(陆)(续)(出)(台)(了)(相)(关)(的)(政)(策)(,引)(导)(影)(子)(银)(行)(逐)(步)(释)(放)(风)(险)(。但)(在)(推)(进)(金)(融)(市)(场)(化)(的)(过)(程)(中)(,需)(要)(把)(握)(市)(场)(化)(推)(进)(速)(度)(和)(金)(融)(机)(构)(盈)(利)(模)(式)(转)(型)(的)(平)(衡)(,防)(范)(由)(于)(金)(融)(市)(场)(化)(加)(速)(带)(来)(的)(风)(险)(叠)(加)(。从)(银)(行)(的)(角)(度)(来)(看)(,一)(方)(面)(利)(率)(市)(场)(化)(的)(稳)(步)(推)(进)(将)(改)(变)(原)(有)(依)(赖)(利)(差)(的)(盈)(利)(模)(式)(,存)(款)(面)(临)(较)(大)(的)(波)(动)(;另)(一)(方)(面)(,对)(影)(子)(银)(行)(的)(加)(强)(监)(管)(将)(导)(致)(银)(行)(无)(法)(再)(利)(用)(资)(产)(出)(表)(的)(手)(段)(放)(大)(利)(差)(,获)(取)(高)(额)(收)(益)(。因)(此)(,有)(必)(要)(客)(观)(把)(握)(利)(率)(市)(场)(化)(与)(去)(杠)(杆)(可)(能)(对)(金)(融)(机)(构)(、特)(别)(是)(中)(小)(金)(融)(机)(构)(的)(影)(响)(。
再)(次)(,增)(加)(影)(子)(银)(行)(透)(明)(度)(,从)(而)(规)(避)(影)(子)(银)(行)(可)(能)(引)(发)(的)(系)(统)(性)(风)(险)(。设)(计)(全)(面)(的)(穿)(透)(式)(信)(息)(披)(露)(机)(制)(也)(将)(成)(为)(未)(来)(对)(影)(子)(银)(行)(监)(管)(的)(重)(点)(。
文)(章)(来)(源)(:《清)(华)(金)(融)(评)(论)(》2017年)(11月)(5日)((本)(文)(观)(点)(仅)(代)(表)(作)(者)(作)(为)(一)(位)(研)(究)(人)(员)(个)(人)(的)(看)(法)(,不)(代)(表)(任)(何)(机)(构)(的)(意)(见)(和)(看)(法)()
本)(篇)(编)(辑)(:王)(昌)(耀)(返)(回)(搜)(狐)(,查)(看)(更)(多)(
责)(任)(编)(辑)(:
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