中国影子银行的经济学分析:定义、构成和规模测算 (Economics of China's Shadow Banking: Definition, Composition, and Measurement)
中国影子银行的经济学分析之一（Economics of China's Shadow Banking Series: 1）
发表于《金融研究》。知网下载链接（CNKI Download Link）:
摘要：2008年国际金融危机以后,中国金融体系发生的重大变化之一是影子银行的较快发展,其规模迅速膨胀,交易结构日趋复杂,各类市场主体都牵涉其中。这些变化吸引了政策制订者和学术界的广泛关注。本文给出了中国影子银行的功能性定义,即依赖于银行信用、从事银行业务、但又没接受严格的银行业监管的金融业务,具体指传统的银行表内贷款和债券投资以外的,具备完整的信用转换、期限转换和流动性转换功能的金融业务。本文逐项分析影子银行业务,详细总结各类型业务的交易结构、业务主体、业务实质、资金来源、法律基础、资产负债表表示,准确测算了2002年至今影子银行总量和资产负债表结构月度数据。只从资产负债表的负债端着手加总,既完整地涵盖了影子银行的全部业务,得到其宏观总量,又剔除了重复计算。本文测算数据为后续研究打下了基础。
Abstract: Since the global financial crisis of 2008, a major event in China's financial system has been the ascent of shadow banking. Shadow banking is rapidly expanding in scale, has an increasingly complex transaction structure, and involves a wide variety of market entities. According to our estimation, shadow banking in China amounted to RMB 51.1 trillion yuan at the end of 2017, which is 7.7 greater that at the end of 2008. At the end of 2018, shadow banking stocks were estimated at 48 trillion yuan.
China's shadow banking has exerted broad influence on monetary policy regulation and financial stability. Against this background, it has important theoretical and timely practical significance for understanding the business structure of shadow banking and accurately estimating its aggregate quantity change, thus helping us to grasp the business of shadow banking, strengthen our understanding of the financial sector in economic development, and conduct high-quality theoretical modelling and empirical research.
The main work and conclusions of this study are as follows.
First, this paper gives a definition of shadow banking based on functionality and analyzes different shadow banking businesses by type. This study summarizes the transaction structure, business entity, business substance, source of funding, legal basis, and balance sheet expression of all business types.
Second, this study accurately estimates the monthly data of shadow banking aggregates and balance sheet structure from 2002 till now. The detailed and accurate data in this paper also lays solid foundation for future research on shadow banking.