A Study On The Impact Of Shadow Banks On The Stability Of China's Financial System

China under the influence of the 2007 subprime crisis,especially after the 2008 global financial crisis,the shadow bank has sprung up in China's financial market and has made rapid development.Foreign shadow banks are a way of financing the securitization of loans in the market that are poorly financed,long-term loans,securitization through securities markets,or infinite expansion of credit.In contrast to foreign shadow banks,China's shadow banks exist in the north and south of China,such as network lending platform,rural lending market and urban small-scale credit company,in the form of small scale,widely distributed and non-standardized.Chinese-style shadow banks have created the conditions for a wide range of innovative forms of coexistence of financial products,speeding up the pace of China's marketization process and the full deployment of resources;but because of their high leverage,term asymmetry and regulators Perceived characteristics,making the shadow bank is like a time bomb,poor handling will bring the whole financial system shock,affecting the stability of the financial system.In order to reflect the necessity of the research and the rationality of the analysis,the selection of the 1991-2016 data interval will be through the 18 secondary indicators to build a first-level indicators(macroeconomic risk,the bank internal business risk,stock market volatility risk,government bonds Risk and foreign and foreign exchange risk),and then through the weighted average level of indicators to obtain financial stability indicators;through the scale of non-observable loans to calculate the size of the shadow bank.Then,we choose the shadow bank scale and the price index(CPI)as the explanatory VaRiable,and the financial stability degree is the explanatory VaRiable to construct the VaR model.The paper analyzes the shadow bank by using the ADF test,the Granger causality test and the differential decomposition The impact of stability.The empirical results show that the influence of the development of shadow banks on financial stability is significant,and there is a certain time delay effect.In view of the above conclusions,the following policy recommendations are put forward:we should standardize the production and sales process of shadow banking related financial products and avoid the spread of risk;in order to improve the transparency of information,a complete and efficient shadow bank information disclosure system should be constructed;we should prevent shadow banking and commercial banks Traditional business to be mixed;we should further promote the establishment of highly developed financial markets for the development of shadow banks to create a healthy environment;we should strengthen the shadow bank self-discipline system,control their own risk and prevent further deterioration and delivery;Multi-angle and all-round system should be found,as far as possible to make regulation no dead ends;we should attention to the shadow bank supervision personnel training and improve the regulatory regulatory capacity.