| The concept of shadow banking,proposed in 2007 by Paul Macaulay of PIMCO,originally referred to the entities and activities of a series of credit intermediates operating outside traditional Banks.Shadow Banking,a part of the modern financial system,could become a new financing choice for economic participants,almost every economy's financial system concludes the shadow banking system.However,due to the macroeconomic environment and the degree of development of the financial system in various economies,the performance forms of shadow Banks are varied in different economies.The shadow banking system is also existed in China.And the rapid development of the shadow banking is one of the most important features of the financial markets in china.In recent years,shadow banking occupies an important position in modern market economy.It involves in the laws and regulations,regulatory system and many other aspects,such as economic development.According to calculations from the financial stability board,the fastest growth in shadow banking in the world after the 2008 financial crisis was in China,where shadow banking is now second only to the U.S.In addition,with the China's constant improvement in financial deepening,innovation,the phenomenon emerge in endlessly,about shadow banking avoiding regulation.Together with the government's leverage policies in recent years,shadow banking is likely to cause systemic risk.So,Shadow banking once again return to the discussion of the public.Domestic research on regulation of the shadow banking is still in its infancy.In the depth of the comprehensive systematic research in this field there is a wide range of exploring space.It embodies important theoretical and practical significance.Through meticulous research,the definition and scale of China's shadow banking is given in this article.After estimation of the change of the scale and structure,from 2002 to 2016,we traces the development of the shadow banking in China.Then,according to the development degree of China's shadow banking,we divide its history into three stages,namely preliminary development stage(2004-2008),rapid development stage(2008-2011),the steady development stage(2012-present).In the same time,we expound the background of the each phase and related changes in the business.The shadow banking in China greatly influence the real economy,the virtual economy,and the macro-policy.Analyzing the operation mechanism of the shadow banking system in our country and economic function,in the fourth chapter in this paper,it is concluded that the shadow banking system promotes the financing of the real economy,helps the financial innovation,and is conducive to the establishment of a multi-level financial market,but we cannot ignore the cost to entity economy,the financial system security,the result of the negative effect caused by macropolicy effectiveness.In the fifth chapter,we use VAR model and granger causality test,giving an empirical research on the influence of the macro-economic given by the domestic shadow banking.The analysis shows the necessity and urgency of strengthening the supervision of shadow banking system.This paper gives analysis and Suggestions on the existing supervision situation and countermeasures in our country,and draws on the experience of international regulatory reform,to improve the supervision system of shadow banking in our government,to clarify the basic goals and ideas of China's shadow banking supervision,to put forward the role of market and regulation,to regulate shadow banking development,to build the macro-microprudential supervision system of China's shadow banking system,to strengthen supervision and deepening financial supervision and regulation in key areas.Finally,it puts forward the concept of perfect financial regulation living environment and differentiated supervision from macroscopic view.This paper proposes Suggestions to optimize the internal control mechanism of shadow banking and to promote financial innovation gradually. |
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