影子银行体系的运行机制及监管方式

全球金融危机后，国际社会从一个新的视角---影子银行体系来分析现代金融体系，并重构现代国际金融监管制度。影子银行体系的有效监管必须具有翔实的微观基础，比如明确体系边界、风险特征及表现形式等。国际上对影子银行体系并无公认的定义。影子银行具有证券化程度高、信息不透明、杠杆率较高等特征，这直接引致其存在诸多内生性金融风险，国际社会倾向于采用“类银行化”的监管路径对影子银行进行金融监管。国际社会采取的一系列法律、政策措施对我国影子银行监管具有一定的启示。

The Operation Mechanism and the Regulation of the Shadow Banking System

After the global financial crisis ,the international community has analyzed the modern finan-cial system from a new perspective ,i .e .,the shadow banking system ,and reconstructed the modern inter-national financial regulatory system .Effective regulation of the shadow banking system must have a de-tailed micro -foundation ,such as system boundary ,risk characteristics and performance forms .There is no universally accepted definition of the shadow banking system at the global level .Shadow banks have char-acteristics such as a high degree of securitization ,information opacity and high leverage ratio ,w hich directly contribute to the existence of many endogenous financial risks .International community tends to adopt the path of financial regulation on the shadow banking ,w hich is similar to that on commercial banks .Every fi-nancial body has adopted a series of law s ,policies and measures ,w hich provides illuminations for China＇s supervision on the shadow banking system .