The Comparison Study Of Shadow Banking System Between China And The USA Based On The Perspective Of Operation Mechanism And Operation Effect

The economic development of our country tends to be the new normal,under the background of this,the real economy's reform accelerate the speed of economic structure transformation.Shadow banking system,to some extent,is promoting the using of social capital resources.With its scale expansion,it also has enlarged its vulnerability and high risk.After ten years of extensive development in our country,shadow banking system is facing much pressure in transformation.To reduce risks,improve efficiency and standardize the operation in a certain way is the main task should be completed right now.In the USA shadow banking system has developed more than 30 years in practice,and takes up half of its financial market's resources.Its operation mechanism has formed a lot to cater for customer demand by financial innovation.There are many good qualities are worth learning and reference for our country,and the problems exposed during the financial crisis is also worth reflection.We should study the similarities and differences between the two countries' shadow banking system through in-depth comparison research in development background,structure and operation mechanism as well as regulations.Then discover the characteristics and influence of the shadow banking system in both country,and discuss the regulation experience of the USA.All of this will have positive meanings to the development of the shadow banking system in our country.This paper use the method of comparison analysis and qualitative analysis,introduced the development skeleton of two countries' shadow banking system firstly.Then using financial deepening,financial repression,financial innovation,regulation arbitrage and relevant theory analyzed the causes of the two shadow banking system's rising.Find the fact that the current background and development characteristics of shadow banking system in our country has great similarities with the 80 s shadow banking system in the USA.From the aspects of operation mechanism,we found that the operation of the shadow banking system in our country is still run in primary way.It just plays a complementary and alternative role in traditional banking system.So its level of operation pattern and financial innovation need to upgrade.From the comparison viewpoint of the operation effect between the two countries,there are a lot of advantages and disadvantages in both system which is dominated by the center of financing and securities respectively.China's supervision of shadow banking system still needs more improvements.We should establish a pre-warning mechanism for system risk as soon as possible,and make an elaboration of functional supervision mode rather than just impose strict regulation blindly.Finally,we put forward some suggestions based on the contrast and analysis of the front part.For shadow banks' mismanagement or higher risk-taking activities,we need to improve the market exit mechanism to compel shadow banks take risk control seriously.Financial institutions evolution follow certain rules and periodic,and there will be some suitable financial structures for every stage of economic development correspondently.On the basis of reference and reflection of that,our government should perfect the related market conditions constantly,and guide the shadow banking system transition to the structure which combines finance and securitization to ensure our economy running well.Shadow banks should actively explore breakthrough strategies for further development,adopt structure optimization measures corresponding to the current economic structure transformation,standard and regulate their operation,and improve operation transparency and risk control ability.