Research On The Development Of Shadow Banking System And The Innovation Of Its Supervision In China

Shadow banking plays an important role in the market economy,It involves various aspects such as laws and regulations,regulatory system and economic development.Along with financial deepening and the gradual advance of innovation of China,under the context of avoiding regulation the shadow banking has induced a large amount of systemic risk,and has become an important factor that endanger the financial system security and stability.Therefore,the problem of shadow banking has attracted lots of attention in academic circles,the domestic research on the banking supervision system and the plight of banks has been increasing.But most of the research is still lack the support of relevant theories in economics and finance.The problem has been explored relatively single and the analysis was very simple.With the application of VAR,the optimal capital regulation and dynamic game model in that field,the domestic research on the problem of shadow banking supervision is still in the initial stage.There is extensive exploration space for comprehensive and systematic in-depth research in this field,and it has important theoretical and practical significance.Based on the existing research results,this paper uses the IS-LM curve,the game model,the panel data regression model and the macro and micro prudential supervision tool to analyze the shadow banking while considering the financial innovation,the virtual capital and the related supervision theory,and then haswritten some personal view.The main content of this paper is focused on the following aspects:First,this paper dialectically analyzes the role shadow banking play in market and regulatory necessity through the analysis of domestic and foreign relative research.First of all,this paper illustrates that shadow banking is an important factor totrigger financial crisis,and emphasizes that it can aggregate systemic risk,make financial security and stability in danger.Secondly,this paper clears that this system is the inevitable outcome of financial innovation to meet the needs of social financing,and it is sure that it can expand financing channels and improve the positive effect of financial services efficiency.Finally,this paper lists the important regulatory measures taken after the financial crisis,and points out the lack of supervision of China and the necessity of strengthening supervision.Second,this paper refines some research's academic value through the domestic and foreign literature review.On the basis of absorbing the relevant research results this paper finds out the shortcomings of the existing research results.This part is a theoretical basis and gives research bases for the study of this paper.Third,this papersystematic analyzes the financial theory related to the paper.First of all,through the elaboration of financial intermediary innovation,constraint induction and financial deepening theory,this paper analyzes the impetus of financial innovation to the emergence and development of shadow banking.Secondly,through the discussion of the theory of network bank capital and intellectual capital,this paper analyzes the application of virtual capital in current shadow banking.Finally,through the analysis of the financial fragility and the inherent vulnerability of the financial system,public interest and public coercion,financial restraint,game theory and financial regulation and arbitrage theory,this paper clarifies the theoretical problems faced by shadow banking supervision and provides important theoretical basis and ideas for the research.Fourth,this paper takes the shadow banking's boundaries as six aspects in the view of asset scale,and divides into four key prevention and control categories according to the different intensity of supervision.It tries to make the comprehensiveness and standardization of the definitionstrengthen,and avoid the ambiguity of the establishment of the supervision boundary.At the same time,through the analysis of the function,the supervision intensity and the characteristic of the shadow banking,the connotation of the shadow banking is redefinedFifth,through the mapping of shadow banking's capital flow,credit intermediary process and operation mechanism,it clarifies the operation mechanism and risk transmission mode of shadow banking.First of all,this paper draws the flow chart of capital flows of traditional banks,non-bank financial institutions,quasi-financial institutions and other financial intermediaries,and knows the sources and destinations of capital and risk flows.Secondly,this paper analyzes the operation mechanism of credit intermediary process,transaction and financing,and masters the structure of credit chain,business operation mode and internal operation mechanism of the system by using the icon.Finally,this paper discusses the influence of shadow banking's risk on real economy,credit creation and monetary policy,and with the help of IS-LM curve it focus on the impact of shadow banking's risk on monetary policy mechanism.At the same time,from theviewof accounting account,investor's psychological and monetary transmission mechanism,this paper clarifies the causes of the risk conduction processfurther.Sixth,using the relevant data of the shadow bank from 1978,this paper focuses on the creation conditions,the development process,the influencing factors and the cause of problem of the shadow banking,and has got the innovative theoretical achievements with academic value.First of all,through the analysis of the social financing gap from 2003 to 2016,the distribution of financial assets and the absence of financial supervision from 1996 to 2010,it clarifies the conditions of the shadow banking creation.Secondly,it illustrates the development of scale,business model,regulatorysubject and supervision measures in various periods.Thirdly,it explores the changes of the traditional bank,the macro regulation and monetary policy,residents' savings and loan,the real economy and the change of the regional economic and financial situation in the system during the period of development,and summarizes its main characteristics and influencing factors.Fourthly,this paper mainly discusses the change of the generalized shadow banking and bank assets scale,social financing scale,and the source of the debt,and analyzes the existing problems and their causes from the macro and micro view.Seventh,from the perspective of theoretical and methodological innovation,this paper uses existing laws and regulations,MPA assessment system and game model to explore the regulatory problems and causes of the governmentsupervision.This paper systematically analyzes the composition of the current shadow banking regulatory mechanism,classifies the regulatory system of traditional banks,non-bank financial institutions,quasi-financial institutions,other financial intermediaries and the practical problems they face.This paper focuses on the application of macro-prudential evaluation system and information disclosure index in traditional bank supervision,and with the help of the deer model of game theory it confirms that the cross-operating shadow banking supervision is invalid.Eighth,this paper systematically studies the regulatory system changes of shadow banking in Europe,the United States and other countries,and learns from the failure in financial crisis and the advanced experience in regulatory reform.First of all,this paper analyzes the laws and regulations,regulatory system and effectiveness of the situation before the financial crisis,make the reasons of the outbreak of the financial crisis clear.Secondly,this paper expounds the United States,Britain,France,Germany and Russia's regulatory changes,and illustrates their regulatory reform mainly on the base of reducing friction of financial markets,reducing the probability of systemic risk,building a regulation system which can make the game within financial markets togeta win-win result.Thirdly,this paper analyzes the regulatory evolution of other countries,such as Central and South Africa,Japan,Brazil,India and Saudi Arabia,and it clears that their reforms are based primarily on the prevention of systemic risks,the strengthening of prudential supervision,the improvement of internal coordination and the protection of consumer rights.Finally,considering the experiences and lessons of these countries,this paper gives some policy suggestions to improve the supervision system of our country from the view of improving monetary policy,avoiding dual supervision mode,paying attention to market constraint and implementing classification supervision.Ninth,under the supervision of "promoting the escort",with the help of regression model and macro-micro regulatory measures,this paper focuses on the innovation design of the construction of shadow banking's supervision system.On the one hand,it clears the object of regulation and refines the protection object.On the other hand,using the panel data regression model,this paper focuses on the risk spillover effect between the shadow banking and the traditional bank,and puts forward the suggestions that the traditional bank need to strengthen the regulation of capital flows.In addition,under the supervision of "promoting the escort",this paper puts forward the conception and design of rationalizing the financial innovation,perfecting the macro and micro prudential supervision,optimizing the supervision tools and indicators,and guiding the healthy development of the shadow banking.Finally,based on the international and domestic macro environment and policy orientation,this paper summarizes the current situation and the main prospects of future development.It's pointed out that the future work should focus on strengthening supervision effectiveness,preventing systemic risk,and reasonably guiding the system to play the credit market advantage.With the help of all sectors of society to promote a comprehensive and multi-level reform,under the guidance of " promoting the escort " supervision,improve the shadow banking's supervision system inmulti-dimension.