The Study On The Connotation, Risk And Regulatory Reform Of The Shadow Banking System

In2008, the U.S. subprime mortgage crisis triggered by the international financial crisis has hit the global economic and financial system. With the outbreak of the crisis and further deepening, the financial crisis shows that different characteristic, at the same time there is a series of research and debate among the industry from all walks of life. In many analyses discussion, some people think that the shadow banking system is the culprit crisis, regulators’absence of regulation of the shadow banking system is causing it to become the main driving force of the financial crisis and the root cause of the amplifier. The crisis has fully exposed the complexity, risk, and difficult to regulation of the shadow banking system. The traditional banking system and the shadow banking system are both cooperation and competition in promoting the financial globalization, enhancing market liquidity, lowering transaction costs, improving the efficiency of the allocation of resources and promoting the market prosperity at the same time. The shadow banking system brought new potential risk to the financial system, once the market reversed easily, it would form systemic risk triggering the financial crisis.The shadow banking system has become an important source of systemic risk. New structured financial instruments, financial derivatives, the latent risk potential, the off-balance sheet business of financial institutions and credit rating method of defects and other issues, in front of the us subprime crisis to the international financial crisis did not cause the regulators and market main body. Regulators underestimate the importance of the shadow banking system as well as the importance of system, ignored between the system and the traditional banking system and the connection between the infectious risk, oversight of the shadow banking system architecture, product and market research and tracking, a lack of scientific and dynamic risk monitoring framework, it is difficult to comprehensively and accurately collect related information and data, there is no comprehensive assessment and analysis of the system’s influence on systemic risk, and no effective market regulation measures and actions in a timely manner. In view of this, the world’s major economies and FSB, IMF, BCBS and BIS have embarked on a series of financial regulatory reformation, put forward the shadow banking system into the framework of macro-prudential regulation reforms and prepared before the next crisis coming, to reduce the damage of the crisis on the real economy. Overall, regulatory reform of the international community to some extent, is conducive to correct the shadow banking system "regulatory vacuum" problem, but there are still things not included in most of the shadow banking system into the framework of prudential supervision. Because of the shadow banking system in the development of the national phase and different forms, the social from all walks of life to the understanding and recognition of the shadow banking system is not the same, so the regulatory reform train of thought, the level of detail and is controversial, sustainable reform at present is not clearly, to what extent the potential risk of the system is able to detect and resolve, whether in the maintenance of financial stability at the same time, no damage to the financial market vitality. It remains to be the test of time. However, the shadow banking system has become one of the global issues and problems.Based on the shadow banking system as the research object, research purpose lies in a systematic and review related literature of the shadow banking system, the scientific definition of the connotation of the shadow banking system and its structure and function, with the consideration of the characteristics of the development of the shadow banking system in our country and analysis the cause of the Chinese shadow banking system and macro system influence and risk estimation, comparing and referring to the international regulation of the shadow banking system reform, for prudential regulation reform of the shadow banking system in China to provide theoretical basis and policy suggestions.