中国式影子银行——缘起、特色与出路
详细信息 查看官网全文
摘要
影子银行是指在传统银行之外进行信用转换、期限转换和流动性转换的一套间接金融体系。中国的影子银行体系非常复杂,其主要是通过理财产品来完成信用转换的,在这一过程中经常会采用"资金池"形式。该影子银行模式在很大程度上受到我国独特政经监管环境(如严格的金融牌照制度和信贷政策控制)的影响。资金的需求端和供应端均时有创新,例如地方政府融资平台、个体网络借贷(Peer to Peer,P2P)等。监管部门对这些金融创新也进行了响应及干预,影子银行的市场运作和监管在相互博弈的过程中不断进化,不过目前的监管思路仍有必要调整。
引文
[1]Dwight B.Crane,et al.,The Global Financial System:A Functional Perspective,Harvard Business School Press,1995;Robert C.Merton,"A Functional Perspective of Financial Intermediation",24 Financial Management(1995),p.23.
[2]Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18Federal Reserve Bank of New York Economic Policy Review(2012),p.1.
[1]Financial Stability Board,"Global Shadow Banking Monitoring Report 2013",November 2013,available at:http://www.financialstabilityboard.org/publications/r_131114.pdf.
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[3]Financial Stability Board,"Global Shadow Banking Monitoring Report 2013",November 2013,available at:http://www.financialstabilityboard.org/publications/r_131114.pdf.
[4]本文第二部分将详细阐释传统银行在影子银行系统中的作用。
[5]金融危机调查委员会的调查结果认为,2008年金融危机是由影子银行引发的,See Financial Crisis Inquiry Commission,"Preliminary Staff Report:Shadow Banking and the Financial Crisis",4 May 2010,available at:http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/2010-0505-Shadow-Banking.pdf.
[6]Dodd-Frank Wall Street Reform and Consumer Protection Act(Dodd-Frank Act),Pub.L.No.111~203,124 Stat.1376(2010)(to be Codified in Scattered Sections of the US Code),available at:https://www.see.gov/about/laws/wallstreetreform-cpa.pdf.
[7]Also known as the Banking Act of 1933(48 Stat.162).
[1]Dodd-Frank Act,supra n.8,Section 403.
[2]Dodd-Frank Act,TitleⅧ,Wall Street Transparency and Accountability.
[3]Dodd-Frank Act,TitleⅥ,Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions.
[4]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti=GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[1]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti-GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[2]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti-GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[3]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf;KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf;ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[4]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf;KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf;ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[5]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf.
[1]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[2]KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf.
[3]12U.S.C.1841(c)(1).
[1]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,p.5.
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,p.5.
[3]《中华人民共和国商业银行法》第2条规定:“本法所称的商业银行是指依照本法和《中华人民共和国公司法》设立的吸收公众存款、发放贷款、办理结算等业务的企业法人。”
[1]ShenWei,"Shadow Banking in China—Origin,Uniqueness and Governmental Responses",1 J.I.B.L.R.20(2013).
[2]Steven Schwarcz,"Shadow Banking,Financial Risk,and Regulation in China and Other Developing Countries",GEG Working Paper 83(2013).
[1]DanAwrey,"Law and Finance in the Chinese Shadow Banking System",48 Cornell lnt'l L.J.1(2015).
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,supra n.4.
[3]参见下文“影子银行典型模式”部分。
[4]CDO是一种高级的资产证券化方式。CDO发行人会基于一个资产池发售三种证券:优先级、中级以及权益级证券。一旦有现金流进入资产池,资产池的管理人会首先偿付优先级证券持有人。优先级证券持有人全部得到偿付后,中级证券持有人才会得到偿付。而权益级证券的持有人的偿付顺位排在中级证券之后。相应地,这三种证券的投资收益率与风险成反比。CDO的功能在于高风险资产通过该分级技术可以被证券化为高评级证券。
[1]SEC Final Rule:Valuation of Debt Instruments and Computation of Current Price per Share hy Certain Openend Investment Companies(Money Market Funds),17 CF.R Part 270,available at:http://www.sec.gov/rules/final/1983/ic-13380.pdf.
[2]不过,金融危机之后,SEC在金融稳定监管委员会FSOC的强烈建议下,再次要求某些货币市场共同基金采取浮动净额制度。Available at:http://www.see.gov/News/PressRelease/Detail/PressRelease/1370542347679#.VPn9n0 JiJqs.
[3]Statement of Financial Accounting Standards No.95(FAS95).
[4]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Ecoomic Activity(2010),p.265.
[5]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Economic Activity(2010),pp.263~264.
[1]See Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18 Federal Reserve Bank of New York Economic Policy Review(2012).
[2]See Congressional Record,73d Cong.,1st Sess.,May 19,1933,LXXVII,part 4,p.3729.
[3]See June 16,1933,ch.89,§1,48 Stat.162;Aug.23,1935,ch.614,§1,49 Stat.684.
[4]See Code of Federal Regulations,Part 217:Capital Adequacy of Bank Holding Companies,Savings and Loan Holding Companies,and State Member Banks(Regulation Q).
[5]See R.Alton Gilbert,"Requiem for Regulation Q:What It Did and Why It Passed Away",Federal Reserve Bank of St Louis,February 1986.
[1]R.Alton Gilbert,"Requiem for Regulation Q:What It Did and Why It Passed Away",Federal Reserve Bank of St Louis,February 1986.Ibid.
[2]See Wikipedia,"Federal Deposit Insurance Corporation",available at https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation#Historical_insurance_limits.
[3]ZoltanPozsar,"Institutional Cash Pools and the Triffin Dilemma of the U.S.Banking System",IMF Working Paper,WP/11/190,available at https://www.inff.org/external/pubs/ft/wp/2011/wp11190.pdf.
[4]Charles K.Whitehead,"Reframing Financial Regulation",90 Boston University Law Review(2010),p.4.
[5]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Economic Activity(2010),pp.277~278.
[1]Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18Federal Reserve Bank of New York Economic Policy Review(2012),p.5.
[2]Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadowbanking-china-scale-structure/asia-focus-shadow-banking-in-china.pdf.
[3]Financial Stability Board,"Global Shadow Banking Monitoring Report 2014",October 2014,available at:http://www.financialstabilityboard.org/wp-content/uploads/r_141030.pdf?page_moved=1P.10.
[4]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[5]法律的金融理论是关于法律与金融关系的新兴理论。该理论强调法律是金融市场的内生机制,金融市场是一个公私结合并且有阶层的结构,法律规则本身可能会导致金融市场的不稳定性。关于这个理论更多的讨论,请参见41 Journal of Compartive Economics(2013),Special Issue.
[6]Katharina Pistor,"A Legal Theory of Finance",41 Journal of Comparative Economics(2013),pp.315~330.
[7]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[1]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[2]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[3]Ian Bremmer,The End of the Free Market.Who Wins the War Between States and Corporations?(New York,Portfolio2010),pp.134~135.
[4]《贷款通则》第61条规定:“企业之间不得违反国家规定办理借贷或者变相借贷融资业务。”
[5]最高人民法院在《关于对逾期借款合同借款方逾期不归还借款的应如何处理问题的批复》,(法复[1996],第15号)和《关于认定企业间借贷合同无效法律依据的答复》中表示,企业借贷合同违反有关金融法规,属无效合同。而《贷款通则》的规定属于上述金融法规。
[6]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,504(2014).
[1]《贷款通则》第21条规定:“贷款人必须经中国人民银行批准经营贷款业务,持有中国人民银行颁发的《金融机构法人许可证》或《金融机构营业许可证》,并经工商行政管理部门核准登记。”上述最高法回复以及《贷款通则》第61条的规定现仍有效。
[2]CBRC 2013 Annual Report,available at:http://zhuanti.cbrc.gov.cn/subject/subject/nianbao2013/fubiao.pdf.
[3]上述数据来源为工商银行、建设银行、农业银行、中国银行和交通银行2013年年报。参见http://www.icbc-ltd.com/icbcltd/investor%20relations/financial%20information/financial%20reports/2013annualreport.htm;http://www.ccb.com/cn/investor/report/20140508_1399530566.html;http://www.abchina.com/en/investor-relations/performance-reports/annual-reports/2013/default.htm;http://www.boc.cn/en/investor/ir3/201404/t20140423_3226075.html;and http://www.bankcomm.com/BankCommSite/en/invest_relation_detail.jsp?id=1378951797100&type=CMS.STD&categoryPath=ROOT%3E%D3%A2%CE%C4%CD%F8%D5%BE%3EInvestor+Relations%3 EFinancial+Report.
[1]Yinqiu Lu and Tao Sun,“Local Government Financing Plaftorms in China:A Fortune or Misfortune?”,IMF Working Paper WP/13/243,October 2013,available at:http://www.inff.org/external/pubs/ft/wp/2013/wp13243.pdf.
[2]“Backgrounder:China's Stimulating Policies in Financial Crisis”,Gov.cn,27 February 2010,available at:http://english.gov.cn/2010-02/27/content_1543507.htm.
[3]段剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第158页。
[4]这些限制地方政府融资平合贷款的文件包括:《国务院关于加强地方政府融资平合公司管理有关问题的通知》,国发[2010]第19号;《中国银监会关于切实做好2011年地方政府融资平合贷款风险管理工作的通知》,银监发[2011]第34号;《中国银监会关于加强2013年地方政府融资平合贷款风除监管的指导意见》,银监发[2013]第10号。
[5]根据中国证券投资基金业协会的统计,至2015年1月底,货币市场基金净额大约为2万亿人民币,参见证券投资基金市场数据(2015年1月),http://www.amac.org.cn/tjsj/xysj/jjgssj/388217.shtml。与此同时,银行存款余额达到122.41万亿元人民币,参见“2015年1月金融统计数据报告”,http://www.pbc.gov.cn/publish/diaochatongjisi/3172/2015/20150213161845256862275/20150213161845256862275_.html.
[1]根据《试点意见》,任何银行发起任何一笔信贷资产证券化都需要经过银监会的审批。银监会在2005年3月首次批准了资产证券化项目。获得批准的是国家开发银行和中诚信托联合开发的2005第一期开元信贷资产支持证券项目,以及建设银行和中信信托联合开发的建元2005-1个人住房抵押资产证券化信托项目。2008年之后,银监会暂停了对资产证券化项目的审批。直到2012年末,银监会发布《关于进一步扩大信贷资产证券化试点有关事项的通知》(银发[2012]第127号),资产证券化才得以重启,并逐渐转向注册制。
[1]参见“中国人民银行决定进一步推进市场化改革”,available at:http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130719184316951612816/20130719184316951612816_.html.
[2]参见国务院《关于进一步深化城镇化住房制度改革加快住房建设的通知》(国发[1998]第23号)。
[3]这些文件包括《国务院关于坚决遏制部分城市房价过快上涨的通知》,国发[2010]第10号;《国务院关于进一步做好房地产市场调控工作有关问题的通知》,国办发[2011]第1号;《国务院关于继续做好房地产市场调控工作的通知》,国办发[2013]第17号。
[4]2013年全国银行业监管工作会议上,银监会要求银行“对房地产贷款风险,要认真执行房地产调控政策,落实差别化房贷要求,加强名单制管理和压力测试。”2014年全国银行业监管工作会议上,银监会再次强调银行要“严控房地产贷款风险,高度关注重点企业,继续强化‘名单制'管理,防范个别企业资金链断裂可能产生的风险传染”。参见“银监会召开2013年全国银行业监管工作会议”,2013年1月14日,http://www.cbrc.gov.cn/chinese/home/docView/E707D72AA77A4BE2A304248CA25078E0.html;以及“银监会召开2014年全国银行业监管工作会议”,2014年1月6日,http://www.cbrc.gov.cn/chinese/home/docView/6E83EB44F1 C5446197B378338519E70B.html.
[5]参见《国务院关于加强地方政府融资平台公司管理有关问题的通知》(国发[2010]第19号)。
[6]周小川:“资本市场的多层次特性”,http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130909183832238670834/20130909183832238670834_.html.
[1]《国务院关于加强地方政府融资平台公司管理有关问题的通知》国发[2010]第19号。
[2]1995年《中华人民共和国预算法》第28条规定:“地方各级预算按照量人为出、收支平衡的原则编制,不列赤字,除法律和国务院另有规定外,地方政府不得发行地方政府债券。”《预算法》在2014年被修订,为地方政府发行债券打开了空间,第35条规定:“经国务院批准的省、自治区、直辖市的预算中必需的建设投资的部分资金,可以在国务院确定的限额内,通过发行地方政府债券举借债务的方式筹措。举借债务的规模,由国务院报全国人民代表大会或者全国人民代表大会常务委员会批准。省、自治区、直辖市依照国务院下达的限额举借的债务,列入本级预算调整方案,报本级人民代表大会常务委员会批准。举借的债务应当有偿还计划和稳定的偿还资金来源,只能用于公益性资本支出,不得用于经常性支出。”
[3]殷剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第157页。
[4]See Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal 499,2014,pp.542~546.
[5]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,2014,p.544.
[6]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,2014,p.517.
[1]《商业银行个人理财业务管理暂行办法》第7~9条对理财产品进行了定义。理财顾问服务,是指商业银行向客户提供的财务分析与规划、投资建议、个人投资产品推介等专业化服务。综合理财服务,是指商业银行在向客户提供理财顾问服务的基础上,接受客户的委托和授权,按照与客户事先约定的投资计划和方式进行投资和资产管理的业务活动。二者均属于《暂行办法》规制的理财业务。
[2]豪威规则是美国界定受《证券法》规制的“证券”的重要检验规则。在SEC v.W.J.Howey Co.,328 U.S.293(1946)一案中,法院多数意见认为,如果在一份合同中,某人①投资金钱;②投资于一项共同事业;③期待获利;④其获利归功于他人的努力,那么该合同属于“投资合同”,即“证券”。
[3]《中华人民共和国证券法》第2条规定:“在中华人民共和国境内,股票、公司债券和国务院依法认定的其他证券的发行和交易,适用本法。”
[4]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[1]零点财经、零点数据:《中国P2P借贷服务行业白皮书(2014)》,中国经济出版社2014年版,第8页。
[1]典型的美国P2P融资平台运作模式可以参见Prosper,“Company Overview”,http://www.prosper.com/about.
[2]在线挑选借款人的模式如下,融资平台设立网上平台,借款人在网上向平台发出借款需求,由平台在发出需求的借款人中挑选适格的借款人。线下模式是指,融资平台运用关系网接触乃至搜寻借款人的挑选模式。在这种模式中,融资平台的角色更加积极主动。
[3]Xiao Gang,“Regulating Shadow Banking”,China Daily,12 October 2012,available at:http://www.chinadaily.com.cn/cndy/2012-10/12/content_15812267.htm.资金池在中国并没有明确的概念。其运作原理与资产证券化中的SIV类似,是资产的集合。银行或者其他金融机构会基于池中资产发行证券,池中资产产生的现金流用于偿付购买证券的投资者。但是资金池并没有SIV的独立法人人格,因此资金池的资产与银行或者金融机构其他资产的隔离并不明确,这就导致资金池的透明度更低,因此相较于正规的资产证券化过程,风险更高。
[4]More than 60%of Bank-issued WMPs Issued in 2012 Mature in Three Months,See Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadow-banking-china-scalestructure/asia-focus-shadow-banking-in-china.pdf.
[1]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[2]具体细节请参见人人贷保障计划,http://www.renrendai.com/help/intro.action#capital-safe.
[3]具体细节请参见陆金所的稳盈-安e服务概述,http://www.lufax.com/about/trade.html.陆金所是一家综合金融资产交易所,其业务包括P2P融资平台。
[1]"Spotlight is Set to Shine on Shadow Banking",China Daily,22 January 2014,available at:http://www.china.org.cn/business/2014-01/22/content_31268265.htm.
[2]参见《国务院办公厅关于加强影子银行监管有关问题的通知》,国办发[2013]第107号。
[3]参见《国务院办公厅关于加强影子银行监管有关问题的通知》,国办发[2013]第107号。
[4]例如,证监会随即颁布《关于进一步加强基金管理公司及其子公司从事特定客户资产管理业务风险管理的通知》,证监办[2014]第26号,禁止基金子公司开展资金池业务。
[1]Qizheng Mao,"Measuring Off-Balance-Sheet Wealth Management Business of Commercial Banks:The Case in China",36 International Financial Corporation(IFC)Bulletin(2013),available at:http://www.bis.org/ifc/events/6ifcconf/mao.pdf.
[2]See Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadow-banking-china-scale-structure/asia-focus-shadow-banking-in-china.pdf
[1]参见殷剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第10页。
[2]参见《关于规范商业银行理财业务投资运作有关问题的通知》,银监发[2013]第8号。
[3]参见《关于规范商业银行理财业务投资运作有关问题的通知》,银监发[2013]第8号。
[1]参见《关于小额贷款公司试点的指导意见》,银监发[2008]第23号。
[1]非法集资并非中国刑法中规定的罪名,而是几种相近违法犯罪活动的总称。通常认为,非法集资包括《刑法》第160条规定的欺诈发行股票罪、第174条规定的擅自设立金融机构罪、第176条规定的非法吸收公众存款罪或者变相吸收公众存款罪、第179条规定的擅自发行股票债券罪、第192条规定的集资诈骗罪、第224条规定的组织领导传销活动罪和第225条规定的非法经营罪。其中,非法吸收公众存款罪或者变相吸收公众存款罪和集资诈骗罪是最常见的非法集资犯罪。
[1]See Min Liao,"guest post in the Financial Times",10 July 2014,available at:http://blogs.ft.com/beyond-brics/2014/07/10/guest-post-chinas-shadow-banking-is-risky-but-how-risky/.
[2]Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18Federal Reserve Bank of New York Economic Policy Review(2012),p.1.
[1]Financial Stability Board,"Global Shadow Banking Monitoring Report 2013",November 2013,available at:http://www.financialstabilityboard.org/publications/r_131114.pdf.
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[3]Financial Stability Board,"Global Shadow Banking Monitoring Report 2013",November 2013,available at:http://www.financialstabilityboard.org/publications/r_131114.pdf.
[4]本文第二部分将详细阐释传统银行在影子银行系统中的作用。
[5]金融危机调查委员会的调查结果认为,2008年金融危机是由影子银行引发的,See Financial Crisis Inquiry Commission,"Preliminary Staff Report:Shadow Banking and the Financial Crisis",4 May 2010,available at:http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/2010-0505-Shadow-Banking.pdf.
[6]Dodd-Frank Wall Street Reform and Consumer Protection Act(Dodd-Frank Act),Pub.L.No.111~203,124 Stat.1376(2010)(to be Codified in Scattered Sections of the US Code),available at:https://www.see.gov/about/laws/wallstreetreform-cpa.pdf.
[7]Also known as the Banking Act of 1933(48 Stat.162).
[1]Dodd-Frank Act,supra n.8,Section 403.
[2]Dodd-Frank Act,TitleⅧ,Wall Street Transparency and Accountability.
[3]Dodd-Frank Act,TitleⅥ,Improvements to Regulation of Bank and Savings Association Holding Companies and Depository Institutions.
[4]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti=GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[1]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti-GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[2]Paul McCully,"Teton Reflections",August/September 2007,available at:http://media.pimco-global.com/pdfs/pdf_sg/GCB%20Focus%20Sept%2007%20SGP-HK.pdf?WT.cg_n-PIMCOSINGAPORE&WT.ti-GCB%20Focus%20Sept%2007%20SGP-HK.pdf.
[3]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf;KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf;ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[4]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf;KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf;ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[5]Financial Stability Board,"Shadow Banking:Scoping the Issues",12 April 2011,available at:https://www.financialstabilityboard.org/publications/r_110412a.pdf.
[1]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.
[2]KláraBakk-Simon,et al.,"Shadow Banking in the Euro Area",European Central Bank Occasional Paper Series,No 133/April 2012,available at:http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp133.pdf.
[3]12U.S.C.1841(c)(1).
[1]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,p.5.
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff"Report No.458,July2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,p.5.
[3]《中华人民共和国商业银行法》第2条规定:“本法所称的商业银行是指依照本法和《中华人民共和国公司法》设立的吸收公众存款、发放贷款、办理结算等业务的企业法人。”
[1]ShenWei,"Shadow Banking in China—Origin,Uniqueness and Governmental Responses",1 J.I.B.L.R.20(2013).
[2]Steven Schwarcz,"Shadow Banking,Financial Risk,and Regulation in China and Other Developing Countries",GEG Working Paper 83(2013).
[1]DanAwrey,"Law and Finance in the Chinese Shadow Banking System",48 Cornell lnt'l L.J.1(2015).
[2]ZoltanPozsar,et al.,"Shadow Banking",Federal Reserve Bank of New York Staff Report No.458,July 2010,Revised February 2012,p.9,available at:http://www.newyorkfed.org/research/staff_reports/sr458.pdf.,supra n.4.
[3]参见下文“影子银行典型模式”部分。
[4]CDO是一种高级的资产证券化方式。CDO发行人会基于一个资产池发售三种证券:优先级、中级以及权益级证券。一旦有现金流进入资产池,资产池的管理人会首先偿付优先级证券持有人。优先级证券持有人全部得到偿付后,中级证券持有人才会得到偿付。而权益级证券的持有人的偿付顺位排在中级证券之后。相应地,这三种证券的投资收益率与风险成反比。CDO的功能在于高风险资产通过该分级技术可以被证券化为高评级证券。
[1]SEC Final Rule:Valuation of Debt Instruments and Computation of Current Price per Share hy Certain Openend Investment Companies(Money Market Funds),17 CF.R Part 270,available at:http://www.sec.gov/rules/final/1983/ic-13380.pdf.
[2]不过,金融危机之后,SEC在金融稳定监管委员会FSOC的强烈建议下,再次要求某些货币市场共同基金采取浮动净额制度。Available at:http://www.see.gov/News/PressRelease/Detail/PressRelease/1370542347679#.VPn9n0 JiJqs.
[3]Statement of Financial Accounting Standards No.95(FAS95).
[4]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Ecoomic Activity(2010),p.265.
[5]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Economic Activity(2010),pp.263~264.
[1]See Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18 Federal Reserve Bank of New York Economic Policy Review(2012).
[2]See Congressional Record,73d Cong.,1st Sess.,May 19,1933,LXXVII,part 4,p.3729.
[3]See June 16,1933,ch.89,§1,48 Stat.162;Aug.23,1935,ch.614,§1,49 Stat.684.
[4]See Code of Federal Regulations,Part 217:Capital Adequacy of Bank Holding Companies,Savings and Loan Holding Companies,and State Member Banks(Regulation Q).
[5]See R.Alton Gilbert,"Requiem for Regulation Q:What It Did and Why It Passed Away",Federal Reserve Bank of St Louis,February 1986.
[1]R.Alton Gilbert,"Requiem for Regulation Q:What It Did and Why It Passed Away",Federal Reserve Bank of St Louis,February 1986.Ibid.
[2]See Wikipedia,"Federal Deposit Insurance Corporation",available at https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation#Historical_insurance_limits.
[3]ZoltanPozsar,"Institutional Cash Pools and the Triffin Dilemma of the U.S.Banking System",IMF Working Paper,WP/11/190,available at https://www.inff.org/external/pubs/ft/wp/2011/wp11190.pdf.
[4]Charles K.Whitehead,"Reframing Financial Regulation",90 Boston University Law Review(2010),p.4.
[5]Gary Gorton and Andrew Metrick,"Regulating the Shadow Banking System",41 Brookings Papers on Economic Activity(2010),pp.277~278.
[1]Nicola Cetorelli,et al.,"The Evolution of Banks and Financial Intermediation:Framing the Analysis",18Federal Reserve Bank of New York Economic Policy Review(2012),p.5.
[2]Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadowbanking-china-scale-structure/asia-focus-shadow-banking-in-china.pdf.
[3]Financial Stability Board,"Global Shadow Banking Monitoring Report 2014",October 2014,available at:http://www.financialstabilityboard.org/wp-content/uploads/r_141030.pdf?page_moved=1P.10.
[4]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[5]法律的金融理论是关于法律与金融关系的新兴理论。该理论强调法律是金融市场的内生机制,金融市场是一个公私结合并且有阶层的结构,法律规则本身可能会导致金融市场的不稳定性。关于这个理论更多的讨论,请参见41 Journal of Compartive Economics(2013),Special Issue.
[6]Katharina Pistor,"A Legal Theory of Finance",41 Journal of Comparative Economics(2013),pp.315~330.
[7]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[1]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[2]"China's 4 Trillion Yuan Stimulus to Boost the Economy,Domestic Demand",Gov.cn,9 November 2008,available at:http://english.gov.cn/2008-11/09/content_1143763.htm.
[3]Ian Bremmer,The End of the Free Market.Who Wins the War Between States and Corporations?(New York,Portfolio2010),pp.134~135.
[4]《贷款通则》第61条规定:“企业之间不得违反国家规定办理借贷或者变相借贷融资业务。”
[5]最高人民法院在《关于对逾期借款合同借款方逾期不归还借款的应如何处理问题的批复》,(法复[1996],第15号)和《关于认定企业间借贷合同无效法律依据的答复》中表示,企业借贷合同违反有关金融法规,属无效合同。而《贷款通则》的规定属于上述金融法规。
[6]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,504(2014).
[1]《贷款通则》第21条规定:“贷款人必须经中国人民银行批准经营贷款业务,持有中国人民银行颁发的《金融机构法人许可证》或《金融机构营业许可证》,并经工商行政管理部门核准登记。”上述最高法回复以及《贷款通则》第61条的规定现仍有效。
[2]CBRC 2013 Annual Report,available at:http://zhuanti.cbrc.gov.cn/subject/subject/nianbao2013/fubiao.pdf.
[3]上述数据来源为工商银行、建设银行、农业银行、中国银行和交通银行2013年年报。参见http://www.icbc-ltd.com/icbcltd/investor%20relations/financial%20information/financial%20reports/2013annualreport.htm;http://www.ccb.com/cn/investor/report/20140508_1399530566.html;http://www.abchina.com/en/investor-relations/performance-reports/annual-reports/2013/default.htm;http://www.boc.cn/en/investor/ir3/201404/t20140423_3226075.html;and http://www.bankcomm.com/BankCommSite/en/invest_relation_detail.jsp?id=1378951797100&type=CMS.STD&categoryPath=ROOT%3E%D3%A2%CE%C4%CD%F8%D5%BE%3EInvestor+Relations%3 EFinancial+Report.
[1]Yinqiu Lu and Tao Sun,“Local Government Financing Plaftorms in China:A Fortune or Misfortune?”,IMF Working Paper WP/13/243,October 2013,available at:http://www.inff.org/external/pubs/ft/wp/2013/wp13243.pdf.
[2]“Backgrounder:China's Stimulating Policies in Financial Crisis”,Gov.cn,27 February 2010,available at:http://english.gov.cn/2010-02/27/content_1543507.htm.
[3]段剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第158页。
[4]这些限制地方政府融资平合贷款的文件包括:《国务院关于加强地方政府融资平合公司管理有关问题的通知》,国发[2010]第19号;《中国银监会关于切实做好2011年地方政府融资平合贷款风险管理工作的通知》,银监发[2011]第34号;《中国银监会关于加强2013年地方政府融资平合贷款风除监管的指导意见》,银监发[2013]第10号。
[5]根据中国证券投资基金业协会的统计,至2015年1月底,货币市场基金净额大约为2万亿人民币,参见证券投资基金市场数据(2015年1月),http://www.amac.org.cn/tjsj/xysj/jjgssj/388217.shtml。与此同时,银行存款余额达到122.41万亿元人民币,参见“2015年1月金融统计数据报告”,http://www.pbc.gov.cn/publish/diaochatongjisi/3172/2015/20150213161845256862275/20150213161845256862275_.html.
[1]根据《试点意见》,任何银行发起任何一笔信贷资产证券化都需要经过银监会的审批。银监会在2005年3月首次批准了资产证券化项目。获得批准的是国家开发银行和中诚信托联合开发的2005第一期开元信贷资产支持证券项目,以及建设银行和中信信托联合开发的建元2005-1个人住房抵押资产证券化信托项目。2008年之后,银监会暂停了对资产证券化项目的审批。直到2012年末,银监会发布《关于进一步扩大信贷资产证券化试点有关事项的通知》(银发[2012]第127号),资产证券化才得以重启,并逐渐转向注册制。
[1]参见“中国人民银行决定进一步推进市场化改革”,available at:http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130719184316951612816/20130719184316951612816_.html.
[2]参见国务院《关于进一步深化城镇化住房制度改革加快住房建设的通知》(国发[1998]第23号)。
[3]这些文件包括《国务院关于坚决遏制部分城市房价过快上涨的通知》,国发[2010]第10号;《国务院关于进一步做好房地产市场调控工作有关问题的通知》,国办发[2011]第1号;《国务院关于继续做好房地产市场调控工作的通知》,国办发[2013]第17号。
[4]2013年全国银行业监管工作会议上,银监会要求银行“对房地产贷款风险,要认真执行房地产调控政策,落实差别化房贷要求,加强名单制管理和压力测试。”2014年全国银行业监管工作会议上,银监会再次强调银行要“严控房地产贷款风险,高度关注重点企业,继续强化‘名单制'管理,防范个别企业资金链断裂可能产生的风险传染”。参见“银监会召开2013年全国银行业监管工作会议”,2013年1月14日,http://www.cbrc.gov.cn/chinese/home/docView/E707D72AA77A4BE2A304248CA25078E0.html;以及“银监会召开2014年全国银行业监管工作会议”,2014年1月6日,http://www.cbrc.gov.cn/chinese/home/docView/6E83EB44F1 C5446197B378338519E70B.html.
[5]参见《国务院关于加强地方政府融资平台公司管理有关问题的通知》(国发[2010]第19号)。
[6]周小川:“资本市场的多层次特性”,http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130909183832238670834/20130909183832238670834_.html.
[1]《国务院关于加强地方政府融资平台公司管理有关问题的通知》国发[2010]第19号。
[2]1995年《中华人民共和国预算法》第28条规定:“地方各级预算按照量人为出、收支平衡的原则编制,不列赤字,除法律和国务院另有规定外,地方政府不得发行地方政府债券。”《预算法》在2014年被修订,为地方政府发行债券打开了空间,第35条规定:“经国务院批准的省、自治区、直辖市的预算中必需的建设投资的部分资金,可以在国务院确定的限额内,通过发行地方政府债券举借债务的方式筹措。举借债务的规模,由国务院报全国人民代表大会或者全国人民代表大会常务委员会批准。省、自治区、直辖市依照国务院下达的限额举借的债务,列入本级预算调整方案,报本级人民代表大会常务委员会批准。举借的债务应当有偿还计划和稳定的偿还资金来源,只能用于公益性资本支出,不得用于经常性支出。”
[3]殷剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第157页。
[4]See Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal 499,2014,pp.542~546.
[5]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,2014,p.544.
[6]Franklin Allen and Jun Qian,"China's Financial System and the Law",47 Cornell International Law Journal499,2014,p.517.
[1]《商业银行个人理财业务管理暂行办法》第7~9条对理财产品进行了定义。理财顾问服务,是指商业银行向客户提供的财务分析与规划、投资建议、个人投资产品推介等专业化服务。综合理财服务,是指商业银行在向客户提供理财顾问服务的基础上,接受客户的委托和授权,按照与客户事先约定的投资计划和方式进行投资和资产管理的业务活动。二者均属于《暂行办法》规制的理财业务。
[2]豪威规则是美国界定受《证券法》规制的“证券”的重要检验规则。在SEC v.W.J.Howey Co.,328 U.S.293(1946)一案中,法院多数意见认为,如果在一份合同中,某人①投资金钱;②投资于一项共同事业;③期待获利;④其获利归功于他人的努力,那么该合同属于“投资合同”,即“证券”。
[3]《中华人民共和国证券法》第2条规定:“在中华人民共和国境内,股票、公司债券和国务院依法认定的其他证券的发行和交易,适用本法。”
[4]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[1]零点财经、零点数据:《中国P2P借贷服务行业白皮书(2014)》,中国经济出版社2014年版,第8页。
[1]典型的美国P2P融资平台运作模式可以参见Prosper,“Company Overview”,http://www.prosper.com/about.
[2]在线挑选借款人的模式如下,融资平台设立网上平台,借款人在网上向平台发出借款需求,由平台在发出需求的借款人中挑选适格的借款人。线下模式是指,融资平台运用关系网接触乃至搜寻借款人的挑选模式。在这种模式中,融资平台的角色更加积极主动。
[3]Xiao Gang,“Regulating Shadow Banking”,China Daily,12 October 2012,available at:http://www.chinadaily.com.cn/cndy/2012-10/12/content_15812267.htm.资金池在中国并没有明确的概念。其运作原理与资产证券化中的SIV类似,是资产的集合。银行或者其他金融机构会基于池中资产发行证券,池中资产产生的现金流用于偿付购买证券的投资者。但是资金池并没有SIV的独立法人人格,因此资金池的资产与银行或者金融机构其他资产的隔离并不明确,这就导致资金池的透明度更低,因此相较于正规的资产证券化过程,风险更高。
[4]More than 60%of Bank-issued WMPs Issued in 2012 Mature in Three Months,See Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadow-banking-china-scalestructure/asia-focus-shadow-banking-in-china.pdf.
[1]IMF,"Global Financial Stability Report:Moving from Liquidity-to Growth-Driven Markets",April 2014,p.33,available at:http://www.imf.org/External/Pubs/FT/GFSR/2014/01/pdf/text.pdf.
[2]具体细节请参见人人贷保障计划,http://www.renrendai.com/help/intro.action#capital-safe.
[3]具体细节请参见陆金所的稳盈-安e服务概述,http://www.lufax.com/about/trade.html.陆金所是一家综合金融资产交易所,其业务包括P2P融资平台。
[1]"Spotlight is Set to Shine on Shadow Banking",China Daily,22 January 2014,available at:http://www.china.org.cn/business/2014-01/22/content_31268265.htm.
[2]参见《国务院办公厅关于加强影子银行监管有关问题的通知》,国办发[2013]第107号。
[3]参见《国务院办公厅关于加强影子银行监管有关问题的通知》,国办发[2013]第107号。
[4]例如,证监会随即颁布《关于进一步加强基金管理公司及其子公司从事特定客户资产管理业务风险管理的通知》,证监办[2014]第26号,禁止基金子公司开展资金池业务。
[1]Qizheng Mao,"Measuring Off-Balance-Sheet Wealth Management Business of Commercial Banks:The Case in China",36 International Financial Corporation(IFC)Bulletin(2013),available at:http://www.bis.org/ifc/events/6ifcconf/mao.pdf.
[2]See Federal Reserve Bank of San Francisco,"Shadow Banking in China:Expanding Scale,Evolving Structure",available at:http://www.frbsf.org/banking-supervision/publications/asia-focus/2013/april/shadow-banking-china-scale-structure/asia-focus-shadow-banking-in-china.pdf
[1]参见殷剑峰、王增武主编:《影子银行与银行的影子:中国理财产品市场发展与评价(2010~2012)》,社会科学文献出版社2013年版,第10页。
[2]参见《关于规范商业银行理财业务投资运作有关问题的通知》,银监发[2013]第8号。
[3]参见《关于规范商业银行理财业务投资运作有关问题的通知》,银监发[2013]第8号。
[1]参见《关于小额贷款公司试点的指导意见》,银监发[2008]第23号。
[1]非法集资并非中国刑法中规定的罪名,而是几种相近违法犯罪活动的总称。通常认为,非法集资包括《刑法》第160条规定的欺诈发行股票罪、第174条规定的擅自设立金融机构罪、第176条规定的非法吸收公众存款罪或者变相吸收公众存款罪、第179条规定的擅自发行股票债券罪、第192条规定的集资诈骗罪、第224条规定的组织领导传销活动罪和第225条规定的非法经营罪。其中,非法吸收公众存款罪或者变相吸收公众存款罪和集资诈骗罪是最常见的非法集资犯罪。
[1]See Min Liao,"guest post in the Financial Times",10 July 2014,available at:http://blogs.ft.com/beyond-brics/2014/07/10/guest-post-chinas-shadow-banking-is-risky-but-how-risky/.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |