中国影子银行发展趋势与展望

在多角度界定影子银行的基础上,总结中国影子银行的主要特征,即处于初期发展阶段、杠杆率相对较低、主体独立性低、金融创新活跃地带。从欧美国家影子银行发展实践来看,中国影子银行是金融体制过渡性的产物,代表了未来金融创新的方向,其发展趋势主要包括：业务发展：由银行表外业务向资产证券化业务转变;运作模式：由＂一对一＂对接向＂多对多＂对接转变;融资结构：由非标债权融资向标准化债权融资转变;体系构成：由商业银行为主向非银行金融机构为主转变;监管动向：由机构监管向机构监管与功能监管相结合转变。

The Development Trend and Prospect of Shadow Banking in China

Based on the definition of shadow banking from multiple perspectives,the paper sums up the main characteristics of shadow banking in China. From the development practice of shadow banking in European and Ameri-can countries,China＇s shadow banking is the result of the financial system reform,represents the direction of future fi-nancial innovation. The development trend of China＇s shadow banking mainly includes five aspects. The business de-velopment is from bank off-balance sheet business to asset securitization. The mode of operation is from＂one to one＂cooperation to＂many-to-many＂cooperation. The financing structure is from nonstandard creditor＇s rights financingto standardization of creditor＇s rights financing. The structure of system is from commercial banks to non-bank finan-cial institutions. The regulatory development is from institution regulation to the combination of institution regulation and function regulation.