摘要
此次国际金融危机表明,影子银行由于缺乏监管、信息不透明、资本覆盖和流动性储备不足,成为系统性风险的重要来源。危机后,金融稳定理事会(FSB)和巴塞尔银行监管委员会等国际标准制定机构协调合作,制定了加强影子银行监测和监管的一揽子政策措施。其中,针对证券融资交易的流动性风险、杠杆风险、交叉传染风险和顺周期效应,提出了一系列监管措施建议,旨在防范证券融资交易的潜在系统性风险,维护全球金融稳定。我国在证券融资交易方面发布实施了一系列法规制度,但近期发生的"国海证券"等事件也暴露出部分证券融资交易行为不规范、反复开展证券融资交易产生流动性错配和杠杆风险、监管框架不够系统完整等问题,对金融市场稳定运行造成了一定的负面影响。本文论述了危机后国际标准制定机构提出的证券融资交易监管框架,结合我国业务发展情况和存在的问题,提出了完善我国证券融资业务监管的相关建议。
As reflected by the recent global financial crisis,shadow banking has become an important source of systemic risks due to its lack of regulation,transparency,as well as capital and liquidity buffers. In the aftermath of the financial crisis,the Financial Stability Board,working together with other international standard setting organizations such as the Basel Committee on Banking Supervision,formulated the policy framework to strengthen oversight and regulation of shadow banking. As an integral part of this framework, policy recommendations to address liquidity mismatch,leverage,contagion risks and pro-cyclicality in securities financing transactions（ SFTs） have been introduced to enhance global financial stability. In China,a series of regulations and rules for the SFTs have been implemented. However,several cases including that of the Sealand Securities Company in 2016 revealed various problems in the SFTs framework,such as liquidity mismatch,leverage,non-compliance and weaknesses in the SFTs regulation. This paper analyzes the international SFTs regulatory framework developed after the financial crisis and proposes recommendations on how to improve the SFTs regulation and supervision in China.
作者
李文红
贾君怡
LI Wenhong;JIA Junyi(Innovative Business Supervision and Cooperation Department, China Banking Regulatory Commissio;Peking University/China Banking Regulatory Commissio)
出处
《金融研究》
CSSCI
北大核心
2018年第2期45-60,共16页
Journal of Financial Research
关键词
证券融资交易
回购与逆回购交易
证券借贷业务
保证金融资
质押品再投资与再质押
折扣系数
Securities Financing Transactions, Repo and Reverse Repo Transactions, Securities Lending, Margin Lending, Collateral Reinvestment and Rehypothecation, Haircuts
