投射更多的燈光在影子銀行上——其本質、問題及規範初探

Casting more light on shadow banking-What is its nature? Why is it a problem? How to regulate it?

影子銀行不是傳統銀行，但卻和傳統銀行一樣在金融市場中透過到期轉換、流動性移轉及信用移轉方式擔任金融中介的角色。傳統銀行是以收受存款貸與放款「從創始到持有」的模式進行中介，而影子銀行則是透過「從創始到分銷」的模式，將傳統銀行「從創始到持有」的模式，切割、分解成為一系列更複雜、批發籌資、證券化擔保的借款程序。由於不受或受到較低之審慎監理規範，影子銀行通常極易從事於法規套利、高槓桿操作及資訊不對稱的不透明業務活動。由於影子銀行不受審慎監理規範，通常即不能直接、明顯取得來自於安全防護網（存款保險、中央銀行最後貸款人）的屏障，使得本質上即具脆弱性的影子銀行，在市場失序時，極易相互感染、發生骨牌效應，造成系統性的風險。許多研究都已指向影子銀行是美國次級房貸風暴後引發全球金融海嘯的最重要歸因。研究顯示，全球影子銀行的規模已逐漸增大，與傳統銀行幾可相互抗衡。IMF在2014年10月發表的「金融穩定報告」’更就影子銀行對全球金融穩定性已造成嚴重性威脅乙事，對各國金融主管機關提出警告，並督促應加強規範與監理。本論文參考整理國、內外有關影子銀行相關文獻，釐析影子銀行的概念內涵、其與傳統商業銀行及非銀行金融機構的差異所在，並探究影子銀行的組成分子、與資產證券化的關聯性，其對整體金融體系所造成的相關問題。最後，就目前先進國家及國際間有關對治影子銀行政策走向、制度規範，及其未來對影子銀行在金融體系發展的可能影響，進行比較評析。目的在借重先進國家金融改革制度建制之經驗，供作我國未來金融法規立法、研修之參據。

In recently years, many research show that U.S. subprime mortgage crisis in 2007 contributed to conflicts of Interest on securitization. Securitization is a measure of structured finance that must joint commercial bank, investment bank, asset management institutions (such as mutual funds, hedge funds, private equity funds, etc.), special purpose vehicle (SPV), insurance companies, and other related agencies to participate. It serves as a bridge to link the participants among the capital market and money market. Thus, it confuses the traditional separation of banking and securities activities that it is hard to be supervised by related financial authorities. Due to the securitization, it leads to the rise of shadow banking. The shadow banking consists of a web of specialized financial institutions that conduct credit, maturity, and liquidity transformation without direct, explicit access to public backstops. The lack of such access to sources of government liquidity and credit backstops makes shadow banks inherently fragile, thus creating a source of systemic risk for the financial system. Many research show that the global financial tsunami in 2008 contributed to the shadow banking system, because shadow banks consists of problems of regulatory arbitrage, information asymmetry and systemic risk, and so on. In this article I will try to explain what the shadow banking is, by providing definitions in a literature review, and also a comparison of shadow banking and traditional banking, non-bank financial institution, systemic significant financial institution, systemic significant non-bank financial institution. I also will analyze the advantages and disadvantages of shadow banking by economic analysis of law. Then, I will introduce developed countries’ financial regulations that addressing the problem of shadow banking, also will comment its pros and cons by economic analysis of law. I hope the opinion in my article could provide financial reform suggestion for legislators, and deepen the doctrine of our country’s financial law.