文章在总结我国影子银行发展现状与运行特点的基础上,基于银信合作的视角,从信托公司和投资者两个角度对 Gennaioli 等人的影子银行模型进行拓展,探讨了我国影子银行对金融市场的积极影响。模型结果表明,在市场达到均衡时,影子银行一定意义上能够实现利率的市场化,并且能有效地分配风险,有利于社会总福利的提高,因此,在规范影子银行的同时应鼓励其发展。
Considering the actual situation of China’s shadow banking system,this article expands Gennaioli’s shadow banking model based on the perspective of bank-trust financial product and takes into account trust companies and investors.The new model shows that shadow banking can realize marketization of interest rates to a certain extent and can improve total social welfare via efficient redistribution of risk.Finally,it is argued that we need to encourage the development of the shadow banking system rather than restrict it.