中文摘要：

随着我国金融体系的变革,生存与发展于商业银行阴影之中的影子银行体系规模迅速扩张,其中信贷型影子银行顺周期行为已经对我国金融安全与稳定产生了负面影响。论文基于所构建的TVP-VAR模型,利用2006年1月至2016年11月相关数据,对我国信贷型影子银行顺周期行为进行了检验。结果发现,对应于经济发展过程中的波动,信贷型影子银行总体具有顺周期性;由于资金在不同市场间流转需要时间,顺周期行为具有时滞性;市场资金供求与金融监管的变化,导致顺周期行为具有时变性。因此,应该关注信贷型影子银行顺周期行为,强化监管的穿透性,以提高其支持实体经济增长的效率。

英文摘要：

Along with the reform of financial system, the credit-type shadow banking＇ s pro-cyclical feature has generated a negative impact on the security and stability of the financial system. Based on the TVP-VAR model, this paper tests the characteristics of credit-type shadow banking＇ s pro-cyclicality using the data ranging from January,2006 to November, 2016. The test comes to three conclusions. First, from a general view, the credit- type shadow banking owns the feature of pro-cyclicality corresponding to the fluctuation of economy development. Second, because of the time it takes for capital to flow between different markets, its pro- cyclicality is time-lagged： Third, its pro-cyclicality is time-varying due to the change of supply and demand of money market and financial regulation. Therefore, we should pay attention to the credit-type shadow banking＇ s pro-cyclical behavior characteristic, strengthen the penetration of regulation in order to improve its efficiency in supporting economic growth.