중국 그림자 은행과 중국 주식 시장의 관계에 관한 연구
A Study on the Relationship between the Shadow Banking System and the Stock Market in China
- 주제(키워드) 도움말 Shadow Banking , Government's Regulations , Stock Market in China , Dependence.
- 발행기관 강릉원주대학교 일반대학원
- 지도교수 池城杓
- 발행년도 2014
- 학위수여년월 2014. 8
- 학위명 석사
- 학과 및 전공 일반대학원 무역학과
- 원문페이지 Ⅶ, 74 p.
- 실제URI http://www.dcollection.net/handler/kangnung/000000006462
- 본문언어 영어
초록/요약
In recent years, especially after the financial crisis, the shadow banking become the focus to lots of the entities, mostly to regulation institutions. In China, with the network of private financing in the city of WenZhou（溫州）in ZheJiang（浙江）Province threatened to collapse and possibly precipitate a regional credit crisis in October, 2012, the word shadow banking comes to our sight. A survey of WenZhou found that about 60% of local businesses and most households had loans with the shadow banking system. According to some accounts, even some of the funding for WenZhou's shadow banks came from commercial loans obtained by local businesses from legitimate commercial banks. From the experience happened in the financial crisis, the shadow banking system is opaque and without great observation may lead to systemic risk. In the situation of China, commercial banks have a mysterious relationship with the shadow banking system. The commercial banks even do shadow banking business by themselves through wealth management products or by off balance sheet transactions. In the meantime, the stock market, only established for about 24 years, has experienced tremendous growth and development. This paper is going to study whether the flourish of shadow banking in China is dependent on the stock market in China.
more목차
1. Introduction 1
2. The Shadow Banking System 3
2.1. Different Definitions of SBS 3
2.2. Characteristics of SBS 5
2.3. "Depositors" and "Borrowers" of SBS 7
2.4. Possible Entities, Activities and Instruments of SBS 9
2.5. Financial Intermediation 12
2.5.1. Financial Intermediation of Traditional Banking 13
2.5.2. Financial Intermediation of Shadow Banking 14
3. The Shadow Banking in China 16
3.1. Overview of SB in China 16
3.2. Reasons for the Growth of SB in China 17
3.3. Differences Between SB in China and the Developed Countries 19
3.4. Definitions of SB in China 22
3.5. Main Entities and Activities in China 25
3.5.1. Entrusted Loans 25
3.5.2. Trust Loans 27
3.5.3. Undiscounted Bankers' Acceptances 30
3.5.4. Net Financing of Corporate Bonds 32
3.5.5. Financial Lease/Leverage Lease 33
4. The Stock Market in China 35
4.1. Overview of Stock Market in China 35
4.2. Four Stages of Stock Market in China 37
4.3. Characteristics of Stock Market in China 40
5. Relationship Between the SBS and Stock Market in China 45
5.1. Introduction 45
5.2. Research Hypotheses and Test Methodology 45
5.3. Description of Variables 47
5.4. Regression and Results 47
5.4.1. Data of SBS1 and High Composit of Index of ShangHai A Share (Before Log and After Log) 47
5.4.2. The Variance Analysis of SBS1 and High Composit of Index of ShangHai A Share (Before Log and After Log) 53
5.4.3. Regression Analysis of SBS1 to High Composit of Index of ShangHai A Share in a Single Test 55
5.4.4. Regression Analysis of SBS1 to High Composit Index of ShangHai A Share in an Extended Test 60
6. Conclusion 65
Appendix 67
Appendix 1 68
Appendix 2 69
Appendix 3 70
References 71
