法治周末记者 肖莎

The rule of law XiaoSha weekend reporters

　　企业运营急需资金，又无法从银行贷款，企业主怎么办？

Enterprise operation are in urgent need of money,And can't from bank loans,Business owners do?

　　小额贷款公司、担保公司、典当行、信托公司乃至民间借贷机构，都可以是银行的替代项。且这些银行替代项，近年来有了一个统一的名字：影子银行。

Petty loan company/Guarantee company/pawnshop/Trust and folk lending institution,Can be a substitution of the bank.And these Banks alternative term,In recent years have a unified name:Shadow Banks.

　　影子银行的概念由美国太平洋(601099,股吧)投资管理公司执行董事麦卡利首次在2007年的美联储年度会议上提出，在美国是指包括投资银行、对冲基金、债券保险公司等非银行金融机构。正是由于这些非银行金融机构将住房贷款证券化，导致了信用的无限扩张，进而引发了2008年的金融危机。

The concept of shadow Banks by the Pacific Ocean(601099,guba)Investment management company executive director Michael Cali for the first time at the 2007 annual meeting of the fed is put forward,In the United States is to point to include investment bank/Hedge funds/The bond insurance companies, such as the non-bank financial institutions.It is because of these non-bank financial institutions housing loan securitization,Led to the unlimited extension of credit,Raising the 2008 financial crisis.

　　在中国，对影子银行虽未有统一的定义，但中央财经大学中国银行业研究中心主任郭田勇告诉法治周末记者，业内普遍接受的观点是，广义来看，从事银行信贷等相关业务的非银行机构均应归属影子银行体系，包括银行业内部的理财产品、委托贷款业务，也包括信托公司、担保机构、小额贷款公司等进行的“储蓄转投资”业务，也包括数额巨大的民间金融。

In China,The shadow Banks is not unified definition,But the central university of finance and economics of the China banking research center director guo TianYong told the rule of law weekend reporter,The generally accepted view is,Generalized to see,Engaged in the bank credit and other related business non-banking institutions shall belong to the shadow banking system,Including banking internal financial products/Entrust loan business,Also includes trust company/Guarantee agencies/Small loan companies and"Savings turn investment"business,Also include the huge amount of folk finance.

　　金融危机爆发以来，影子银行在中国经济发展中起到的作用越来越大。中国信托业协会最新发布的数据显示，整个信托业管理的资金量已突破6万亿元人民币。今年前3个季度，信托业新增资金额为2.99万亿元，其中投向基础产业和房地产产业的资金分别为7550.5亿元和2062.9亿元，信托业有望超越保险业成为中国第二大金融服务行业。可以对比看出影子银行分量逐渐加重的数据是：信托融资从2011年一季度占全国总体融资额的20%以下增至2012年二季度的约30%。央行公布的数据也显示：2011年上半年人民币贷款以外的融资规模占到整个社会融资规模的46.3%。

Since the outbreak of the financial crisis,Shadow Banks in China's economic development plays a bigger role.China's trust industry association released the latest data show,The management of the trust industry there is already exceeded 6 trillion yuan RMB.In the first three quarters,Trust industry new capital amount is 2.99 trillion yuan,Among them to the basic industry and real estate industry capital respectively for 755.05 billion yuan and 206.29 billion yuan,Trust business is expected to surpass insurance become China's second largest financial services industry.Can contrast see shadow Banks component gradually aggravated data is:Trust financing from the first quarter of 2011 of the national general or junk-rated below 20% in 2012 to about 30% in the second quarter.The central bank figures also show:In the first half of 2011 RMB loan outside of financing scale accounted for 46.3% of the whole social financing scale.

　　由于影子银行的高杠杆率、透明度低等原因，中国影子银行的潜在风险也逐渐为世界关注。

Due to the high leverage shadow Banks/Low transparency reason,Chinese shadow Banks also gradually potential risk for the world attention.

　　今年10月10日，世界货币基金组织(IMF)发布的《全球金融稳定报告》提示中国关注“影子银行”问题，因为这有可能把风险转嫁给银行。

October 10,,The international monetary fund(IMF)released[Global financial stability report]Suggest China attention"Shadow Banks"problems,Because this could reduce the risk on to the bank.

　　两天后，中国银行行长肖钢发表英文文章称，中国银行业乃至金融业未来巨大的风险来自于以银行理财产品为代表的影子银行。肖钢在文中甚至称，有些理财产品是“庞氏骗局”，因为某些理财产品根本没有跟具体的投资项目挂钩，其发行仅仅是为了偿付此前发行的理财产品的本息。

Two days later,The bank of China governor XiaoGang published English articles says,China banking and financial industry in the future great risk comes from to bank financing products as a representative of the shadow Banks.In this paper XiaoGang even says,Some financial products are"Ponzi scheme",For some financial products no with a specific investment projects hook,The issue is only after the issue in order to pay the principal and interest of financial products.

　　肖钢的文章引起了轩然大波。

XiaoGang article caused a storm in a teacup.

　　党的十八大期间，当媒体记者有机会向央行行长周小川和银监会主席尚福林提问时，中国影子银行的风险成了采访中的重头戏。

The party's eighteen big period,When the media reporters have opportunity to the central bank governor zhou xiaochuan and banking regulatory commission chairman he question,Chinese shadow banking risk became the grand opera in an interview.

　　但周小川和尚福林的回答，跟IMF和肖钢的担忧并不十分一致。

But zhou xiaochuan and he answer,With the IMF and XiaoGang concern is not very consistent.

　　“我们的影子银行的性质和规模比发达国家小得多。此外，中国绝大多数非银行金融机构的金融活动都处在严格的金融监管之下，而不是像有些国家那样完全脱离监管。”周小川的这番表述，被不少媒体引用，并以“中国影子银行规模不大”为题发表文章。

"Our shadow Banks nature and scale much smaller than the developed countries.In addition,China's most of the non-bank financial institutions are in financial activities strictly under the financial supervision,Not like some countries that completely from supervision."Zhou xiaochuan's comments expression,By many media quoted,and"Chinese shadow bank scale is not big"Published under the.

　　尚福林也称：“我们说的影子银行，绝大多数从法规层面上讲是有监管的。”

He also called:"We say that shadow Banks,The vast majority of from regulations level of speaking is a supervision."

　　那么，中国影子银行的资金规模到底有多大？这样规模的影子银行处于怎样的运行状态？其是否会给中国金融业乃至银行业带来风险？

so,Chinese shadow Banks how much capital scale?So that the size of the shadow in the operation of the bank how state?If it will give China financial and banking risks?