目前，老百姓已将银行理财产品视为与基金、自主买卖股票等量齐观、互为补充的一种投资渠道。然而，银行理财业务却因被扣上了“影子银行”的帽子而受到广泛怀疑甚至指责。

At present,People have bank financing products as and fund/Independent business share the same/Substitutes for an investment channels.however,Bank financing business is because the button on the"Shadow Banks"Hat and widespread doubt even accused.

　　银行理财是“影子银行”吗？这得从你认为什么才是“影子银行”开始。根据国际上主流机构的定义，可以发现只有“同时具备”提供期限/流动性和信用转换功能、高杠杆，处于央行紧急时刻流动性覆盖范围之外，从而足以诱发系统性风险四大特点的金融机构、金融产品或金融市场，才能被称为“影子银行”。

Bank financing is"Shadow Banks"??This is from what do you think"Shadow Banks"Began to.According to the definition of mainstream institutions,Can be found only"At the same time have"The term/provide liquidity and credit conversion function/High lever,In the central bank liquidity coverage of emergency outside,So as to be sufficient to induce systemic risk four features of financial institutions/Financial products or financial market,Can be called"Shadow Banks".

　　我国的银行理财产品，其虽具有期限/流动性和信用转换功能，但总体仍然处于央行紧急时刻流动性覆盖范围之内，这决定了其不可能诱发系统性金融风险，由此也就不能简单地认为其属于“影子银行”。

Our bank financing products,Although the term/with liquidity and credit conversion function,But overall is still in a central bank in the event of an emergency liquidity within the scope of cover,This determines the could not induce systemic financial risk,This also cannot simply think it belongs to"Shadow Banks".

　　与“影子银行”划清了界限，并不表示银行理财业务发展的烦恼就此了结。

and"Shadow Banks"Distinguishes boundaries,Doesn't mean bank financing business development trouble at all.

　　从运作层面上来讲，最清晰的理财业务模式应该是为每支理财产品设立一个具有法人资格的特殊目的机构（SPV），从而实现“真实出售”和“破产隔离”。但是，我国现行法律只承认股份有限公司和有限责任公司是“法人”，只有“法人”才能够破产。与此同时，我国《商业银行法》规定，商业银行不得投资于存款性金融机构之外的任何主体（国务院批准的除外）。

Will tell from the operation level,The most clear financial business model should be for each financial products set up a legal person qualification of special purpose mechanism(SPV),So as to realize"True sale"and"Bankruptcy isolation".but,China's current law only admit co., LTD., and limited liability company is"Legal person",only"Legal person"To bankruptcy.meanwhile,Our country[Commercial Banks]provisions,Commercial Banks are not allowed to invest in financial institutions deposit sex outside of any subject(Except the approval of the state council).

　　这意味着，商业银行试图通过设立特殊目的机构的方式来将自身表内业务与理财业务从法律上完全划清界限，现阶段根本不可能。无奈之下，一些银行便只能为理财设立一个所谓的“池”，通过不同会计子科目分别核算这种“自律”方式来实现表内外业务的隔离，在“池”内再次借助会计科目为每只理财产品“单独建账、单独管理、市场估值、市场公允价值进出”，实现投资标的与募集资金的对应。即便如此，这种所谓的“自律”仍然面临着在缺乏第三方监督的情况下如何才能具备足够外部公信力的挑战；一旦理财产品出现纠纷，这种“自律”的制度安排是否能够在公堂之上有效对抗外部关于“关联交易”的诘问？

This means that,Commercial Banks trying to establish special purpose institutions within their own way to watch business and financial management business legally fully drawn,At the present stage is impossible.Helpless under,Some Banks and financial only set up a so-called"pool",Through the different accounting subjects this son separate accounting"self-discipline"Way to realize table inside and outside business isolation,in"pool"With the aid of accounting subject again in for each only financial products"Subscription alone/Separate management/Market valuation/The fair value in the market",To realize the investment target and the corresponding to raise funds.Even so,The so-called"self-discipline"Still faces in the absence of the third party supervision how to have enough external credibility challenge;Once the financial product occurrence dispute,this"self-discipline"Institutional arrangements in court if it can effective against external about above"Connected transaction"argument?

　　在笔者看来，银行理财当前牵涉到的上述法律问题，目前在券商的资产管理计划中，在不断扩大的资产证券化“试点”（因为存在法律瑕疵，做多大都只能叫“试点”）都同样存在。实时修法，疏堵并举，应该才是消除风险隐患的治本之策。

The author seems to be in,Bank financing current involves the legal problems,At present in the securities assets management plan,In the growing asset securitization"pilot"(Because there is legal defects,How much can do that"pilot")There are the same.Real-time repair method,ShuDu and,Should be to eliminate risks of permanent cure.