从早期的商业银行向中高端客户提供利率更高的理财产品开始，到现在形形色色的表外融资渠道不断拓展，我们正在经历中国版的金融脱媒。多年以前，这个名词只存在教科书里，现在它已经不经意间来到了我们身边。

From the early commercial Banks to the high-end customers with higher interest rates in the financial product,Now all kinds of off-balance-sheet financing channels continue to expand,We are going through the Chinese version of the financial disintermediation.Many years ago,A word that is only in the textbooks,Now it has inadvertently came to our side.

　　影子银行的概念是在2007年由美国太平洋(601099,股吧)资产管理公司的执行董事麦卡利提出，2011年金融稳定理事会又对影子银行从广义和狭义两个层面进行定义。在中国，影子银行指游离于传统商业银行体系之外从事与银行类似的融资服务，但不受监管或能规避严格商行监管的金融实体。主要包括三个层面，以银行理财为代表的银行表外业务系统（银行理财产品、委托贷款等）、非存款类金融机构（信托、小贷、担保公司）、广泛的民间融资系统（地下钱庄等）。影子银行在过去几年经历了高速发展。据估计现在我国影子银行存量规模已经超过了贷款总规模的1/3。从新增量观察，典型的影子银行部门（委托贷款、信托贷款、企业债券融资）的新增量占2012年全社会融资总量的31%，而在2010~2011年这个数据为16.9%和22.3%。这也能够解释为什么2012年银行新增人民币贷款仅增长了10%的水平，但全社会融资总量却保持了23%的高速增长。

The shadow banking in 2007 by the United States is the concept of the Pacific Ocean(601099,stocks)Asset management company, managing director of McCulley is put forward,In 2011 financial stability council of shadow banking from the broad sense and narrow sense two aspects to definition.In China,Shadow banking that is free from the traditional commercial banking system is engaged in financing services similar to that of the bank,But unregulated or can circumvent strict business regulation of financial entities.Mainly includes three aspects,Represented by bank finance bank off-balance-sheet business systems(Bank financial products/Entrusted loans, etc.)/The deposit financial institutions(The trust/Small credit/Guarantee company)/Widespread folk financing system(Underground Banks, etc.).The shadow banking in the past few years has experienced rapid development.Now estimated China's shadow banking stock size more than 1/3 of the total loan.From the new incremental observation,Typical of the shadow banking sector(Entrusted loans/Trust loans/Corporate bond financing)A new incremental accounted for 31% of total social financing capacity in 2012,In 2010 ~ 2011, the figures were 16.9% and 22.3%.This also explains why 2012 new yuan loans rose by just 10% of the bank,But keep as much as 23% of the total social financing capacity of high-speed growth.

　　整体来看，过去几年，影子银行体系的高速增长是利率管制和金融脱媒背景下的必然产物。影子银行体系的发展推动利率市场化的形成和为民营资本的发展创造条件。

On the whole,Over the past few years,Rapid growth of the shadow banking system under the background of interest rate deregulation and financial disintermediation is inevitable product.The development of the shadow banking system to promote the formation of the marketization of interest rates and create conditions for the development of private capital.

　　金融脱媒是对利率管制和信贷总量管制等计划性手段的突围甚至颠覆，并且开始对资本市场产生深远的影响：

Financial disintermediation is the interest rate regulation and credit total quantity control planning means such as break and even subversion,And began to have significant influence on the capital market:

　　首先，它的变化总量和趋势会影响宏观经济的资金面和资本市场的资金供应，对资产配置有直接的影响。我们之前习惯于用信贷增速和货币增速等传统指标判断经济和股市的周期性先导指标，但是发现信贷和货币增速不断下探过程中，通胀率依然不低，部分产业的过热还阶段性发生。政府在2012年底对社会融资总量和融资成本的表述已经发生了微妙的重大变化，投资者的确要开始重视社会融资总量中非传统信贷部分的边际效应，而不是刻舟求剑。

First of all,It changes the amount and trends affect the macroeconomic and capital market funding on the financing side,Has direct influence on asset allocation.Before we used to use traditional indicators such as judgment, credit growth and monetary growth cycles of the economy and stock market leading indicators,But found that credit and monetary growth continuously during the test,Inflation is still not low,Some industries overheating stage also occurred.Government by the end of 2012 the total social financing and financing cost of subtle significant changes have taken place in,Investors did start to attach importance to china-africa traditional total social financing credit portion of the marginal effect,Rather than KeZhouQiuJian.

　　其次，它对与宏观经济高度相关的资产的成长性和短期波动产生影响，因为扣除传统信贷之后，以影子银行为代表的金融脱媒对经济周期产生的边际效应会非常巨大。由于监管的原因，中国银行(601988,股吧)业正在引入巴塞尔协议等工具加大银行的风险控制（从监管理念上探讨这件事的合理性和中外背景差异不是本文的宗旨），传统的信贷规模相对稳定，这才给影子银行提供了沃土。这部分融资在宏观经济中的边际效应可以放大数倍，是资金价格的最终决定者，决定着经济的增量变化。

secondly,It is strongly associated with macroeconomic effect on asset growth and short-term volatility,Because after deducting the traditional credit,Represented by the shadow banking financial disintermediation have marginal effect on the economic cycle will be very huge.Due to regulatory reasons,The bank of China(601988,stocks)Industry is to introduce the Basel agreement tools such as increase the bank's risk control(From regulatory philosophy on the rationality of the matter and background difference is not of this article aim both at home and abroad),The traditional credit scale is relatively stable,This provides a fertile ground to shadow Banks.This part of the financing in the macroeconomic marginal effects can be magnified many times,Money is the final determinant of the price,Determine the economic incremental change.

　　最后，它本身也影响银行、证券、保险、信托等金融子行业以及房地产等具有资产属性的行业的定价和行业竞争格局。简而言之，银行的报表将马上经历结构性变化，非银行类金融机构的占比会提高，整体发展前景更好一些。房地产等资产的融资空间可以进一步多元化，2013年融资成本也有下降的趋势，具有良好投融资战略的公司的成长性可以更加看好。

The last,It also affect the bank itself/securities/insurance/Trusts and other financial sector and real estate industry with the asset attributes like pricing and industry competition pattern.In a nutshell,Bank statements will be undergoing structural changes immediately,Non-bank financial institutions share will increase,Overall a better prospects for development.Assets such as real estate financing space can be further diversification,Also has a downward trend in the cost of financing in 2013,Has a good investment and financing strategy of the company's growth can be more favorable.