影子银行体系对流动性的影响 ――兼议对货币政策中介目标的挑战
On the Impact of Shadow Banking System on Liquidity and the Challenge to Monetary Intermediate Target

中国的影子银行体系对流动性的影响体现在三个方面：一是传统银行机构通过影子银行业务和工具创造的流动性；二是影子银行机构通过资产证券化过程分流储蓄资金创造的流动性；三是影子银行体系分流储蓄资金对商业银行流动性创造的“机会成本”。通过对影子银行体系的流动性创造进行估算，可见高杠杆率创造出的流动性可能导致当前数量型货币政策中介目标失去指标意义，因此，影子银行体系的信用创造功能弱化了货币供应量作为中介目标的作用，长期看应加强对影子银行业务的规范，货币政策中介目标也应逐步由数量型目标向价格型目标过渡。
The impact of China′s shadow banking system on liquidity is embodied in the following three aspects: First of all, the traditional banking institutions create liquidity by using the shadow banking tools. Secondly, shadow banking institutions create liquidity which is done by shunting savings through the process of asset securitization. At last, the shunting saving created by the shadow banking system is the "opportunity cost" to commercial Banks′liquidity. This study, by estimating the shadow banking system liquidity creation, finds that the liquidity created by high leverage may lead to the result that the current quantitative index monetary policy intermediary goal will be losing its meaning. Thus, the credit creating function of the shadow banking system weakens the role of money supply as intermediate target. In the long term, monetary policy intermediary goal should be achieved by price type instead of quantitative type