健全我国宏观审慎监管体系的研究

An Analysis on Improving China’s Macroprudential Supervision System

摘要: 2008年全球金融危机后，宏观审慎监管这一概念被各国金融监管机构高频提及，我国央行也宣布从2016年开始实施比原有差别准备金动态调整和合意贷款管理机制更严格的“宏观审慎管理评估体系”(MPA)。从实施宏观审慎政策的必要性和作用等方面，本文深入分析我国宏观审慎监管框架下的基本内容和主要措施，特别是MPA，以及各项工具使用后的效果，说明我国启动宏观审慎监管后的基本情况。最后结合我国经济与金融发展现状，以及国际环境，经济周期等外部因素，对构建适合我国的宏观审慎监管框架指出现存的问题并给出相关的改进建议。

Abstract: Since the financial crisis in 2008, the concept of macroprudential supervision was first put forward in certain main economic bodies. In 2016, the Central Bank of China followed its step and started conducting macro-prudential assessment policy (MPA) in place of the ongoing policy, namely the differential reserve dynamic adjustment system and consensus loan management system. This paper describes and analyses the general content and main measures under the framework of macroprudential supervision in China, contrary to the practical experience in foreign countries, to prove the policy’s necessity. Then, we analyzed the effect of various tools after use, so as to explain the basic situation of macroprudential supervision in China. Finally, combined with the current situation of China’s economic and financial development, as well as the international environment, business cycle and other external factors, this paper points out the existing problems and gives some suggestions for improvement.