摘要:After the global financial crisis,the international community has analyzed the modern financial system from a new perspective,i.e.,the shadow banking system,and reconstructed the modern international financial regu-latory system. Effective regulation of the shadow banking system must have a detailed micro-foundation,such as sys-tem boundary, risk characteristics and performance forms. There is no universally accepted definition of the shadow banking system at the global level. Shadow banks have characteristics such as a high degree of securitization,informa-tion opacity and high leverage ratio,which directly contribute to the existence of many endogenous financial risks. In-ternational community tends to adopt the path of financial regulation on the shadow banking, which is similar to that on commercial banks. Every financial body has adopted a series of laws,policies and measures,which provides illu-minations for China’s supervision on the shadow banking system.%全球金融危机后,国际社会从一个新的视角--影子银行体系来分析现代金融体系,并重构现代国际金融监管制度。影子银行体系的有效监管必须具有翔实的微观基础,比如体系边界、风险特征及表现形式等。国际上对影子银行体系并无公认的定义。影子银行具有证券化程度高、信息不透明、杠杆率较高等特征,这直接引致其存在诸多内生性金融风险,国际社会倾向于采用“类银行化”的监管路径对影子银行进行金融监管。国际社会采取的一系列法律、政策措施对我国影子银行监管具有一定的启示。