Shadow banking system,as the results of financial deepening,is the world's most important financial innovation in the past 30 years.The emergence of shadow banking has improved the capital liquidity,promoted the prosperity and development of the financial market,but also changed the structure and operation rules of the traditional financial system.In the existing regulatory system,the shadow banking's risks can not be covered,leading to financial fragility increased and stability decreased.

The shadow banking appeared in the US firstly.Now it has already exceeded the scale of commercial banks' assets,parallel to the commercial banks' financial system.The shadow banking of the US focuses on securitization,and the commercial banks are only the assets provider in the chain of securitization.In the developed financial markets of the US,the securitization products have been derived from the real economy.The rapid development of the shadow banking has accumulated a lot of risks in the financial system,eventually led to the outbreak of the financial crisis in 2008.

Chinese shadow banking appeared later,and entered the stage of rapid development from 2010.Although known as the shadow banking,the Chinese shadow banking is completely different from the US.Essentially,it is the innovation of banking business and banking channels.That is to say,the shadow banking is a supplement to the banking system.Now the Chinese shadow banking is small,but it growthes rapidly.In the rapid development,the shadow banking faces the maturity mismatch and credit default risk,which attracts worldwide attention.

Although the shadow bankings of the US and China are different in many aspects,they all would impaire the operating stability of commercial banks.This report uses microdata from the US and China to analyse the impacts of shadow banking on the operating stability of commercial banks separately.Based on this,the report compares the differences between the two groups.By comparison,we can understand the risk formations of the Chinese shadow banking and put forward some policy suggestions on risk preventions.

Key words: Shadow banking; Securitization; Wealth management product; Operating stability