美国2007年的次贷危机，最终演变成全球性危机，暴露出国际金融体系系统性风险的积累，使得人们关注到宏观审慎监管的重要性。此次危机过后，针对系统性风险问题，巴塞尔委员会于2010年9月出台了巴塞尔协议III。除了进一步优化微观审慎监管外，首次提出要强化对整个金融体系的宏观审慎监管，并设计出相关监管思路和工具。宏观审慎监管，将监管系统性风险作为审慎监管的一部分，以监管单一金融机构风险为基础，重点关注系统性风险的发展程度，提防发生系统性风险，维护金融稳定的目的。宏观审慎监管从两维度检测系统性风险——时间维度与跨行业维度，侧重于解决金融顺周期问题和系统重要性金融机构间互相关联风险。本文以2008年金融危机后出台的巴塞尔协议III作为背景，就其提出的监管新领域——宏观审慎监管进行探究。本文首先阐述了宏观审慎监管相关的基本理论；以美国、英国、欧盟三大经济体为例，分析其在经济危机后针对宏观审慎监管问题是如何改进监管方案的，从中汲取经验；在了解理论与国外实践的基础上，本文通过对我国16家商业银行进行实证分析，对我国系统性风险现状有一定了解；基于我国系统性风险现状，结合我国在宏观审慎监管方面的已有实践，提出如何进一步加强和完善我国宏观审慎监管框架的建议，以确保我国金融体系稳健的运行。

The impact of market microstructure noise can affect the realized volatility, and thus cause the deviation of the estimated volatility. This influence becomes much more significant with the increase of sampling frequency. Therefore, the problem of how to improve the realized volatility estimation method and to reduce the effects of market microstructure noise has become a wide concern in the study of high frequency financial data.This paper first does a series of tests on several kinds of realized variance and their sensitivity to jumps of asset prices. An empirical study on asset prices jump is also conducted based on samples from Chinese stock market. Then, artificial price series is generated to simulate market price in different situations. In the generating mechanism, log return is set to fit stable levy distribution, the parameters of extent of noise, jump intensity, jump amplitude are introduced to control the price process. Then different factors that may affect the long memory of realized volatility, including the sampling frequency, the degree of volatility sequences of thick tail and noise intensity are analyzed based on the simulation.The simulation results show that the long memory of realized volatility series increases significantly with the increase of sampling frequency and the noise intensity, the extent of the fat does not necessarily cause the long memory realized volatility, volatile prices jump impacts the long memory property of realized volatility series in different extents, especially when the intensity of noise becomes stronger, the long memory of realized volatility series is significantly affected by the frequency and the amplitude of jumping.