非金融企业影子银行化与融资结构——中国上市公司的经验证据

发布时间：2018-03-26 22:12

本文选题：影子银行　切入点：融资结构　出处：《国际金融研究》2017年10期

【摘要】：本文从理论角度剖析了非金融企业从事影子银行活动的内、外部驱动因素和机制,基于三个假设命题构建了非金融企业影子银行化与融资结构的关系模型,并运用2009—2015年中国上市公司数据进行检验。结果显示:第一,融资结构对非金融企业从事影子业务的规模产生显著的影响,内源融资、外源融资对企业影子银行规模均存在显著的正向效应。其中,外源融资相较于内源融资、股权融资相较于债权融资对非金融企业影子银行化规模的促进作用更强;第二,经济增长放缓、社会固定资产投资下降引致的宏观经济环境变化加剧了非金融企业影子银行化趋势;第三,不同所有制结构、不同规模企业影子银行化规模与其融资结构的关系存在差异,国有、大型企业外源融资和股权融资占比高,影子银行化动机强烈。但随着企业规模的进一步上升,影子银行化行为会因股东关注和社会舆论受到一定的约束。最后提出抑制企业过度金融化的建议。
[Abstract]:In this paper, the internal and external driving factors and mechanism of non-financial enterprises engaged in shadow banking are analyzed theoretically, and the relationship model between shadow banking and financing structure of non-financial enterprises is constructed based on three hypothetical propositions. The results show that: first, the financing structure has a significant impact on the scale of shadow business of non-financial enterprises. Foreign financing has a significant positive effect on the scale of corporate shadow banking. Compared with endogenous financing, equity financing is more effective than debt financing in promoting the scale of shadow banking of non-financial enterprises. The trend of shadow banking of non-financial enterprises is aggravated by the change of macroeconomic environment caused by the slowdown of economic growth and the decline of social fixed asset investment. Third, different ownership structures, There are differences in the relationship between the size of shadow banking and its financing structure in different scale enterprises. The proportion of foreign financing and equity financing in state-owned and large enterprises is high, and the motive of shadow banking is strong. However, with the further increase of enterprise size, Shadow banking behavior will be restricted by shareholders' concern and public opinion. Finally, some suggestions are put forward to restrain the excessive financialization of enterprises.
【作者单位】：中央财经大学金融学院;华北电力大学经济管理学院;
【基金】：国家社科基金重大项目“金融排斥、金融密度差异与信息化普惠金融体系建设研究”(项目编号:14ZDA044) 博士生重点选题支持项目“非金融企业影子银行化的经济效应”(项目编号:2016-PYXT08)资助
【分类号】：F275;F832.51

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