影子银行是传统银行信贷的“补充”抑或“替代”——基于中小企业融资的视角  

Shadow Banking Is “Complement” or “Substitute” for Traditional Bank Credit——Based on Research of SME Financing

作　　者：王怀明 刘融 WANG Huai-ming LIU Rong(College of Finance, Nanjing Agriculture University, Nanjing 210095, China)

机构地区：[1]南京农业大学金融学院,南京210095

出　　处：《安徽师范大学学报（社会科学版）》2017年第5期609-615,共7页Journal of Anhui Normal University(Hum.&Soc.Sci.)

基　　金：国家自然科学基金项目(71173108)

摘　　要：通过构建SVAR模型,研究了我国影子银行的发展对中小企业传统银行信贷影响的异质性。结果表明,我国影子银行的发展对中型企业的传统银行信贷具有"补充"效应,对小微企业的传统银行信贷具有"替代"效应。因此,应该削弱影子银行对传统银行体系的替代效应,发挥两者间的互补效应,以解决中小企业的融资难题。Explore the impact of the shadow banking on the bank credit by using a SVAR model,which draws a conclusion that the shadow banking system has been developed to play a＂supplementary＂role to the banking credit in meeting the financial needs of the medium-sized enterprises and play an ＂alternative＂role to the banking credit in meeting the financing demand of small and micro enterprises.Finally the suggestions are proposed on how to weaken the substitution effect and reinforce the complementary effect of the shadow banking on the bank credit,thus the financing problems of SME can be solved.

关 键 词：影子银行 中小企业融资 银行信贷 SVAR模型 

分 类 号：F832.3[经济管理—金融学]