非金融企业影子银行化与经营风险  

Non-financial Enterprises’ Shadow Banking Business and Operating Risk

作　　者：李建军[1] 韩珣 LI Jianjun;HAN Xun(Central University of Finance and Economics;Beijing International Studies University)

机构地区：[1]中央财经大学金融学院,100081 [2]北京第二外国语学院经济学院,100024

出　　处：《经济研究》2019年第8期21-35,共15页Economic Research Journal

基　　金：国家社会科学基金重大项目(14ZDA044)的资助

摘　　要：随着经济金融化进程的到来,越来越多的非金融企业通过直接充当“实质性信用中介”或“间接参与影子信贷市场”的方式开展影子银行业务。非金融企业的影子银行化行为对经营风险有何影响,风险又通过何种机制在企业部门之间、企业与金融部门之间进行传导?本文利用2004—2015年沪深两市A股上市公司的数据进行实证检验,结果表明,非金融企业影子银行化会增加经营风险,在融资约束程度较高、公司治理较差的企业中,企业影子银行化行为对经营风险的正向影响更为显著。当企业通过委托贷款或者民间借贷方式,作为信用中介向资金需求方融出资金时,借款方的还款风险会降低贷款企业的偿债能力,并且通过“会计账户机制”传导到贷款方,进而增加企业的经营风险。当企业部门通过购买“体制内影子银行体系”发行的各种“类金融产品”间接参与到影子信贷信用链条中,整个金融体系的波动将通过“系统性风险联动机制”增加企业预期收益的波动性,从而加剧经营风险。With China s economy entering the “new normal” stage, problems such as high leverage rate, chaotic financial investment, and shift of economy from real to virtual have been highlighted. More and more non-financial enterprises have begun to develop shadow banking business and have become important shadow banking intermediaries. Shadow banking is characterized by high leverage, high risk and asymmetric information. However, non-financial enterprises ability to identify and deal with financial risks is weak. Therefore, exploring the business model of non-financial enterprises shadow banking and its impact on their business risk is significant both theoretically and practically for preventing systemic financial risk, restraining the trend of industry hollowing and promoting the stable development of real economy. Most existing literature focuses on the shadow banking activities of financial institutions, and explores the connotation of shadow banking, its scale measurement methods and its economic effect on monetary policy, financial stability and output growth. With the gradual enhancement in the trend of economic financialization, enterprise departments have begun to carry out shadow banking activities through entrustment, equity innovation and bridge lending, and non-financial enterprises shadow banking tendency is strengthening (Han et al., 2017). Although there are abundant researches on shadow banking system and enterprises financialization, few studies focus on non-financial enterprises shadow banking business. Some studies investigate the identification, business mechanism and social welfare losses of non-financial enterprises shadow banking activities, but studies on the impact of non-financial enterprises shadow banking business on their operating risk are very limited. This paper intends to fill this gap from both theoretical and empirical perspectives. The paper uses data of non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2004 to 2015 to test the impact of non-financial en

关 键 词：影子银行 经营风险 会计账户传导 系统性风险联动 

分 类 号：F832.51[经济管理—金融学] F272.3F275