金融错配、非金融企业影子银行化与经济“脱实向虚”  

Financial Mismatch,the Shadow Banking Activities of Non-Financial Enterprises and Funds Being Diverted Out of the Real Economy

作　　者：韩珣 李建军[2] HAN Xun;LI Jianjun(School of Economics,Beijing International Studies University;School of Finance,Central University of Finance and Economics)

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

出　　处：《金融研究》2020年第8期93-111,共19页Journal of Financial Research

基　　金：教育部人文社科研究一般项目青年基金项目“政策不确定性、非金融企业影子银行化及其经济效应研究”(20YJC790040)的阶段性研究成果;感谢北京第二外国语学院青年学术英才计划和科研启航项目(KYQH20A027)的资助。

摘　　要：当前,我国一些非金融企业通过直接或间接的方式从事影子银行业务。本文利用2004-2015年上市公司数据研究发现,金融错配程度的提高整体上会提高企业影子银行化规模,并且这种效应仅在金融深化程度较高、经济资源市场化配置程度偏低的地区显著;僵尸企业和盈利性较差的企业,分别受到“利润追逐”和“投资替代”机制的影响,金融错配对其影子银行化趋势的正向作用更为明显。机制检验发现,金融错配水平的上升通过提高融资约束程度从而降低企业实体投资水平,这种效应在资产专用性较强的企业中更为明显;金融错配主要通过融资约束程度和实体投资规模,而非资本回报率渠道作用于企业影子银行化行为。本文研究对于提高信贷资源配置效率,防范经济“脱实向虚”具有较强的政策意义。At present,attracted by the higher returns in the financial industry,China's industrial sector is engaging more shadow banking activities.Material production,employment absorption and technological innovation are drivers of economic growth.Therefore,funds being diverted out of the real economy inevitably reduces investments in research and development,which is not conducive to the stability of China's financial market and the real economy.The report of the 19th National Congress of the Communist Party of China stressed that“deepen institutional reform in the financial sector,make it better serve the real economy”and“improve the financial regulatory system to forestall systemic financial risks”.Therefore,identifying the macroeconomic aspects of shadow banking by non-financial enterprises is of great theoretical and practical significance for serving the real economy.Understanding these factors will help to prevent funds being diverted out of the real economy and promote the long-term and stable development of the economy.We analyze the impact of financial mismatch on shadow banking by non-financial enterprises from a theoretical perspective and consider the possibility of heterogeneous effects in different regions and for different companies.Next,we analyze the mechanism behind the effect of financial mismatch on shadow banking.Finally,we construct an empirical model and use data on non-financial listed companies from 2004 to 2015 to test the relationship between financial mismatch and non-financial enterprises'shadow banking behavior.We make three contributions to the literature.First,this article is the first to explain the increasing trend of non-financial firms'use of shadow banking and the decline in the entity investment rate from the perspective of financial mismatch.Second,we investigate the impact of financial mismatch on shadow banking and allow for heterogeneity at the regional and enterprise levels.Allowing for heterogeneity has important theoretical significance for deepening and extending our

关 键 词：金融错配 非金融企业影子银行化 金融深化 僵尸企业 

分 类 号：F832[经济管理—金融学]