政策连续性、非金融企业影子银行化与社会责任承担  

Policy Continuity,Non-financial Enterprises'Shadow Banking Activities,and Social Responsibility Activities

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》2021年第9期131-150,共20页Journal of Financial Research

基　　金：教育部人文社科研究青年基金项目“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;北京第二外国语学院青年学术拔尖人才(团队)计划和校级科研专项项目(KYZX20A008)的资助。

摘　　要：基于2006-2017年非金融类A股上市公司数据,本文考察了非金融企业影子银行化对社会责任承担的影响,并进一步研究了政策连续性对非金融企业影子银行化与社会责任承担之间关系的影响。研究发现,非金融企业影子银行化会抑制社会责任承担行为,且这种效应在市场套利动机强、公司治理水平较低、外部融资能力弱的企业中更为明显。政策连续性程度提高会减弱非金融企业影子银行化与社会责任承担之间的负向关系。因此,本文提出抑制经济“脱实向虚”,增强政策稳定性和连续性,促进实体经济平稳发展的政策建议。With the development of China's diversified shadow credit market,the non-financial enterprise sector has begun to act as a substantial credit intermediary,becoming the main shadow banking intermediary.The characteristics of shadow banking,such as high leverage,high risk,and information asymmetry,create high uncertainty in the cash flows of the economic entities involved in shadow banking,which intensifies the risk in both the virtual and real economies.Therefore,exploring the economic consequences of the shadow banking activities of non-financial enterprises has important theoretical and practical implications and may help to prevent funds from diverted out of the real economy as well as other systemic financial risks.Using data of non-financial A-share listed companies from 2006 to 2017,this paper attempts to examine the impact of non-financial enterprises'shadow banking activities on their social responsibility activities,and it further explores the mechanism through which policy continuity affects the interaction between enterprises'shadow banking and social responsibility activities.This paper's main contributions are as follows.First,it expands the research on non-financial enterprises'shadow banking activities.Second,it enriches the understanding of the effects of policy continuity on micro enterprise behavior and attempts to identify the mechanism through which policy continuity affects the relationship between non-financial enterprises'shadow banking and social responsibility activities.Third,it examines the two channels of relative risk between the finance and entity economies and signal transmission.The results show that non-financial enterprises'shadow banking activities inhibit social responsibility activities,and this effect is more significant in enterprises with strong market arbitrage motivation,low levels of cooperate governance,and weaker external financing ability.Increased policy continuity weakens the negative relationship between non-financial enterprises'shadow banking and social responsibi

关 键 词：政策连续性 非金融企业影子银行化 社会责任承担 

分 类 号：F832.51[经济管理—金融学] F270