中国银行业竞争与非金融企业影子银行化  

China's Bank Competition and Shadow Banking of Non-financial Enterprises

作　　者：司登奎 李颖佳[1,2] 李小林 SI Dengkui;LI Yingjia;LI Xiaolin(School of Economics,Qingdao University;School of Economics,Ocean University of China)

机构地区：[1]青岛大学经济学院,山东青岛266061 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《金融研究》2022年第8期171-188,共18页Journal of Financial Research

基　　金：山东省“泰山学者”专项工程项目(tsqn202103054);国家统计局重点项目(2020LZ24);山东省自然科学基金青年项目(ZR2019QG010);山东省青创科技支持计划(2020REW06)的资助,。

摘　　要：本文结合非金融企业影子银行化的形成机制以及中国金融市场发展的特征事实,从“供给侧”和“需求侧”双重视角探究银行竞争如何抑制非金融企业影子银行化。以2003—2019年中国非金融上市企业为研究样本,分析发现,银行竞争能够显著降低非金融企业影子银行化。进一步以放松中小商业银行分支机构市场准入为标志事件构造准自然实验,基于双重差分法的计量结果为识别银行竞争对非金融企业影子银行化的抑制效应提供了稳健的经验证据。机制分析发现,银行业竞争通过弱化“信贷扭曲”和“监管套利”两个维度的作用机制抑制非金融企业影子银行化。异质性分析表明,银行竞争对非金融企业影子银行化的抑制作用在融资约束较高和投资机会较少的样本中尤为明显。Although China's financial market has greatly progressed,the depth and structure of the financial system still need improvement.Meanwhile,because of the increasing domestic and foreign environment uncertainty,the downward pressure on the economy,and the devastating effects of COVID-19,China's economic development is facing the triple effects of demand contraction,supply shocks,and weakening expectations.Low-constraint firms detach themselves from their main businesses and invest in financial intermediaries such as shadow banking,which provides them with environmental and conditional support to bypass formal institutions for financing,inducing a rapid increase in shadow banking.Given that the development of China's formal financial system has not reached the high-end level,regulatory arbitrage has also been an important factor prompting firms to engage in shadow banking.However,most collective investments in shadow banking are structured and securitized as risky innovative tools,and mismatch between assets and liabilities may trigger risk contagion and evolution.The Chinese government has launched successive measures to maintain the stable and healthy development of the real economy.For example,the 19^(th) National Congress of the Communist Party of China(CPC)recommends that“improve the financial supervision system and hold the bottom line of avoiding systemic financial risks”;moreover,the 14^(th) Five-Year Plan passed by the Central Committee of the CPC at the fifth plenary session states that“adhere to the focus of economic development on the real economy and build a sound financial system and mechanism to effectively support the real economy.”Thus,it is critical to understand how the financial system can be improved to better support the real economy as well as establish a long-term governance mechanism of shadow banking to promote stable and sustainable economic development.This study explores a long-term governance mechanism of shadow banking from the perspective of a game between formal and informal

关 键 词：银行竞争 影子银行 信贷扭曲 监管套利 

分 类 号：F832.3[经济管理—金融学]