“资管新规”、影子银行与企业融资——来自中国A股上市公司的经验证据  

New Asset Management Regulation,Shadow Banking and Enterprise Financing:Empirical Evidence from the A-share listed Companies in China

作　　者：杜永善 王其猛 严妍 薛志荣 DU Yongshan;WANG Qimeng;YAN Yan;XUE Zhirong(School of Business Administration,China University of Petroleum(Beijing)at Karamay,Karamay Xinjiang 834000;School of Economics and Management,Harbin Institute of Technology,Shenzhen,Guangdong 518038)

机构地区：[1]中国石油大学(北京)克拉玛依校区工商管理学院,新疆克拉玛依834000 [2]哈尔滨工业大学深圳校区经济管理学院,广东深圳518038

出　　处：《管理现代化》2023年第3期46-55,共10页Modernization of Management

基　　金：新疆维吾尔自治区社会科学基金项目《“双循环”背景下新疆对外贸易发展方式转变研究》(项目编号:22BJL019)。

摘　　要：影子银行作为企业融资的重要渠道,在“资管新规”外生政策冲击下,对企业融资产生了较大影响。本文选取2015年1月至2021年7月中国A股上市公司为样本,运用多维固定效应模型和双重差分法,探究“资管新规”、影子银行和企业融资的关系。研究发现:影子银行有助于降低企业融资约束和融资成本,但提升了企业短期债务占比。与国有企业相比,随着“资管新规”出台引起影子银行规模下降,非国有企业在融资约束加剧、融资成本上升和短期债务占比下降方面更加明显。同时,在影子银行发展水平高的地区,不同产权性质企业在融资约束、融资成本及短期债务占比方面存在显著差异;在影子银行发展水平低的地区,不同产权性质企业在融资约束和短期债务占比方面无显著差异,在融资成本方面虽有差异但系数较小。As an important channel of enterprise financing,shadow banking has exerted a great influence on enterprise financing under the exogenous policy impact of the New Asset Management Regulation.This paper selected Chinese A-share listed Companies from January 2015 to July 2021 as samples,and used multidimensional fixed effects model and Difference-in-Difference(DID)to explore the relationship among the New Asset Management Regulation,shadow banking and enterprise financing.It is found that shadow banking can help reduce enterprise financing constraints and financing costs,but increase the proportion of enterprise short-term debt.Compared with state-owned enterprises,with the decline of shadow banking scale caused by the introduction of the New Asset Management Regulation,non-state-owned enterprises are more obvious in terms of increasing financing constraints,rising financing costs and decreasing short-term debt ratio.At the same time,in areas with high development level of shadow banking,enterprises with different property rights have significant differences in financing constraints,financing costs and the proportion of short-term debt.In areas with low development level of shadow banking,enterprises with different property rights have no significant differences in financing constraints and short-term debt ratio,while there are differences in financing costs but the coefficient is small.

关 键 词：“资管新规” 影子银行 企业融资 双重差分 

分 类 号：F424.3[经济管理—产业经济]