数字金融发展与非金融企业影子银行化  

Digital Financial Development And Non-financial Enterprises Shadow Banking

作　　者：王瑶 黄贤环 WANG Yao;HUANG Xian-huan(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,太原030006

出　　处：《商业研究》2023年第5期142-152,共11页Commercial Research

基　　金：国家社科基金青年项目“增值税多维减税治理企业脱实向虚的效果与作用机理研究”,项目编号:21CGL011;山西省高等学校哲学社会科学研究项目“混合所有制改革与国企影子银行化:理论分析与机制检验”,项目编号:2022W063;教育部人文社科基金青年项目“资本市场‘进退’双侧制度改革与非金融企业影子银行化治理研究”,项目编号:23YJC630184。

摘　　要：本文选取2011-2020年我国沪深上市公司的数据和北京大学数字金融研究中心数字普惠金融指数,实证检验数字金融发展对非金融企业影子银行化的影响。研究发现,数字金融发展提升了金融机构识别客户的能力,显著促进了非金融企业影子银行化,表现出“马太效应”。进一步检验发现,数字金融发展对非金融企业影子银行化的影响主要通过数字金融使用深度和数字化程度来实现。同时,在市场化程度较低组,数字金融发展更是助推了非金融企业影子银行化行为;而非金融企业主营业务盈利能力能够有效抑制数字金融发展对其影子银行化的助推作用。By selecting the data of Shanghai and Shenzhen listed companies in China from 2011 to 2020 and the figures compiled by the financial research center of Peking University pratt&whitney financial index,this paper empirically tests the impact of the development of digital finance on the shadow banking of non-financial enterprises.It is found that the development of digital finance has improved the ability of financial institutions to identify customers,and significantly promoted the shadow banking of non-financial enterprises,showing the"Matthew effect".Further inspection shows that the impact of the development of digital finance on the shadow banking of non-financial enterprises is mainly achieved through the depth of use of digital finance and the degree of digitalization.At the same time,in the group with a lower degree of marketization,the development of digital finance has promoted the shadow banking behavior of non-financial enterprises.However,the profitability of the main business of non-financial enterprises can effectively inhibit the boost effect of the development of digital finance on its shadow banking.

关 键 词：数字金融 非金融企业影子银行化 普惠金融 数字经济 马太效应 

分 类 号：F275.1[经济管理—企业管理] F812.0[经济管理—国民经济]