上市公司影子银行化对金融稳定的影响与机制研究  

The Key Factor Analysis of the Impact of Shadow Banking of Listed Companies on China’s Finance

作　　者：徐璋勇[1] 胡浩 XU Zhangyong;HU Hao(School of Economics and Management,Northwest University,Xi’an 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《西安财经大学学报》2024年第4期59-71,共13页Journal of Xi’an University of Finance and Economics

基　　金：国家社会科学基金重点项目“我国金融‘脱实向虚’的形成机理、资源错配效应及其治理研究”(19AJL010)。

摘　　要：影子银行因其规模的日益扩大及其带来的巨大影响而受到政府与学术界的广泛关注。本文基于上市公司财务数据和金融稳定相关数据,运用CRITIC指数构建法和误差修正模型,对上市公司影子银行化对金融稳定的影响与机制进行了理论分析与实证检验。研究发现:上市公司影子银行化提高了经济金融化程度,进而增加金融脆弱性而影响金融稳定。金融稳定更多受到东部、中部地区上市公司影子银行化的影响。相较于规模较小与盈利能力较弱上市公司,规模较大上市公司与盈利能力较强上市公司影子银行化对金融稳定造成的影响更大。研究结果有助于深化影子银行发展对金融稳定影响的理解,对强化上市公司金融化行为监管,维护金融稳定,实现金融高质量发展具有重要的政策意义。Shadow banking has received extensive attention from the government and academia due to its increasing scale and its huge impact.Based on the financial data of listed companies and financial stability data,CRITIC index construction method and vector error correction model are used to theoretically analyze and empirically test the impact and mechanism of shadow banking of listed companies on financial stability.The study found that:first,the shadow banking of listed companies has a significant impact on financial stability;this effect is achieved by increasing the degree of economic financialization through the shadow banking of listed companies,which in turn increases financial vulnerability.Second,financial stability is more affected by the shadow banking of listed companies in the eastern and central regions.Third,compared with listed companies with smaller scale and weaker profitability,shadow banking of listed companies with larger scale and stronger profitability has a greater impact on financial stability.The research results are helpful to deepen the understanding of the impact of shadow banking development on financial stability.It is of great policy significance to maintain financial stability and achieve highquality financial development by strengthening the supervision of financialization behavior of listed companies.

关 键 词：影子银行 金融稳定 向量误差修正模型 脱实向虚 金融化 

分 类 号：F832[经济管理—金融学]