银行金融科技对非金融企业影子银行化的影响研究  

A Study on the Impact of Bank Fintech on Shadow Banking of Non-financial Firms

作　　者：郭娜 胡丽宁 刘彦迪 GUO Na;HU Lining;LIU Yandi(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学金融学院,天津300222

出　　处：《经济经纬》2024年第5期147-160,共14页Economic Survey

基　　金：教育部人文社会科学研究青年项目(23YJC790038);国家自然科学基金青年项目(71903142);国家社会科学基金后期资助项目(23FJYB033)。

摘　　要：以2010—2022年商业银行和沪深A股上市公司为研究对象,通过企业逐笔贷款建立银企之间信息链接,研究了银行金融科技对非金融企业影子银行化的影响及作用机制。研究表明:银行金融科技能够抑制非金融企业影子银行化。机制检验显示:一方面,银行金融科技能够扩充银行信贷规模,降低企业融资成本,缓解企业融资约束,抑制预防性动机;另一方面,金融科技应用能够加强银行对借款企业的监督效力,缓解企业信息不对称,提高企业信息披露质量,抑制套利性动机。进一步分析表明:相对于信用链条类影子银行,银行金融科技对非金融企业参与信用中介类影子银行活动的抑制效应更明显;对非国有企业、非制造业、外部监督程度较弱的企业作用效果更为显著。文章拓展了金融科技和非金融企业影子银行化相关研究,对加强金融服务实体经济效率,促进我国实体经济高质量发展具有一定理论与现实意义。Taking commercial banks and A-share listed companies in Shanghai and Shenzhen as research objects from 2010 to 2022,this paper studies the impact and mechanism of bank fintech on shadow banking of non-financial enterprises by establishing information links between banks and enterprises through enterprise-by-loan.The study shows that banking financial technology can inhibit shadow banking of non-financial companies.The mechanism examination indicates that,on one hand,bank fintech can expand the scale of bank credit,reduce corporate financing costs,alleviate corporate financing constraints and suppress precautionary motives.On the other hand,the application of fintech can enhance banks’supervisory effectiveness over borrowing enterprises,mitigate corporate information asymmetry and improve the quality of corporate information disclosure,thereby inhibiting arbitrage motives.Further analysis indicates that,compared to credit chain-based shadow banking,the inhibitory effect of bank fintech on non-financial enterprises’participation in credit intermediary-based shadow banking activities is more pronounced.The impact is more significant for non-state-owned enterprises,non-manufacturing industries and enterprises with weaker external supervision.This paper expands the research on the influencing factors of financial technology and shadow banking of non-financial enterprises,which has certain theoretical and practical significance for strengthening the efficiency of financial services to the real economy and promoting the high-quality development of my country’s real economy.

关 键 词：银行金融科技 企业影子银行化 预防性动机 套利性动机 实体经济 

分 类 号：F832.4[经济管理—金融学]