Shadow Banking of Non-financial Enterprises and Enterprise Innovation Input
The inadequate innovation investment by enterprises,attributable to the shift from the real e-conomy to the virtual economy,has prompted profound reflection across all sectors.It is imperative to encour-age real enterprises to augment their innovation input during the stage of high-quality economic development.Based on the data of non-financial listed companies in China's A-share market from 2007 to 2022,this study empirically tests the impact of shadow banking on innovation investment in non-financial enterprises.Results show that shadow banking has a significant negative effect on the growth of enterprises innovation investment.And for large-scale enterprises,enterprises in eastern region and manufacturing enterprises,the impact is more significant.Mechanism analysis reveals that financing constraints play a partial intermediary role,that is,the shadow banking of non-financial enterprises inhibits the innovation investment of enterprises by exacerbating the financing constraints of enterprises.Further analysis shows that executive equity incentive has a moderating effect between shadow banking of non-financial enterprises and enterprise innovation investment,which can re-duce the negative impact of the shadow banking of non-financial enterprises on innovation investment.There-fore,enterprises should recognize the harm of the"shift from the real economy to the virtual economy",strengthen innovation input and optimize production and management to achieve long-term development.
shadow banking of non-financial enterprisesenterprise innovation investmentfinancial constraintsexecutive equity incentive
万方数据
维普
