作者信息
- 1. 山西财经大学金融学院
- 2. 山西财经大学晋商研究院(山西 太原 030006)
- 折叠
摘要
改善金融错配是增强金融服务实体经济的重要手段之一.本文在H-K模型基础上,将非金融影子银行要素引入企业生产函数,并以 2008-2022 年我国非金融企业为样本,探究非金融企业影子银行对金融错配的影响.研究结果表明,非金融企业适度参与影子银行业务能够改善企业金融错配,但过度发展则不利于金融资源的合理配置.异质性分析表明,制造企业和国有企业的影子银行业务对金融错配的影响更为显著.机制检验发现,非金融企业影子银行通过企业资金成本影响金融错配程度.扩展性分析发现,以"投资替代"动机为主的非金融企业影子银行对实体经营产生"挤出效应".据此,应健全金融市场体系、改善企业经营环境、合理运用影子银行业务,以期优化金融资源配置.
Abstract
Improving financial mismatch is one of the important means to enhance financial services to the real economy.Based on the H-K model,non-financial shadow banking elements are introduced into the production function of enterprises,and the influence of shadow banking of non-financial enterprises on financial mismatch is explored by taking Chinese non-financial enterprises from 2008 to 2022 as samples.The research results show that the moderate participation of non-financial enterprises in shadow banking can improve the financial mismatch of enterprises,but the excessive development is not conducive to the reasonable allocation of financial resources.Heterogeneity analysis shows that the shadow banking business of manufacturing enterprises and state-owned enterprises has a more significant impact on financial mismatch.Mechanism test shows that shadow banking of non-financial enterprises affects the degree of financial mismatch through corporate capital cost.The expansion analysis finds that the shadow banking of non-financial enterprises,which is mainly motivated by"investment substitution",has a"crowding-out effect"on the entity operation.Therefore,we should improve the financial market system,improve the business environment of enterprises,and rationally use shadow banking to optimize the allocation of financial resources.
关键词
非金融企业影子银行化/金融错配/门槛效应Key words
shadow banking of non-financial enterprises/financial mismatch/threshold effect引用本文复制引用
基金项目
教育部人文社会科学研究青年基金项目(22YJC790024)
出版年
2024
NETL
NSTL
万方数据