国有资本参股与非国有企业影子银行化
State-owned Capital Shareholder and Non-state-owned Enterprises' Shadow Banking Business
李世辉 1张屿麟 1贺勇2
作者信息
- 1. 中南大学商学院,湖南长沙 410083
- 2. 湖南工商大学会计学院,长沙 410205
- 折叠
摘要
本文以国有资本参股非国有企业为切入点,选取2010-2021年沪深A股上市公司数据进行实证研究,揭示了国有资本参股对非国有企业影子银行化的影响及其潜在的机制.基准回归结果表明,国有资本参股会抑制非国有企业影子银行化.机制分析结果表明,国有资本参股通过给非国有企业带来投资机会发挥资源支持效应,同时对非国有股东形成有效的咨询和监督作用发挥治理效应,从而抑制非国有企业影子银行化.异质性分析结果表明,国有资本参股对非国有企业影子银行化的抑制作用,在规模较小和处于高新技术行业的企业中更为显著.进一步区分国有股东类型发现,存在国家股时,国有资本参股对非国有企业影子银行化的抑制作用更为明显.
Abstract
This paper takes state-owned capital's participation in non-state-owned enterprises as the starting point,selects the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2021 for empirical research,and reveals the influence of state-owned capital's participation on non-state-owned enterprises'shadow banking and its potential mechanism.The benchmark regression results show that state-owned capital participation will inhibit the shadow banking of non-state-owned enterprises.The analysis results of the mechanism show that the participation of state-owned capital plays a resource support effect by bringing investment opportunities to non-state-owned enterprises,and at the same time forms an effective advisory and supervisory role for non-state-owned shareholders and plays a governance effect,so as to restrain the shadow banking of non-state-owned enterprises.The results of heterogeneity analysis show that the inhibitory effect of state-owned equity participation on non-state-owned enterprises'shadow banking is more significant in small scale enterprises and enterprises in high-tech industries.By further distinguishing the types of state-owned shareholders,it is found that the participation of state-owned capital has a more obvious inhibitory effect on the shadow banking of non-state-owned enterprises when there are shareholders funded by a government agency or institution.
关键词
国有资本参股/影子银行化/资源支持效应/治理效应Key words
State-owned Capital Shareholder/Shadow Banking/Resource Support Effect/Governance Effect引用本文复制引用
出版年
2024
NETL
NSTL
万方数据