State-owned Capital Shareholder and Non-state-owned Enterprises' Shadow Banking Business
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.
State-owned Capital ShareholderShadow BankingResource Support EffectGovernance Effect
NETL
NSTL
万方数据
