A Study on Shadow Banking Governance Effects of Shared Auditors in Supply Chains
Shadow banking of non-financial enterprises has become a major obstacle that restricts the high-quality development of China's economy,and shared auditors in the supply chain may provide a brand-new idea for restraining the expansion of shadow banking.This paper examines the impact of supply chain shared auditors on shadow banking of non-financial firms with a sample of A-share listed companies in Shanghai and Shenzhen from 2009 to 2021.It is found that supply chain shared auditors inhibit shadow banking of non-financial firms.The mechanism test finds that supply chain shared auditors exert their inhibitory effect on shadow banking of non-financial firms through two mechanisms,i.e.strengthening the willingness of long-lasting strategic cooperation among firms and increasing the sensitivity of operational risk concerning the size of shadow banking investment.Heterogeneity tests find that the supply chain shared auditor's inhibitory effect on nonfinancial firms'shadow banking is more pronounced when the potential cost of shadow banking is higher,the information environment in which the firms are located is worse,the auditor's industry expertise is stronger,and the importance of the audit client is lower.The findings enrich the research on the governance path of shadow banking from the perspective of shared auditors,which is instructive for strengthening the audit function and preventing non-financial firms from being diverted out of the real economy.
shared auditorsupply chain governanceshadow banking of non-financial firms
万方数据
维普
