影子银行发展与企业短贷长投:促进还是抑制?
Shadow Banking Development and Enterprise Short Loan Long Investment:Promote or Inhibit?
邓永亮 1张华2
作者信息
- 1. 广东外语外贸大学南国商学院 经济学院,广州 510545
- 2. 广东财经大学 工商管理学院,广州 510320
- 折叠
摘要
企业是经济的承载体,高质量发展的企业是经济高质量发展的微观基础.企业短贷长投可能引发的系统性金融风险给经济高质量发展埋下风险隐患.本文利用 2007-2021 年沪深A 股上市公司数据,实证检验影子银行发展对中国企业短贷长投的影响.结果表明:影子银行发展抑制了企业短贷长投行为;机制检验发现,影子银行发展通过在企业内部减少企业短期负债、改善企业短贷长投和减少被用作短贷长投的短期资金这三条路径抑制了企业短贷长投,在企业外部通过缓解银企之间的信息不对称性,增强银行对企业发放长期贷款的动力这一路径抑制了企业短贷长投.
Abstract
Enterprises are the carrier of economy,and high-quality enterprises are the micro-foundation of high-quality economic development.The systemic financial risks that may be caused by short loan and long investment of enterprises will lay risks and hidden dangers for high-quality economic development.Using the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2021,this paper empirically tests the impact of shadow banking development on Chi-nese enterprises'short-term lending and long-term investment.The results show that the development of shadow bank-ing inhibits enterprises'short-term lending and long-term investment behavior;According to the mechanism test,the development of shadow banking inhibits short-term lending and long-term investment by reducing short-term liabilities,improving short-term lending and long-term investment,and reducing short-term funds used as short-term lending and long-term investment.Externally,shadow banking inhibits short-term lending and long-term investment by easing the information asymmetry between banks and enterprises and enhancing the motivation of banks to issue long-term loans to enterprises.
关键词
影子银行发展/短贷长投/统筹发展与安全/高质量发展Key words
shadow banking development/asset-debt maturity mismatch/balance development and security/high-quality development引用本文复制引用
基金项目
广州市哲学社会科学规划项目(十四五)(2023GZGJ42)
广东省教育厅特色创新类科研项目(2023WTSCX118)
国家自然科学基金(71802054)
广东外语外贸大学南国商学院科研项目(23-004B)
出版年
2024
NETL
NSTL
万方数据