摘要
本文利用2007~2018年A股非金融上市企业的数据,实证检验企业的影子银行活动对风险承担水平的影响。结果表明:影子银行活动显著提高了企业风险水平,所有制差异、影子银行投资渠道差异等因素对影子银行的风险效应具有异质性影响;进一步发现金融环境具有显著的调节效应,金融环境越紧,企业影子银行化的风险效应越低;但是基于风险—收益权衡视角的分析发现,影子银行的边际收益无法支撑其风险变化,企业影子银行化弊大于利。本文的启示在于,对企业的影子银行活动应做到"有保有压",宏观调控宜维持稳健偏宽松,以削弱企业的影子银行动机;同时,坚定推进企业混合所有制改革,引导民间资本和国有资本交叉融合,以缓解信贷所有制歧视。
This paper empirically tests the influence of firms’shadow banking activities on the level of risk-taking by using the data of A-share non-financial listed firms from 2007 to 2018.The results show that:shadow banking activities significantly improve the risk level of firms,and ownership’s differences,shadow banking investment channels and other factors have heterogeneous influences on the risk effect of shadow banking;further,we find that the financial environment has a significant regulatory effect.The tighter the financial environment,the lower the risk effect of shadow banking.However,we also find the marginal income of shadow banking can not support its risk change,and the disadvantages of firms’shadow banking outweigh the advantages from the trade-off perspective of risk-return.The enlightenment of this paper is that firms’shadow banking activities should be"maintained and restrained",and macro-control should be kept steady and loose,so as to weaken firms’motivation of shadow banking.Meanwhile,it should promote the reform of mixed ownership of firms and guide the cross-integration of private capital and state capital,so as to ease the discrimination of credit ownership.
作者
高洁超
汪晨涛
袁唯觉
刘允
Jiechao Gao;Chentao Wang;Weijue Yuan;Yun Liu(School of Business,Shanghai University of International Business and Economics,Shang hai)
出处
《南大商学评论》
2020年第3期23-45,共23页
Nanjing Business Review
基金
教育部人文社会科学研究青年基金项目“影子银行与中国双支柱调控框架优化研究”(18YJC790030)
国家自然科学基金青年项目“影子银行扩张背景下中国货币政策与宏观审慎政策的协调研究”(71803127)
上海市教育委员会和上海市教育发展基金会“晨光计划”项目“平行银行体系下中国双支柱调控的政策效应模拟:基于DSGE模型的分析”(18CG64)
教育部创新团队发展计划滚动支持项目“经济转型期稳定物价的货币政策”(IRT_17R52)的资助。
关键词
影子银行
风险承担
金融环境
风险—收益
Shadow Banking
Risk Taking
Financial Environment
Risk-return
