实体企业影子银行化与金融稳定——来自企业发放委托贷款的微观证据

Non-financial Firms'Shadow Banking Activities and Financial Stability--Micro Evidence from Entrusted Loans

从实体企业发放委托贷款如何影响财务风险的微观视角,通过将手工收集的委托贷款数据与上市公司财务数据相匹配,研究实体企业影子银行化对金融稳定的影响。实证研究发现,实体企业发放委托贷款会提高企业营业外利润率,却牺牲主业利润率,降低企业主业收入的持续性,表明实体企业影子银行化不利于金融稳定;委托贷款对创新等实体投资存在挤出效应,加大微观企业未来陷入财务困境的可能性,削弱金融稳定。进一步研究发现,资金贷出方高效治理水平以及借款方较强的盈利能力在一定程度上削弱委托贷款对金融稳定性的负面影响。建议企业对委托贷款持谨慎态度,避免从事“舍本逐末”的委托贷款行为,有关部门要引导资金资源流向高效率部门,方能从源头上遏制影子银行风险,维护金融稳定。

This study investigated the effect of shadow banking in the real sector on financial stability from the micro perspective of how the issuance of entrusted loans in the real sector affects financial risks,by matching manually collected entrusted loan data with the financial data of listed firms.According to the empirical findings of this study,the issuance of entrusted loans in the real sector resulted in an increase in the firms'non-operating profit margin at the expense of the profitability of their main businesses but reduced the sustainability of their main business income,which suggests that shadow banking in the real sector is detrimental to financial stability.The mechanism test revealed that entrusted loans had a crowding-out effect on real investments such as innovation,which not only increased the possibility of micro-enterprises falling into financial distress in the future but also weakened financial stability.Further research has found that high governance efficiency among capital lenders and strong profitability among borrowers,to some extent,weakened the negative effect of entrusted loans on financial stability.Therefore,this study recommends that firms adopt a cautious attitude toward entrusted loans and avoid engaging in entrusted lending that"neglects the fundamentals and concentrates on the details,"whereas the relevant departments should guide the flow of capital resources to highly efficient sectors to curb the risk of shadow banking at source and thus maintain financial stability.