企业影子银行业务对投资的微观影响效应研究

Research on the Micro Impact of Corporate Shadow Banking on Investment

企业影子银行业务作为非传统的信贷方式,在实践中对企业投资形成了一定的影响。本文阐述了影子银行对企业投资影响的作用机理,建立实证模型进行分析,研究发现:影子银行业务对企业投资呈现负面影响;影子银行业务可以通过资金空转、形成债务等渠道对企业投资形成影响效应;经营资产回报率较高企业在再贷款方面的影响更为显著,而经营资产回报率较低企业在购买金融资产等方面的影响更为显著。基于此,应提出进一步完善企业参与影子银行业务的风险识别机制,构建多元化影子银行规模动态监测系统、逐步提升资本市场的配置效率,不断完善直接融资功能、改善实体企业的投资环境,防止一些企业“脱实向虚”资金空转的发展势头,进一步加强企业信息披露以及资金运用的监管。

As a non-traditional credit method,corporate shadow banking has had a certain impact on corporate investment in practice.This article elaborates on the mechanism of the impact of shadow banking on corporate investment and establishes an empirical model for analysis.It found that shadow banking business has a negative impact on corporate investment;Shadow banking business can have an impact on corporate investment through channels such as idle funds and debt formation;Corporates with higher return on operating assets have a more significant impact on refinancing,while corporates with lower return on operating assets have a more significant impact on purchasing financial assets.Based on this,suggestions should be proposed that to further improve the risk identification mechanism for enterprises participating in shadow banking business,build a diversified dynamic monitoring system for shadow banking scale,gradually improve the allocation efficiency of the capital market,continuously improve the direct financing function,improve the investment environment of physical enterprises,prevent the development trend of some enterprises'“shifting from real to virtual”fund idle,and further strengthen the supervision of enterprise information disclosure and fund utilization.