影子银行参与与企业投资效率

Shadow Bank Participation and Enterprise Investment Efficiency

影子银行是指"游离于银行监管体系之外、可能引发系统性风险和监管套利等问题的信用中介体系"。文章选取2009-2012年深沪两市A股上市公司为样本,研究影子银行和企业投资效率之间的关系。研究发现,企业参与影子银行能缓解投资不足并抑制投资过度,显著提高企业投资效率;具体的讲,企业参与影子银行主要通过增加企业现金流来缓解投资不足,并通过降低双方信息不对称抑制投资过度。进一步研究发现,这种效应在非国有企业中以及在金融市场化水平较低的地区更为显著。此外,为了防止选择性偏误以及内生性的影响,文章使用倾向得分匹配方法(PSM)进行匹配后,重新进行检验,结果并未发生实质性变化。最后,文章根据研究结论提出来相应的建议。

Shadow Bank refers to the credit intermediary system that is free from the banking regulatory system and may lead to systemic risks and regulatory arbitrage and other issues.＂ This paper studied the relationship between shadow banks and enterprise investment efficiency on the basis of the A-share listed companies in Shenzhen and Shanghai from 2009 to 2012. The result showed that corporate participation in shadow banks can alleviate the lack of investment and inhibit over-investment and significantly improve the efficiency of enterprise investment. Specifically, corporate participation in shadow banks alleviates the lack of investment mainly by increasing corporate cash flow, and deduces over-investment by reducing the asymmetry of information. This effect is more pronounced in nonstate enterprises as well as in regions where financial markets are low. In addition, in order to prevent the effect of selective bias and endogeneity, this paper matched the experimental group with the control group by using the tendency score matching method （PSM） and the results were not changed.