企业影子银行化﹑融资活动﹑市场占有率——基于中国上交所上市公司的经验证据

Shadow Banking of Enterprises,Financing Activities,Market Domination Rate——Empirical Evidence of Listed Companies on the Shanghai Stock Exchange of China

本文运用多元线性回归模型进行分析,研究得出企业内部的融资活动以及市场份额均对其从事影子银行业务具有促进作用,且外源融资对企业影子银行活动的促进作用强于内源融资。通过进一步研究发现,市场份额主要以内源融资以及外源融资作为中介变量,间接地对企业的影子银行业务规模产生影响。通过对企业融资活动、市场份额与其从事影子银行业务之间关系的研究,发现当前我国企业的金融化程度在不断加深。只有深入了解企业影子银行的内部驱动因素,才能更好地管控企业金融化现象。

This paper applies multivariate linear regression model,and the main contribution are as follows:financing activities and market share have a catalytic effect on the shadow banking business within the enterprise,and in financing activities,the influence of exogenous financing is stronger than that of endogenous financing.And through further research,it is found that the market share has indirectly influences on the scale of Shadow Banking Business of Enterprises with exogenous financing and endogenous financing as intermediate variable.By studying the shadow banking of enterprises relationship with financing activities and market share,it is found that the degree of financialization of enterprises in our country is deepening at present.Only a better understanding of the promotion factors of corporate shadow banking can we be better control the phenomenon of corporate finance.