影子银行、货币政策与企业金融资产配置

Shadow Banking,Monetary Policy and Financial Asset Allocation

影子银行、货币政策与企业金融资产配置是研究和化解企业脱实向虚,提高资源配置效率的重要基础理论,也是现实中规范我国影子银行发展和制定货币政策的重要参考依据。基于我国沪深A股制造业上市公司2012-2018年季度财务数据,构建了不同货币政策下,影子银行对企业金融资产配置的影响模型,证明了影子银行扩张会导致企业金融资产配置增加;在不同货币政策下,影子银行发展对企业金融资产配置的影响不同,即在紧缩货币政策下,影子银行的扩张对企业金融资产配置的促进作用更为突出。进一步研究发现,影子银行与金融资产的正相关关系在高融资约束企业、高风险企业中更为显著;相较于短期金融资产,影子银行扩张会显著增加企业的长期金融资产。研究意义在于丰富了企业金融资产配置的影响因素研究以及金融创新对微观企业行为的研究,为国家加强影子银行监管、制定货币政策引导企业"脱虚向实"提供了重要的经验证据。

Shadow banking,monetary policy,and enterprise financial asset allocation are the important basic theories for researching and resolving enterprises from substantial to virtual and improving the efficiency of resource allocation.It is also an important reference basis for regulating the development of China’s shadow banking and formulating monetary policy.Based on the quarterly financial data of A-share manufacturing enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2018,this paper constructs a model of the impact of shadow banking on the of financial assets allocation under different monetary policies.It proves that the expansion of shadow banking will lead to an increase in the allocation of enterprises financial assets;and under different monetary policies,the impact of shadow banking expansion on the allocation of enterprises financial assets is different.More specifically,under the tight monetary policy,the promotion effect of shadow banking expansion on the financial asset allocation is more significant.Further research found that the positive correlation between shadow banking and financial assets is more significant in companies with high financing constraints and high-risk companies;compared with short-term financial assets,the expansion of shadow banking will significantly increase the long-term financial assets of enterprises.This study enriches the research on the influencing factors of financial asset allocation and the research of financial innovation on micro-enterprise behavior,which provides important empirical evidence for the country to strengthen the supervision of shadow banking and formulate monetary policies to guide enterprises investment back to real sector.