企业影子银行化有助于优化金融资源配置吗?

Can Enterprises’Shadow Banking Help Optimize Financial Resources Allocation?

通过构建一个包含商业银行、居民部门、影子银行化企业及其他企业在内的四部门最优决策一般均衡模型,分析企业影子银行化对信贷资源供给和信贷利率的影响,并利用2007—2017年中国上市公司面板数据进行实证检验。结果表明:企业影子银行化能为高生产率企业提供有效的替代性融资,全要素生产率越高的企业获得的融资约束缓解作用越大,但是企业影子银行化再配置的金融资源同样存在一定的信贷歧视;融资约束较轻的企业,无论生产率高低,均能从企业影子银行化中得到显著的融资约束缓解,而融资约束较重的企业中,仅生产率较高的民营企业能从企业影子银行化发展中得到融资约束缓解,生产率较高但规模较小的企业的融资约束无法得到改善。

By constructing a general equilibrium model which includes commercial banks,residential sectors,enterprises engaged in shadow banking activities and other enterprises,this paper analyzes the impact of the increase of shadow banking activities of enterprises on the supply of credit resources and interest rate,and uses panel data of China’s listed companies from 2007 to 2017 to conduct an empirical test.The research shows that the increase of shadow banking activities of enterprises can provide effective alternative financing for high-productivity enterprises,and the higher the total factor productivity of enterprises,the greater the alleviating effect of financing constraints.However,financial resources reconfigured by the shadow banking of enterprises also have certain credit discrimination.For enterprises with light financing constraints,no matter their productivity is high or low,they can get significant financing constraint relief from enterprise shadow banking.Among the enterprises with heavy financing constraints,only private enterprises with high productivity can get financing constraints relieved from the shadow banking development of enterprises,while the financing constraints of small enterprises with high productivity cannot be improved.