非金融企业影子银行化与企业财务风险--基于财务冗余中介效应

The Shadow Banking of Non-financial Enterprises and Corporate Financial Risks--Based on the Intermediary Effect of Financial Redundancy

基于财务冗余中介效应,研究非金融企业影子银行化对企业财务风险的影响,以2014—2020年中国沪深两市非金融类A股上市企业为样本进行实证检验。研究结果表明:(1)非金融企业影子银行化与企业财务风险为U型关系,影子银行化水平低时以蓄水池效应为主,企业财务风险降低;影子银行化水平高时以逐利效应为主,企业财务风险上升。(2)财务冗余在非金融企业影子银行化对企业财务风险的影响中起到部分中介效应。(3)进一步研究发现,外部的货币政策异质性与内部的行业集中度异质性都会对非金融企业影子银行化与财务风险之间的关系产生差异性影响。

Based on the intermediary effect of financial redundancy,this paper studies the impact of non-financial corporate shadow banking on corporate financial risks,and conducts an empirical test with a sample of non-financial A-share listed companies in China’s Shanghai and Shenzhen stock exchanges from 2014 to 2020.The research results show that:(1)The shadow banking of non-financial enterprises has an U-shaped relationship with corporate financial risks,in which the reservoir effect is dominant and corporate financial risks are reduced when the level of shadow banking is low while it is mainly profit-seeking effects and corporate financial risks rise when the level of shadow banking is high,(2)financial redundancy has partially intermediary effects in the impact of non financial corporate shadow banking on corporate financial risks,(3)further research finds that both external monetary policy heterogeneity and internal industry concentration heterogeneity will have a differential impact on the relationship between shadow banking of non-financial companies and financial risks.The research conclusions of this paper are helpful to enrich the theoretical research of enterprises engaged in informal finance and corporate financial risks,and provide empirical evidence for the country formulating rational policies to cope with the economic“reality to virtuality”and preventing systemic financial risks.