政策不连续性、非金融企业影子银行化与企业创新

Policy Discontinuity, Non-Financial Enterprises’ Shadow Banking Activities and Cooperate Innovation

本文利用非金融企业A股上市公司数据,分析非金融企业影子银行化对企业创新的影响,并剖析政策不连续性对非金融企业影子银行化与企业创新之间关系的作用机制。分析结果表明,非金融企业影子银行化会抑制企业创新。企业从事影子银行业务通过现金流不确定性、资源倾向性转移和资本结构调整三条渠道作用于企业研发投入行为。政策不连续性的上升会放大非金融企业影子银行规模与企业创新之间的负向关系。机制在于,政策不连续性的上升会弱化企业垄断市场的意愿和获取经济资源的动机,进而会增强非金融企业影子银行化对创新的抑制作用。本研究对于提升经济增长活力、增强政策稳定性以及促进金融服务实体经济,具有重要的学术价值和政策指引意义。

Using the data of A-share listed companies of non-financial enterprises,this paper analyzes the impact of shadow banking of non-financial enterprises on corporate innovation,and analyzes the mechanism of policy discontinuity on the relationship between shadow banking of non-financial enterprises and corporate innovation.The results show that shadow banking of non-financial firms inhibits corporate innovation.Enterprises engaging in shadow banking business act on the R&D investment behavior of enterprises through three channels:uncertainty of cash flow,tendentious transfer of resources and adjustment of capital structure.A rise in policy discontinuities will magnify the negative relationship between the scale of non-financial corporate shadow banking and corporate innovation.The mechanism is that the rise of policy discontinuity will weaken the willingness of enterprises to monopolize the market and the motivation to obtain economic resources,which will lead to the stronger inhibition of corporate innovation by shadow banking of non-financial enterprises.This research has important academic value and policy guiding significance for enhancing the vitality of economic growth,enhancing the stability of policies,and promoting financial services to the real economy.