非金融企业影子银行化的同群效应:基于共同分析师的视角

The Peer Effect of Shadow Banking of Non-financial Enterprises: Based on the Perspective of a Common Analyst

以非金融企业之间的“类金融”活动作为出发点,将企业的影子银行化置于共同分析师框架之下,探讨由共同分析师作为联结点构成的非金融企业影子银行化的同群效应,研究发现,共同分析师联结下非金融企业的影子银行化行为存在显著正向同群效应。这一同群效应主要来源于共同分析师给非金融企业之间提供了信息传递的渠道,并且符合信息劣势企业向信息优势企业学习的传染路径。进一步分析表明,内部治理水平对影子银行化同群效应起着正向调节作用,且影子银行化同群效应能够有效降低影子银行化给企业带来的经营风险。研究结论不仅为非金融企业影子银行化形成和经济后果提供了新的经验证据,还为发掘证券分析师缓解影子银行化所带来的风险提供了政策启示。

Taking the “quasi-financial” activities among non-financial enterprises as the starting point, this paper puts the shadow banking of enterprises under the framework of common analysts, and discusses the peer effect of shadow banking of non-financial enterprises formed by common analysts.It is found that there is a significant positive peer effect on the shadow banking behavior of non-financial enterprises under the common analyst link.This peer effect mainly comes from the fact that common analysts provide channels for information transmission among non-financial enterprises, and it is in line with the contagion path that enterprises with inferior information learn from enterprises with superior information.Further analysis shows that the level of internal governance has a positive moderating effect on the peer effect of shadow banking, and the peer effect of shadow banking can effectively reduce the operating risks brought by shadow banking to enterprises.The research conclusions of this paper not only provide new empirical evidence for the formation and economic consequences of shadow banking of non-financial enterprises, but also provide policy enlightenment for security analysts to mitigate the risks brought by shadow banking.