数字化转型会加剧企业影子银行化吗?——基于上市非金融企业的经验证据

Will Digital Transformation Aggravate the Shadow Banking of Enterprises?--Empirical Evidence Based on Listed Non-financial Enterprises

数字化转型赋能实体经济高质量发展的同时是否会给企业带来新的风险。选取2008—2021年沪深A股上市企业为样本,实证考察数字化转型对非金融企业影子银行化的影响。研究发现,数字化转型助推了非金融企业影子银行业务规模的扩张,加剧了影子银行化现象,且这一效应在国有企业和大规模企业中更为明显。进一步研究表明,内部治理和外部监督强度的上升以及地区信贷约束的缓解有助于抑制数字化转型对非金融企业影子银行业务的负面影响。数字化转型通过加剧影子银行化现象,进而提高了企业的经营风险。此结论有助于全面认识数字化转型的经济后果,并为企业规范数字化发展、加强金融风险管控以及最终实现高质量发展提供决策参考。

Whether the digital transformation will bring new risks and challenges to enterprises while empowering the high-quality development of the real economy is worthy of in-depth exploration.This paper selects the listed companies in Shanghai and Shenzhen A-shares from 2008 to 2021 as samples,and empirically investigates the impact of digital transformation on shadow banking of non-financial enterprises.It is found that the digital transformation has promoted the expansion of shadow banking business scale of non-financial enterprises and intensified the phenomenon of shadow banking,and this effect is more obvious in state-owned enterprises and large-scale enterprises.Further research shows that the rising intensity of internal governance and external supervision and the easing of regional credit constraints are helpful to curb the negative impact of digital transformation on the shadow banking business of non-financial enterprises.Finally,we also find that digital transformation has increased the business risk of enterprises by intensifying the phenomenon of shadow banking.The conclusion of this paper helps to fully understand the economic consequences of digital transformation and provides more important decision-making reference for enterprises to standardize digital development,strengthen financial risk management and control,and finally achieve high-quality development.