分行业信息披露与非金融企业影子银行化——基于多时点双重差分法的验证

Disclosure by Industry and Non-financialEnterprises’ Shadow Banking Business—An Empirical Study Based on a Multi-temporal Double Difference Method

提高上市公司信息披露质量与抑制企业“脱实向虚”是实体经济实现高质量发展面临的两大挑战。为此,以沪深交易所分批次发布的分行业信息披露指引这一准自然实验,考察分行业信息披露对非金融企业影子银行化的影响。结果显示:分行业信息披露显著抑制了非金融企业影子银行化,且该结论在经过一系列稳健性检验后依然成立。分行业信息披露通过降低信息不对称、降低代理成本和促进主业投资等途径抑制非金融企业影子银行化,发挥了信息效应、监督效应和学习效应。分行业信息披露对非金融企业影子银行化的抑制作用在非国有企业组、融资约束大组、外部监督少组以及行业竞争大组更加显著。可见,分行业信息披露在理论上可为非金融企业影子银行化的治理研究提供新的视角,在实践上可为构建和完善以信息披露为导向的实体经济监管提供经验证据。

Improving the quality of information disclosure of listed companies and inhibiting enterprises from“moving from the real to the virtual”are the two major challenges facing the real economy to achieve high-quality development.Based on the quasi-natural experiment of disclosure by industry released by the Shanghai and Shenzhen Stock Exchanges in batches,this paper examines how disclosure by industry affects non-financial enterprises’shadow banking business.The results show that disclosure by industry significantly inhibits non-financial enterprises’shadow banking business,and reducing information asymmetry,reducing agency costs and promoting investment in the main business are important paths to exert information effect,supervision effect and learning effect,and can play a more synergistic governance role in the corporate samples of non-state-owned enterprise group,financing constraint group,external supervision group and industry competition group.It can be seen that disclosure by industry theoretically provides a new perspective for the governance research of non-financial enterprises’shadow banking business,and provides empirical evidence for the construction and improvement of information disclosure-oriented supervision of the real economy in practice.