Shadow banking:a bibliometric and content analysis

This study reports on our systematic review of 2008–2021 literature on shadow banking.We present an overview of the shadow banking sector,wherein we discuss the definitions,evolution,functions,and specific activities that comprise it.We conducted a bibliometric analysis using the VOSviewer bibliometric tool on articles collected from the Scopus database,after which we conducted content analysis on top articles from leading sources,and identified four major streams of shadow banking literature.Additionally,we identified gaps in the literature and proposed seven research questions to be addressed in future studies to advance knowledge of the shadow banking sector.The findings of this review may serve as a robust reference for scholars researching various aspects of shadow banking to develop our understanding of this sector.

Commercial Banks Responses toward Small and Medium Enterprises Survival in the Context of the COVID-19 in Africa

The African government has implemented measures to sustain an investable economic downturn as it navigates the fiscal effect of the viral spread of coronavirus disease 2019(COVID-19).Consequently,commercial banks in Africa have come hand in hand toward support of SMEs activities by increasing their borrowing power and reducing interest rates.Despite all these measures the general performance of small and medium enterprises(SMEs)across Africa as pertains to revenues and profits has gone down.This paper provides a theoretical analysis of the measures undertaken by commercial banks to ensure proper running and continuity of activities in the SMEs sector in Africa.The research is founded on the theories of innovation diffusion and resource-based theory.This study will use a mixed research design,which will include descriptive and explanatory research.The proposed target population will be Africa’s thriving commercial banks.The primary and secondary data will be used from commercial bank reports and the central bureau of statistics reports across Africa.The data will be analyzed using a multiple linear regression model.The finding indicated that commercial banks in Africa have brought in solutions and measures to adapt to the crisis being implicated on the SMEs by the COVID-19 pandemic.Based on the findings of the desktop reviews,the study concludes that commercial banks have a significant influence on SMEs during this period of COVID-19,and with the assistance of the government,they have implemented more policies to support the activities of SMEs.

Shadow Banking Credit Intermediation： Determinants of Default Risks in Securitization and Collateralization

The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.

The Research on Shadow Banking System in China

The shadow banking system has grown stronger in the process of evading supervision.Together with traditional commercial banks,it has become an important participant in the financial system,which has caused a fundamental change in the structure of the global financial system.As an exogenous reform force in China’s special period,Shadow Bank has become an important channel for financial resources to“disconnect from reality”.Despite the lack of substantial securitization,China’s shadow banking system has developed rapidly.This paper analyzes the development motivation.This paper believes that the scope of China’s shadow banking system can be defined according to the nature of the fund supply side.

Analysis of the financial crisis after the era of Chinese-style shadow banking and regulatory proposals

In 2007, the U.S. subprime crisis -induced global financial crisis swept across the world rapidly, triggering a reflection of Governments on financial regulatory philosophy and systems, it also brought the shadow banking finance in front of the majority of people, it has become the focus of attention. Various management measures have been taken around the shadow banking, and it has brought great volatility to currency and financial markets, and it also highlights the plight of Chinese shadow banking supervision. Therefore, this article briefly analyzes the mechanism of the Financial Times in the Chinese style shadow banking, and makes several regulatory proposals, avoiding low risk of shadow banking at the greatest degree.

The Value Choice for Legal Regulation of Financial Risks in Shadow Banking

It is of vital importance for shadow banking supervision to have correct targets for the curtailment of financial risks.In fact,the process of selecting legal regulation targets for shadow banking financial risks is equivalent to a process of achieving specific goals or objectives by means of legal regulation.The establishment of a regulatory system for shadow banking should consider the objective and practical needs of the sector,prioritize security as the desired value,and reasonably establish a value system for risk control.

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.

Investigating the Financial Crisis in 2008 from the Perspective of Banking Systems

The financial crisis of 2008 precipitated by credit issues in the US housing market is probably one of the most profound financial events in recorded history.Its shockwaves have significantly affected almost every market centre as well as country in the world.The aim of this report is accordingly to investigate major reasons behind the crisis from a special angle of banking systems.In particular,problems hidden in regulations,mechanisms and systems in the wake of the financial crisis are focused specifically in this report.

基于DC-BANK系统的变频器抗“晃电”技术研究

"晃电"对煤化工企业的正常运行有重大影响,轻则使部分电动机、变频器和接触器跳闸或停止工作,造成企业生产的中断,重则发生爆炸等设备事故和人身安全事故。因此,针对发生的"晃电"事故,采用DC-BANK不间断电源系统可以保证变频器在电网发生"晃电"的情况下,负载电动机转速及转矩不变,从而避免了因系统电压波动而造成的电动机输出力矩的变化,保证了工艺参数不发生较大变化,达到了抗晃电的目的,本文利用MATLAB仿真证明了直流支撑系统的可行性。

Collateral Monetary Policy,Regional Financial Development,and Nonfinancial Firms'Shadow Banking Activities

The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.

金融强监管与企业数字化转型——来自“资管新规”的证据

强化金融监管、引导金融资源赋能企业高质量发展是建设金融强国的重要路径。基于“资管新规”这一准自然实验,可以研究金融强监管与企业数字化转型的关系。研究发现,“资管新规”实施后,金融化程度较高企业的数字化转型程度显著提升,表明加强金融监管能够抑制企业“脱实向虚”。机制分析表明,对于金融化程度较高的企业,金融强监管能有效发挥替代效应和融资效应,促进企业数字化转型。异质性分析表明,金融强监管对于企业数字化转型的促进作用在非国有、逐利型、资本要素密集型企业中表现更为明显。研究结论不仅为监管有效观提供了新的微观证据,还丰富了企业数字化转型的制度驱动因素,对于推动我国金融高质量发展具有现实意义。

政府审计、管理层特征与国有非金融企业影子银行化

以2010—2018年国有非金融上市公司为研究对象,分析了政府审计监管下,国有企业高管政企合作特征和晋升特征与企业影子银行业务的关系。研究结果表明:国有非金融企业高管政企合作特征与企业影子银行业务规模显著负相关,高管晋升特征与企业影子银行业务规模显著正相关;政府审计对上述关系起到不同程度的监管和威慑作用。进一步研究发现,企业显性金融资产受缚会使影子银行业务增加。这对于防止国有企业实体经济“脱实向虚”和研究政府审计影响国企高管决策的路径提供了理论支持。未来应进一步加强党组织对国有企业的领导;国家审计机关应对存在晋升预期的高管所在国企,增加审计力度和审计资源供给;同时,国有企业方面应当合理配置金融资产,降低金融资产错配率。

商业银行数字化能否改善企业投融资期限错配?

本文基于中国246家商业银行及A股上市公司2013—2022年数据,探究了商业银行数字化能否改善贷款企业投融资期限错配。研究发现,商业银行数字化通过调节错配企业短期贷款金额、提高公司治理水平,进而缓解企业投融资期限错配。该效应在资本市场融资能力较强企业、高融资约束企业、中小规模企业及制造业企业中更为明显。文章结论在经过内生性处理和稳健性检验后依旧成立。进一步分析表明,商业银行战略、管理及业务的数字化均可对企业投融资期限错配产生影响,但前两个维度的影响更为明显。探究商业银行数字化的微观错配纠偏功能,不仅有利于降低企业层面投融资期限错配引发的风险,也为进一步优化银企互动和挖掘商业银行数字化意义提供了新的证据。

“双支柱”调控框架与影子银行风险溢出:抑制缓释还是累积加剧

如何搭建货币政策和宏观审慎政策“双支柱”调控框架,有效防范化解重大风险,是我国现阶段的重要任务。基于我国上市银行数据,本文采用CoVaR方法衡量影子银行导致的银行系统性风险,系统考察“双支柱”调控框架对影子银行风险溢出的影响。结果显示,针对借款人和银行信贷的宏观审慎政策工具与货币政策配合,对影子银行风险溢出起到显著的“抑制缓释”作用;影子银行规模是“累积加剧”和“抑制缓释”效应的渠道,流动性分层则是“累积加剧”效应的渠道。结合银行性质、房地产周期与经济周期的异质性分析结果显示,在不同情景下,“双支柱”调控框架对影子银行风险溢出的有效性存在较大差异。本文结论对于“防风险”目标下“双支柱”调控框架的完善具有一定的指导意义。

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

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。

金融支持白城市小微企业发展存在问题分析及对策研究

为推进白城市实体经济高质量发展,本文以白城市银行机构和小微企业为研究对象,深度挖掘白城市金融支持小微企业发展的融资难融资贵等问题,并对白城市100家小微企业开展问卷调查,根据调研结果,围绕如何提升金融服务质效,构建现代金融服务体系等方面内容,提出政策建议。

金融科技对企业可持续发展能力的影响——基于非金融企业影子银行化视角

后疫情时代,企业可持续发展能力是经济高质量发展的基础,金融科技有助于提高企业可持续发展能力。但金融科技也会加剧非金融企业影子银行化。基于2016-2021年中国A股上市企业数据,研究发现:金融科技与企业可持续发展能力呈显著倒“U”型关系;金融科技的发展会提高非金融企业的影子银行化水平,从而降低企业可持续发展能力;金融科技对非金融企业影子银行化的促进作用在非国有企业与大规模企业中更为显著。为了提高企业的可持续发展能力,国家应引导金融科技健康发展,深化影子银行业务监管,强化非金融企业主业发展的政策支持。

城市商业银行异地扩张与企业创新

基于城市商业银行异地扩张为准自然实验,通过手工整理的城市商业银行异地扩张及银企地理距离数据,并匹配1998—2013年中国工业企业数据库,使用双重差分和包括敏感性分析在内的多重稳健性检验,验证了城市商业银行异地扩张是否能促进企业创新。研究发现,城市商业银行异地扩张能够显著促进企业创新产出,并产生扩散效应,促进位于城市边界的企业创新。机制研究发现,城市商业银行异地扩张能够为企业提供更多信贷渠道并降低融资成本,但是也可能破坏当地原有的银企关系,加剧银行对成熟企业、大型企业和国有企业的信贷偏好。进一步研究发现,城市商业银行异地扩张通过促进金融科技发展,进而促进企业创新。

资管新规抑制影子银行规模扩张的政策效应

抑制影子银行扩张和金融“脱实向虚”,引导资金流向实体是我国金融监管的重要工作。选取2013-2022年42家上市商业银行为样本,利用中介效应模型,选取商业银行资本充足率作为中介变量,验证资管新规出台产生的政策效应可通过影响商业银行的资本充足率,进而抑制其影子银行业务规模扩张。进一步研究发现,就商业银行类型而言,资管新规产生的政策效应对国有商业银行和城市商业银行的抑制效果较为显著。对商业银行提出加强影子银行业务得监管以及完善内部控制体系等政策建议。

上市公司影子银行化对金融稳定的影响与机制研究

影子银行因其规模的日益扩大及其带来的巨大影响而受到政府与学术界的广泛关注。本文基于上市公司财务数据和金融稳定相关数据,运用CRITIC指数构建法和误差修正模型,对上市公司影子银行化对金融稳定的影响与机制进行了理论分析与实证检验。研究发现:上市公司影子银行化提高了经济金融化程度,进而增加金融脆弱性而影响金融稳定。金融稳定更多受到东部、中部地区上市公司影子银行化的影响。相较于规模较小与盈利能力较弱上市公司,规模较大上市公司与盈利能力较强上市公司影子银行化对金融稳定造成的影响更大。研究结果有助于深化影子银行发展对金融稳定影响的理解,对强化上市公司金融化行为监管,维护金融稳定,实现金融高质量发展具有重要的政策意义。