影子银行对非金融上市公司企业价值的影响研究

基于中国影子银行与实体经济之间的相互关联及其延伸影响,以2010～2016年中小板、创业板及A股上市公司为样本,实证检验了影子银行发展对非金融企业价值的影响。研究发现:影子银行发展与企业价值之间存在"倒U型"关系。进一步考察影子银行对不同融资约束企业的影响发现:影子银行对融资约束较严重的企业具有拓宽融资渠道、提升企业价值的作用;对于具有融资优势的企业,影子银行会挤出实业投资对企业价值的影响,且影子银行发展与企业价值间也存在"倒U型"关系。实证分析的政策含义在于监管层鼓励金融体系创新的顶层设计,必须区别对待影子银行对于银行价值提升和可能放大金融风险的不同条件,科学引导影子银行在信用创造领域的正向作用,并使其更好服务于实体经济。

The Impact of Shadow Banking on the Value of Non-financial Listed Companies

Based on the interrelationships between China''s shadow banks and the real economy and their extended impact and based on a sample of mid-to-small, GEM and A-share listed companies from 2010 to 2016, this paper analyses the impact of the development of shadow banking on the value of non-financial enterprises. The results show that there is an "inverted U-type" relationship between the development of shadow banks and the value of enterprises.It is found that shadow banking has the function of broadening the financing channel and enhancing the value of enterprises with more serious financing constraints. For enterprises with financing advantages, shadow banks will squeeze out the impact of industrial investment on corporate value, and there is also an "inverted U-type" relationship between the development of shadow banks and corporate value. The policy meaning of empirical analysis lies in the top-level design of the financial system that encourages innovation at the regulatory level. It is necessary to distinguish between the different conditions that shadow banks have for increasing the value of banks and the conditions that may amplify financial risks. It is very important to guide the positive role of shadow banking in credit creation and make it better serve the real economy scientifically.