Research On The Influence Of Shadow Banking On The Performance Of Main Business Of Non-financial Enterprises

At present,shadow banking has become an indispensable part of China’s financial system and plays an important role in social financing and economic development.However,in the context of the government’s strict control of financial risks and deleveraging,the shadow banking system has become its primary target,which has also caused a certain impact on the real economy.By combining theoretical analysis with empirical test,this paper first made a theoretical analysis of the relationship between the development of shadow banking and the operating performance of a company’s main business and put forward a hypothesis.Then,combined with the threshold panel model and fixed effect grouping regression,the paper verified the hypothesis by using the growth rate of main operating profit and the proportion of main business to represent the operating performance of a company’s main business,and studied the impact of shadow banking on the operating performance of non-financial enterprises facing different degrees of financing constraints.The research in this paper selects 1015 companies that have no missing or abnormal values in 2010-2017 data selected from A-share listed companies in Shanghai and Shenzhen stock markets,covering enterprises in the markets of main board,SME board and GEM,to ensure that they can represent enterprises with different degrees of financing constraints.And taking the financing constraint as the threshold variable(shadow bank as the explanatory variable,the profit growth rate of the main business of the enterprise represents the main business operation performance as the explanatory variable),the threshold value of the threshold panel model is estimated,and the sample enterprises are grouped,and then further using the regression analysis of each group of enterprises,the correctness of the hypothesis is verified respectively,and it is concluded that the impact of shadow banking on the business performance of the main business of the enterprise will vary with the degree of financing constraints faced by the enterprise;For the financing disadvantaged enterprises,shadow banking can broaden their financing channels to provide funds for the development of enterprises,alleviate their financing constraints,and promote their main business investment and development.For enterprises with financing advantages,shadow banking has become an investment channel.Enterprises’ participation in shadow banking business investment will crowd out their main business fixed asset investment,but it can reduce the degree of investment inefficiency.Based on the research results of this paper and the current relevant policies,this paper puts forward some suggestions from the perspective of promoting the financial system to serve the real economy:(1)Standardize the shadow banking business and promote the shadow banking service to the real economy.(2)Improve the financial system and promote the role of financial institutions in the financing of financing disadvantaged enterprises.(3)Strengthen the disclosure of information on entities,and save costs for fund use supervision and corporate financing.