Shadow Bank And Innovation Investment Of Small And Medium-sized Enterprises

Small and medium-sized enterprises play an important role in China’s economy and society,and play an irreplaceable role in stabilizing employment and promoting development.However,as a key part of China’s social economy,small and medium-sized enterprises have many problems such as poor anti risk ability and low management level.Therefore,most commercial banks are not inclined to entrust funds to such small and medium-sized enterprises in the loan business.There are many difficulties for small and medium-sized enterprises to invest more funds in innovation.The emergence of shadow bank is just based on this demand.It drifts away from the traditional entry system,and develops rapidly after its emergence in China.Its influence in the capital market is also increasing day by day,which has caused extensive discussion.In terms of function,shadow bank is similar to commercial bank,but the operation mode of shadow bank is more diversified and flexible compared with the traditional operation mode of commercial bank,and because its development history is not as long as that of commercial bank,its supervision is not perfect,but also because of this,it brings new financing options for fund demanders in the market,especially for those who want to carry out more The small and medium-sized enterprises of project research and development provide them with an option for financing.This paper first combs and summarizes the existing literature based on this.And then analyzes the current situation of shadow banking in China,the financing difficulties faced by small and micro enterprises,and the overall innovation investment situation of small and medium-sized enterprises in the new third board.Then on this basis,the paper deduces how the interaction among the three is conducted,and puts forward the research hypothesis that the financing constraint is taken as the threshold variable to measure the impact of shadow banking on innovation investment of small and micro enterprises.In the empirical study,this paper uses the data of 1274 listed companies in the new third board from 2013 to 2018,selects financing constraints as threshold variables after full impact mechanism discussion,uses the panel threshold regression model to test the regression including full sample,industry heterogeneity and period heterogeneity,and selects two kinds of linear regression,i.e.fixed effect and random effect,which are suitable for short panel data In contrast,the method of replacing the core variable index is used to complete the robustness test,so as to verify the hypothesis.The empirical results show that there is a decreasing non-linear relationship between shadow banking and innovation investment for SMEs in the new third board,and it is a single turn with financing constraints as the threshold.The negative impact of shadow banking on innovation investment will increase significantly after exceeding the threshold value,and there are different threshold effects in different periods,but for different industries,although the same There is a negative impact of shadow banking on innovation investment,but not all of them have threshold effect.Based on this conclusion and current policies,this paper puts forward suggestions on how to make shadow banking help China’s mainstream financial system to jointly serve economic and social development and help SMEs better innovate.