Research On The Impact Of Shadow Banking Of Non-financial Enterprises On Their Business Performance

In recent years,as China’s economy has entered a new normal,the living environment of the real economy is difficult,the gap between the profit rate of the real economy sector and the profit rate of the financial sector is gro wing,and good physical investment opportunities are lacking.Due to the existence of credit discrimination and financing constraints in China’s financial market,there are obvious differences in financing capabilities among enterprises.Large and medium-sized state-owned enterprises are faced with financing because of their good market reputation,government letters for guarantees,and strong financing capabilities.Difficult,expensive financing,basic financing needs are difficult to meet.In this context,a large number of non-financial companies have transferred super-raised funds through the shadow banking system to financing disadvantaged enterprises.This phenomenon is called shadow banking of non-financial enterprises.The shadow banking system itself is fragile,and a large number of shadow banking businesses will increase financial leverage and easily lead to systemic risks.The shadow banking of enterprises will squeeze out physical investment and cause the industry to be hollow.Its high leverage,information asymmetry and lack of supervision are more likely to increase the financial risks of the enterprise sector,resulting in risk agglomeration and making the macroeconomic operation more fragile.Although a series of regulatory measures have been introduced one after another,due to various factors such as supervision mode,supervision ability,external environment and “innovation” and “bypass”,the difficulty of supervision of shadow banking is still very large.Therefore,the shadow banking of non-financial companies is a subject worth studying.On the basis of predecessors,this paper analyzes the reasons and specific mechanisms of shadow banking of non-financial enterprises,and the path that affects their own business performance.It finds that the enterprise’s shadow banking through the financialization effect on the enterprise’s resource allocation,capital structure,Production efficiency and management concepts have an impact,which in turn affects its business performance in terms of long-term growth capability,solvency,and operational capabilities.Therefore,this paper uses factor analysis method to comprehensively evaluate the company’s operational ability,profitability,solvency and growth ability,and obtains the performance index.It uses financial assets ratio,financial income ratio and financial institution shareholding ratio as non-financial enterprises.The objective of shadow banking,collecting the 2012-2017 A-share Listed company data to establish a regression model of the two to conduct an empirical test.In the end,the following conclusions are drawn: Non-financial enterprises participating in the shadow banking business will reduce their overall business performance.Compared with non-state-owned enterprises,this negative impact is more obvious in state-owned enterprises;in the three regions of China’s eastern,central and western regions.The enterprises in the eastern region were the most affected,followed by the western region and finally the central region.The participation in the shadow banking business through entrusted wealth management and entrusted loans caused the financialization of corporate assets and the financialization of income to have a significant negative effect on their business performance.The impact of equity innovation and other methods on business performance is not significant.Finally,based on theoretical analysis and empirical analysis,the paper proposes recommendations from the enterprise level and the macro level.Enterprises should define their own development orientation,focus on long-term development capabilities,and increase investment in enterprise innovation and technological innovation.At the same time,it is necessary to improve the information disclosure system of Listed companies,strengthen the real-time supervision of the whereabouts,progress,investment income and reasons for the changes in the funds raised by L isted companies,and restrain enterprises from excessively engaging in financial activities.Strictly control financial speculation and financial risks while paying attention to guiding industrial development and promoting coordinated development of different industries.