Research On The Influence Of Economic Policy Uncertainty On Shadow Banking Of Manufacturing Enterprises

Nowadays,non-financial enterprises tend to bypass regulation and put idle funds into shadow banking business more and more seriously.Although shadow banking of enterprises belongs to financialization of enterprises,shadow banking assets have a deeper impact on the real economy due to the higher degree of information asymmetry,liquidity and leverage ratio compared with general financial assets.Although China is a big manufacturing country,the profit margin of the manufacturing industry has always been low,and many manufacturing enterprises began to focus on shadow banking business,which aggravated the situation of the manufacturing industry turning from real to virtual.At present,some domestic scholars have studied the influence of economic policy uncertainty on the financialization of manufacturing enterprises,and this paper will empirically analyze the influence of economic policy uncertainty on the shadow banking of manufacturing enterprises.This paper takes a-share listed manufacturing companies from the first quarter of 2008 to the fourth quarter of 2017 as research samples.Firstly,it empirically studies the influence of economic policy uncertainty and four kinds of refined economic policy uncertainty on the shadow banking of manufacturing enterprises by using the fixed effects panel model.Then,the moderating effect of moderating financing constraint on the relationship between economic policy uncertainty and shadow banking of manufacturing enterprises is tested.Finally,according to the heterogeneity of the region,the main business profitability and the ownership nature of enterprises,the difference of the impact of economic policy uncertainty on them is tested.This paper draws the following conclusions: First,uncertainty of economic policy and refined fiscal policy,uncertainty of monetary policy,uncertainty of trade policy,and uncertainty of exchange rate and capital account policy have inhibitory effects on shadow banking of manufacturing enterprises,and fiscal policy uncertainty has the greatest inhibitory effect;Second,financing constraints weaken the restraining effect of economic policy uncertainty,fiscal policy uncertainty,monetary policy uncertainty and exchange rate and capital account policy uncertainty on shadow banking of manufacturing enterprises.However,financing constraint has no obvious moderating effect on the inhibition of trade policy uncertainty on shadow banking of manufacturing enterprises;Third,economic policy uncertainty and refined economic policy uncertainty have a more obvious inhibiting effect on the shadow banking of strong profitability in the main business,non-state-owned and eastern region manufacturing enterprises.Based on the research conclusions,this paper puts forward policy suggestions: Firstly,the government should timely introduce different types of macroeconomic policies.Secondly,we should improve the financial market system and reduce credit discrimination.Finally,the supply-side structural reform should be strengthened to improve the physical strength of the manufacturing industry.