The Influence Of Economic Policy Uncertainty On Shadow Banking Of Non-financial Enterprises

With the rapid expansion of shadow banking in China,more and more non-financial enterprises are gradually involved in the financial field and become the allocator of shadow banking funds.As China’s economy enters the transition period,the global economic situation is complicated,and the uncertainty of economic policies also increases.Facing the frequent changes of policies,enterprises will reallocate financial assets to cope with the risks caused by uncertainties.In view of this,this paper starts with the uncertainty of economic policy and studies its impact on shadow banking of non-financial enterprises and its transmission path.Firstly,this paper adopts theoretical analysis method to analyze the relationship between shadow banking of non-financial enterprises and economic policy uncertainty,and makes an in-depth study and finds that there is a partial intermediary effect between the two,with enterprise operating risk as the intermediate variable.And then adopt the method of empirical analysis,access to Shanghai and shenzhen ashare listed manufacturing companies in the annual data from 2007 to 2018,using fixed effect panel model and mediation mechanism analysis to test the non-financial enterprise shadow banking,economic policy uncertainty and the relations between and among management risk,and then further enterprise heterogeneity inspection,Explore the influence of financing constraint degree on variable relationship.Finally,robustness test ensures the reliability of the empirical results.The results show that :(1)the increase of economic policy uncertainty will promote the shadow banking of nonfinancial enterprises,and the promotion effect is more significant in enterprises with higher degree of financing constraints.(2)The increase of economic policy uncertainty will promote the increase of business risk.Further research shows that compared with smes and private enterprises,state-owned enterprises and large enterprises are more sensitive to the increase of business risk.(3)Operating risk has a "hiding effect" in the uncertainty of economic policy and the shadow banking of non-financial enterprises.Based on China’s financial environment and from the perspective of uncertain economic policies,this paper conducts in-depth research on shadow banking of nonfinancial enterprises,discusses the transmission mechanism of the two,enrichs and expands relevant research,and provides theoretical and empirical basis for China’s economic policy making and the suppression of economic "de-materialization to virtual".In fact,the more complex issue is about the measurement method of shadow banking of non-financial enterprises and the mechanism of action between the two.This paper simply analyzes the intermediary role of business risk,and further research needs to be further discussed in the follow-up work.