Empirical Study On Digital Inclusive Finance Restraining Shadow Banking Of Non-Financial Listed Companies

The harm of shadow banking of listed companies to economic and social development is self-evident.Based on the research background that the country restraps shadow banking of listed companies and vigorously develops digital inclusive finance,this paper carries out an empirical study on digital inclusive finance restraining shadow banking of listed companies from the perspective of financial asset allocation of non-financial listed companies.The research innovation points are as follows:first,it expands the mechanism of digital inclusive finance to inhibit the shadow banking of listed companies,that is,the development of digital inclusive finance can inhibit the shadow banking of listed companies by inhibiting the financial asset allocation of non-financial listed companies;Second,from the perspective of financial asset allocation motivation,the paper empirically tests the differentiation effect of digital inclusive finance on the financial asset allocation of non-financial listed companies.The research finds that the motivation of the development of digital inclusive finance affecting the financial asset allocation of non-financial listed companies is mainly"speculative arbitrage motivation" rather than "reservoir" motivation.Thirdly,the heterogeneity of samples of non-financial listed companies with different ownership properties is tested empirically.The research finds that the mechanism of the influence of the development of digital inclusive finance on the allocation of financial assets of non-financial listed companies is more reflected in state-owned enterprises than non-state-owned enterprises.In terms of overall research ideas,based on the perspective of financial asset allocation of non-financial listed companies,this paper makes an in-depth study of the inhibitory effect of the booming development of digital inclusive finance on the shadow banking of listed companies.In this paper,the theoretical analysis framework is formulated:first,the impact of the development of digital inclusive finance on the shadow banking of listed companies is deeply discussed from the macro level,and the theoretical hypothesis is put forward that "the development of digital inclusive finance has an inhibitory effect on the shadow banking of listed companies".Second,from the micro level,it deeply discusses the intermediary transmission mechanism of the development of digital inclusive finance to inhibit the shadow banking of listed companies,and proposes the theoretical hypothesis that "the development of digital inclusive finance has an inhibitory effect on the financial asset allocation of non-financial listed companies".Focus on the analysis of the development of digital inclusive finance to non-financial listed companies acting as "shadow banking" for commercial credit secondary allocation.Specifically,the first chapter is the introduction part,which puts forward the research background,research significance,research ideas and research methods,the structure arrangement and research framework of this paper,as well as the innovation points and deficiencies of this research.The second chapter is the literature review of this paper,which summarizes the relevant research on digital inclusion finance to inhibit the shadow banking of listed companies,the motivation of financial asset allocation of non-financial listed companies,the influence of digital inclusion finance on the financial asset allocation of non-financial listed companies,and the influence of financial asset allocation of non-financial listed companies on the shadow banking of listed companies.And the existing literature research results are summarized and reviewed to clarify the research value of this paper.The third chapter is the theoretical analysis framework and empirical research design.It constructs the theoretical model required for empirical analysis and puts forward the research hypothesis.According to the results of theoretical analysis,it defines the types of financial assets,reasonably selects variables and explains in detail the caliber and source of the selected variables.The fourth chapter is the descriptive analysis part,which firstly makes descriptive statistics on all variables involved in the empirical analysis,and then analyzes the development of digital inclusive finance and the current situation of financial asset allocation of non-financial listed companies respectively.The fifth chapter is the empirical research part.Firstly,the benchmark regression of the impact of the development of digital inclusive finance on the shadow banking of listed companies is carried out,and the endogeneity test is carried out by using instrumental variables.Secondly,the intermediary effect of financial asset allocation of non-financial listed companies is studied,and then the heterogeneity test is conducted by differentiating the ownership nature of non-financial listed companies.On this basis,the mechanism analysis of "reservoir" motivation and "speculative arbitrage motivation" is carried out,and based on "speculative arbitrage motivation",the heterogeneity of the mechanism of state-owned non-financial listed companies and non-state-owned non-financial listed companies is deeply discussed.Chapter six is the conclusion of this paper,and puts forward the relevant countermeasures and suggestions.