The Impact Of Non-financial Enterprises’ Shadow Banking On Enterprise Risk-taking

The report of the 20th National Congress of the Communist Party of China clearly pointed out that the focus of economic development should be placed on the real economy and the financial sectors should serve the real economy.In recent years,many non-financial enterprises in China have invested a lot of money in shadow banking business for the purpose of short-term profit seeking in order to seek new short-term profit growth points,and gradually reduce the investment in long-term real economy such as R&D and production,which has a great impact on the adjustment of enterprises’ industrial structure.Enterprise risk-taking is an important indicator to measure the investment preference of enterprises for innovative R&D and capacity transformation activities,which can reflect the active pursuit of enterprises for investment opportunities in the real economy.The impact of non-financial enterprises’ shadow banking on enterprise investment decisions can be reflected in the level of enterprise risk-taking.Therefore,the study of the impact of non-financial enterprises’ shadow banking on enterprise risk-taking will play a positive role in promoting the development of enterprises’ real economy and long-term development and helping enterprises gain competitive advantages.Based on the perspective of enterprise risk-taking,this paper studies the impact of nonfinancial enterprises’ shadow banking on enterprises.Firstly,this paper starts from three perspectives of the connotation,mechanism and internal and external influencing factors of the non-financial enterprises’ shadow banking and enterprise risk-taking.Secondly,make theoretical analysis of the potential influence mechanism and the heterogeneity of internal and external factors in the process of non-financial enterprises engaging in shadow banking business on enterprise risk-taking.Thirdly,select the data of listed companies in Shanghai and Shenzhen stock markets in 2010 to 2020 as empirical samples,and construct a fixed effect model to empirically study the impact of shadow banking of non-financial enterprises on enterprise risk-taking,and further tests the potential mechanism and the heterogeneous impact of internal and external factors in the process of action.The results of this paper show that in recent years,the level of enterprise risk-taking has shown a downward trend in the early stage and a slight rebound in the later stage,and the non-financial enterprises’ shadow banking has a significant negative correlation with enterprise risk-taking;enterprises engaged in the shadow banking mainly reduce the level of enterprise risk-taking by two potential mechanisms for reducing the transparency of accounting information and improving the financial risk;and the higher the level of internal control of the enterprise,the financial supervision intensity in the region and the media attention,the smaller the negative impact of shadow banking on enterprise risk-taking.Finally,summarize the relevant research conclusions and puts forward corresponding countermeasures and suggestions:firstly,manage the risk of shadow banking effectively;secondly,establish a perfect enterprise restraint and incentive mechanism;thirdly,strengthen the financial supervision of shadow banking;fourthly,strengthen the media’s real-time reporting and effective information transmission to enterprises.The conclusions of this paper further improve the relevant theories on the economic consequences of non-financial enterprises’ shadow banking on enterprises,and provide targeted suggestions for reducing excessive investment,"abandoning real investment and investing fictitious" phenomenon of enterprises,and improving the level of enterprise risk-taking.