| Guiding the healthy and orderly development of the capital market,making it more in line with the development law of the socialist market economy,and effectively reducing the negative impact of the diffusion of risks in the medium and macro fields on the capital operation of micro enterprises is one of the priorities of my country’s current economic work.The research of this paper is based on the perspective of clarifying the impact of shadow banking development on corporate financial risks and the internal mechanism.It not only provides advice and suggestions for curbing the disorderly expansion of shadow banking and improving the shadow banking management and control system,but also provides empirical evidence for improving my country’s corporate debt financing methods.Provide reference for corporate financing decisions.Using a variety of research methods,this paper firstly sorts out the literature on shadow banking and corporate financial risk at home and abroad,and then combines the trade-off theory,principal-agent theory,term matching theory and information asymmetry theory to propose the relationship between the development of shadow banking and corporate financial risk,and consider the moderating effect of information transparency and financing constraints between the two,and then establish an empirical model and combine the collected data to conduct related statistical analysis.The research results show that:(1)The development of shadow banking has significantly increased the level of financial risks faced by enterprises.(2)Incorporating information transparency and financing constraints into the empirical model as moderating variables,it is found that enterprises with poor information transparency have a more significant impact of shadow banking on their financial risks.Enterprises with higher financing constraints have greater negative effects of shadow banking development on their financial risks.(3)Mechanism test found that investment and financing maturity mismatch and executive risk preference both play a partial intermediary role in shadow banking and corporate financial risks,that is,the development of shadow banking has increased corporate “short-term loan and long-term investment” and management’s investment.The level of financing risk appetite aggravates the financial risk of enterprises.(4)In the heterogeneity test of marketization level and property right nature,it is found that enterprises and non-state-owned enterprises in areas with high marketization are more negatively impacted by the development of shadow banking.At the same time,it is found in the heterogeneity test of enterprise operating performance that the development of shadow banking can improve the performance of the main business of enterprises.The research of this paper deeply expands the research boundary of shadow banking’s impact on corporate financial risk,and provides empirical evidence for improving the financial supervision system,regulating corporate financing behavior,and developing and improving the capital market. |
