Share Price Information Content And Shadow Banking Of Non-financial Enterprises

At present,China is in a major change unprecedented in a century,and the superposition of various risk factors has increased the vulnerability of the global economic system,improving macro-prudential management,preventing shadow banking risks,and implementing financial security strategies have become the focus of China’s current economic work.Shadow banking business is regarded as one of the culprits of the economic crisis,its business is hidden cross,with higher risk,stronger contagion,so shadow banking has always been the focus of national attention,according to the "China Shadow Banking Report",since 2008 China’s shadow banking business has shown an accelerated development trend,the average annual growth rate maintained at more than 20%,in early 2017 reached a historical peak of about 100.4 trillion,accounting for 123% of GDP,The expansion of shadow banking has greatly distorted legal and compliant market investment behavior,and more and more funds have begun to circulate for arbitrage purposes,destroying the virtuous circle between finance and the real economy.Although after three years of special rectification activities,the scale of China’s shadow banking has decreased compared with its peak,according to Moody’s research report,by the end of 2021,China’s shadow banking assets were about 57 trillion yuan,accounting for 49.8%of nominal GDP.The shadow banking business activities carried out by nonfinancial enterprises as the main body of this study are calculated with reference to the research methods of Han Xun et al.(2017),and its business scale is about 11.34 trillion yuan by the end of 2021,accounting for 20% of the total shadow banking scale in China and accounting for about 64% of the core shadow banking asset scale,indicating that the shadow banking activities of non-financial enterprises have become a large-scale development trend.Therefore,exploring how to improve the current situation of shadow banking in enterprises has become a key factor affecting the healthy development of the economy.In recent years,with the transformation and upgrading of the economic system,the perfection of the capital market has played an increasingly important role in promoting macroeconomic development and optimizing resource allocation,and the stock price as an important price signal,its information content has an important guiding role in reasonably guiding the flow of funds,reducing the asymmetry of market information and improving the investment and financing environment of enterprises.The development of shadow banking activities of non-financial listed enterprises is an important investment decision of enterprises,stock priceinvestment sensitivity makes the stock price rich in information can have an impact on the shadow banking activities of enterprises,on the one hand,the improvement of stock price information content can feedback more characteristic information,investors can use this part of the information to strengthen the external supervision of enterprises,and restrict the financial speculation behavior of enterprises;Management can learn private,unlearned information about the company’s prospects to optimize investment decisions.On the other hand,the improvement of stock price information content can alleviate information asymmetry,reduce the external financing constraints of enterprises,and change the status quo of uneven credit allocation,so as to reduce the demand for funds in informal channels and reduce the possibility of enterprises engaging in shadow banking business from the demand side.In order to better analyze the relationship between the content of stock price information and the shadow banking business activities of non-financial listed enterprises,this paper selects the relevant data of Shanghai and Shenzhen A-share non-financial listed enterprises from 2008 to 2021 for empirical testing,and the return results show that the size of shadow banking of non-financial enterprises will shrink with the increase of stock price information content,and this inhibitory effect is significant at the 1% level,and when the transparency of corporate information is low.It is also conducive to the effect of stock price information content on the scale of shadow banking of non-financial enterprises.Subsequently,a series of tests to solve endogenous problems were confirmed by changing the robustness tests such as changing the measurement method of variables,changing the sample interval,and using lagging first-period data,regression using the change of each variable,and using instrumental variables.Further research shows that the feedback effect of stock price information content has different manifestations in different enterprise nature and different shadow banking business modes,and the inhibitory effect on the shadow banking business of state-owned enterprises and credit intermediaries will be more obvious.On the whole,the research of this paper examines the impact of stock price information content on the investment decision of enterprises from the unique perspective of shadow banking business of non-financial enterprises,which not only enriches the research on the feedback effect of stock price information content,but also improves the research on the influencing factors of the shadow banking trend of enterprises.Finally,according to the research results,corresponding suggestions are put forward for market participants,enterprises and governments at all levels,strictly prevent and control financial risks,boost the real economy,and realize the benign interaction between finance and the real economy.