Deleveraging And Shadow Banking Of Non-Financial Enterprises

Since the 19 th National Congress of the Communist Party of China,China has been stressing the emphasis of economic development on the real economy to prevent enterprises from "real to virtual",but the imbalance between the virtual economy and the real economy has still not been solved.As a part of the virtual economy,shadow banking of non-financial enterprises is conducive to optimizing capital allocation,but its lack of supervision and high risks are not conducive to the development of the main business of the entity.From the perspective of external environment,"credit discrimination" is the main reason for enterprises to engage in shadow banking business.As a result,some enterprises can easily obtain funds with lower cost,while other enterprises under the same conditions have difficulty in obtaining required funds,which leads to the emergence of some enterprises to transfer funds to enterprises lacking funds.Studies have shown that debt financing and equity financing can promote the shadow banking of non-financial enterprises.In addition,in recent years,the deleveraging issue of enterprises has aroused heated discussions in all walks of life.Therefore,the discussion on the impact of corporate deleveraging on the shadow banking of nonfinancial enterprises can provide a new perspective to prevent enterprises from "turning from real to virtual".Therefore,based on theories such as information asymmetry theory,principal-agent theory and trade off theory,this thesis selects Chinese A-share listed non-financial companies from 2010 to 2020 for multiple regression.Through literature research and empirical research,the following questions are studied: How does corporate deleveraging affect the shadow banking of non-financial enterprises? Will the impact of corporate deleveraging on the shadow banking of non-financial enterprises vary with the degree of corporate debt? Do different ways of deleveraging have different impacts on the shadow banking of non-financial enterprises? What is the mechanism of corporate deleveraging affecting the shadow banking of non-financial enterprises? For enterprises with different nature,quality of internal control and industries,does deleveraging have different effects on shadow banking of non-financial enterprises? According to the empirical analysis results,the following conclusions are drawn:(1)Corporate deleveraging will inhibit the shadow banking of non-financial enterprises;(2)In over-indebted enterprises,corporate deleveraging can significantly inhibit the shadow banking of non-financial enterprises,while the deleveraging of under-indebted enterprises does not significantly inhibit the shadow banking of non-financial enterprises;(3)The deleveraging mode of "debt reduction" and "rights increase" have opposite effects on the shadow banking of non-financial enterprises.The former inhibits the shadow banking of nonfinancial enterprises while the latter promotes the shadow banking of non-financial enterprises.(4)The deleveraging of enterprises will lead to the decrease of cash holdings and the strengthening of financing constraints,thus inhibiting the shadow banking of nonfinancial enterprises;(5)Compared with state-owned enterprises,poor internal control quality and high-tech enterprises,non-state-owned enterprises,good internal control quality and deleveraging of non-high-tech enterprises have a more significant inhibitory effect on the shadow banking of non-financial enterprises.The innovation points of this thesis are as follows: First,this thesis provides a brand new perspective on the influencing factors of shadow banking of non-financial enterprises.Based on the perspective of corporate financing,this thesis examines the relationship between corporate deleveraging and shadow banking of non-financial enterprises,and supplements the research on influencing factors of shadow banking of non-financial enterprises.Secondly,on the basis of corporate deleveraging,this thesis further subdivides different deleveraging methods and further explores the relationship between corporate deleveraging and shadow banking of non-financial enterprises.Then,this thesis collected some data of shadow banking of non-financial enterprises manually,with a low repetition rate.Finally,this thesis analyzes the mechanism of corporate deleveraging on the shadow banking of non-financial enterprises from two ways.