| One of the major factors restricting our country’s economic development at present is insufficient innovation,so our country has been encouraging innovation in recent years.The "Fourteenth Five-Year Plan" plan is the primary task of economic and social development directly.As an important part of promoting economic development,small and medium-sized enterprises have become the main force of technological innovation.And due to factors such as information asymmetric,credit distribution,lack of high-quality collateral,poor anti-risk capacity,etc.,small and medium-sized enterprises have always been difficult to obtain regular bank credit,and have strong financing constraints.Some scholars believe that shadow banking,as a supplement to formal credit,has expanded the financing sources of small and medium-sized enterprises,reduced their financing constraints,and promoted the innovation of small and mediumsized enterprises.However,some scholars believe that shadow banking tend to lend short-term high-cost funds to small and medium-sized enterprises,which actually increases the financing burden of small and medium-sized enterprises,intensifies their financing constraints and is unfavorable to their innovation.Therefore,scholars have not formed a unified opinion on whether shadow banking promotes the innovation of small and medium-sized enterprises or inhibits the innovation of small and mediumsized enterprises.After the Asset Management Regulation in april2018,the shadow banking business has been greatly restricted,and the impact of the new asset management regulations is bound to be transmitted to the real economy through shadow banking.Therefore,it is of great significance to study the shadow banking and SME Innovation under the new asset management regulations.On the basis of reading and compiled the existing documents,this article analyzes the status of the innovation of shadow banking and SMEs in my country and introduces the relevant theories of shadow banking and SME innovation.On this basis The research assumption of this article is proposed.In the empirical research section,this article borrowed the research results of existing scholars,established a multi-regression model to study the innovation of shadow banking and SMEs,and further,the mechanism analysis is carried out by taking the enterprise financing constraint as an intermediary variable,taking the new asset management regulations as a regulating variable to study its regulating effect on relationship between shadow banking and SME innovation,introducing the robustness test to ensure the reliability of the results,and carrying out the heterogeneity analysis.The following conclusions were discovered by studying this article:(1)Shadow Bank has exacerbated SME corporate financing constraints,inhibiting the innovation of SMEs;(2)The Asset Management Regulation weaken the inhibitory role of shadow banking on the innovation of SMEs(3)Compared with state-owned enterprises,the inhibitory effect of shadow banking on the innovation of small and medium-sized enterprises is only reflected in non-state-owned enterprises;(4)Compared with regions with higher financial development,the new asset management regulations weaken the inhibitory effect of shadow banking on the innovation of small and medium-sized enterprises,which is only reflected in regions with lower financial development.Based on this conclusion and current policies,this paper puts forward practical suggestions on how to guide the healthy development of shadow banking,deepen the reform of financial system,solve the financing problems of small and medium-sized enterprises in multiple ways,and help the innovation of small and medium-sized enterprises. |
