| Currently,China’s real economy is facing many problems such as slowing development,overcapacity,and imbalance in the supply and demand structure.However,the financial market is expanding continuously.Driven by global economic integration and the information technology revolution,more and more non-financial enterprises are starting to engage in shadow banking business for speculative purposes,providing financial support to small and medium-sized enterprises with strong financing constraints through entrusted financing,entrusted loans,and bridge loans,Developing credit intermediary activities and gradually expanding the development scale of shadow banking.From 2010 to 2020,the shadow banking scale of listed companies in China rapidly increased from 0.37 trillion yuan to 5.48 trillion yuan.The trend of shadow banking in non-financial enterprises is increasingly evident,but as a "double-edged sword",shadow banking in non-financial enterprises not only enhances the vitality of the capital market,but also faces serious problems such as high leverage,information asymmetry,and insufficient regulatory efforts.There are high risks,which may cause the real economy to "deviate from reality to emptiness.".At the same time,adhering to innovation has always been a common purpose advocated by all levels and industries in China.During the "14th Five Year Plan" period,the Central Committee of the Communist Party of China stated that adhering to innovative development remains at the core of modernization construction,and the important role of independent innovation has been strongly advocated by party and national leaders.The development of enterprises cannot be separated from independent innovation,and the foundation and premise of innovation is innovation investment.Therefore,it is of great practical significance to study the effect of shadow banking of non-financial enterprises on enterprise innovation investment,which helps enterprises to reasonably allocate assets,effectively avoid hollowing out of the real economy and foam of the virtual economy,and improve the overall competitiveness of enterprises and the country.The purpose of this article is to demonstrate theoretically,analyze the current situation,and empirically test the impact and path of non-financial enterprise shadow banking on enterprise innovation investment.Firstly,the literature review section summarizes the relevant literature on the definition,measurement methods,reasons,economic consequences,and characteristics,influencing factors,and significance of non-financial enterprise shadow banking,and summarizes the relationship between the two in detail.Then,this paper constructs a theoretical foundation and proposes research hypotheses.Based on relevant theories such as investment substitution theory,this paper theoretically analyzes the impact of non-financial enterprise shadow banking on enterprise innovation investment and proposes research hypotheses.In the current situation analysis section,the status quo of shadow banking and enterprise innovation of non-financial enterprises are described in detail,and their characteristics are summarized.Finally,on the basis of theoretical analysis,this paper selects relevant data from non-financial companies in Shanghai Stock Exchange from 2011 to 2020,constructs a fixed effect model,and empirically tests the impact of shadow banking of non-financial enterprises on enterprise innovation investment.The empirical test results show that:(1)shadow banking of non-financial enterprises has a significant crowding out effect on enterprise innovation investment.Through heterogeneity analysis,it is found that compared to non high-tech enterprises,High and new technology enterprises have a higher demand for innovation,and shadow banking has a more significant crowding out effect on enterprise innovation investment;The shadow banking of non-financial enterprises in the eastern region has a more significant crowding out effect on innovation investment;The shadow banking of non-state owned enterprises has a more significant crowding out effect on enterprise innovation investment.(2)In order to test the specific mechanism of shadow banking of non-financial enterprises on innovative investment in enterprises,an intermediary effect model was constructed to test and find that shadow banking of non-financial enterprises squeezes out innovative investment by increasing business risks,increasing their own financing constraints,reducing asset specificity,and enhancing managers’ confidence.(3)The regulatory effect test found that at the macro level,increasing economic policy uncertainty will weaken the crowding out effect of shadow banking of non-financial enterprises on innovation investment,while increasing industry market competition will exacerbate the crowding out effect of shadow banking of non-financial enterprises on enterprise innovation investment.In addition,this article also uses the instrumental variable method to conduct a robustness test,proving the robustness of the conclusion that non-financial enterprise shadow banking has a crowding out effect on enterprise innovation investment.Finally,based on theoretical analysis and empirical results,this article summarizes the conclusions obtained in this article,and proposes targeted recommendations from the perspectives of enterprises,governments,regulatory authorities,and the financial system. |
