“金融膨胀”与非金融企业影子银行化

“Financial Expansion” and the Shadow Banking of Non-Financial Enterprises

摘要: 实体经济是国民经济之本，金融的基本职能应当是支持实体经济的发展。然而，目前我国经济中出现了明显的金融过度发展现象，本文将这种现象以“金融膨胀”代称。同时，非金融企业的影子银行化也愈演愈烈，经济“脱实向虚”程度愈发加深。本文选取2013~2022非金融非房地产上市企业数据研究宏观层面金融过度发展对非金融企业影子银行化的具体影响。发现：“金融膨胀”显著推动了非金融企业影子银行化，同时企业主业投资发挥了中介效应，“金融膨胀”可以通过挤出企业主业投资来提升企业影子银行化。进一步分析的结果显示：金融利润占比与企业影子银行化存在非线性的U型关系，同时“金融膨胀”对企业影子银行化的推动作用，在融资约束低，以及所处区域GDP增速低的企业中更为明显。

Abstract: The real economy is the foundation of the national economy, and the fundamental function of finance should be to support the development of the real economy. However, there has been a noticeable phenomenon of excessive financial development in China’s economy, which this paper refers to as “financial expansion”. At the same time, the shadow banking of non-financial enterprises has intensified, and the degree of the economy’s “shifting from the real to the virtual” has deepened. This paper selects data from listed non-financial and non-real estate enterprises from 2013 to 2022 to study the specific impact of macro-level financial overdevelopment on the shadow banking of non-financial enterprises. The findings are as follows: “Financial expansion” has significantly promoted the shadow banking of non-financial enterprises, and corporate main business investment has played a mediating effect. “Financial expansion” can enhance corporate shadow banking by crowding out corporate main business investment. Further analysis reveals a nonlinear U-shaped relationship between the proportion of financial profits and corporate shadow banking, and the promoting effect of “financial expansion” on corporate shadow banking is more pronounced in enterprises with low financing constraints and in regions with low GDP growth rates.