影子银行监管、中小企业融资与普惠金融发展

Shadow-Banking Regulation, SME Financing, and the Development of Inclusive Finance

摘要: 本文以资管新规的实施作为准自然实验，考察影子银行的收缩对中小企业融资的影响。研究发现，影子银行的收缩在短期恶化了中小企业的融资环境，具体表现为银行贷款规模的下降和利率的上升，并且对民营中小企业的影响更为显著。本文认为，影子银行业务治理须遵循疏堵结合、循序渐进的原则，应该客观全面地看待影子银行在解决我国中小企业融资难问题中的作用。本文建议通过资管体系改革引导委托贷款、信托贷款等金融工具的良性发展，进而助力中小企业发展。

Abstract: Using the promulgation of the New Asset Management Rules as a quasi-natural experiment, this paper investigates how regulation-induced contraction of Chinese-style shadow banking affects SMEs’ financing. We find that the contraction worsens SMEs’ financing conditions in the short run, manifested in smaller bank loan amounts and higher loan interest rates, with the adverse effects being more pronounced for privately owned SMEs. These results suggest that, in the short run, regulation-driven retrenchment of shadow banking may impede the further development of inclusive finance; put differently, the policy objective of restraining financial churn and enhancing financial services to the real economy has not yet been substantively realized. We argue that the governance of shadow banking should follow a principle of combining blocking with dredging and proceed in a gradual and sequenced manner. Policymakers should acknowledge the role that shadow banking has played in easing SMEs’ financing constraints and, through reforms of the asset-management framework, guide the healthy development of instruments such as entrusted lending and trust lending to support SMEs and inclusive finance.