摘要
美国次贷危机爆发以后,影子银行开始被人们所关注。本文从微观企业层面入手,运用现金—现金流敏感性模型,研究影子银行发展对企业现金流的影响,解释影子银行对企业融资约束的缓解作用;然后加入企业创新变量,分析企业创新活动所遭受的融资约束,继而分析影子银行的发展对企业创新活动的影响。通过对2012—2017年中国沪深上市企业数据分析,文章发现,影子银行扩展了企业融资渠道,企业现金持有水平呈现下降的趋势,企业对内部现金流的依存度有所降低,企业融资约束得到缓解。其次,企业创新活动的实施容易受到融资约束的影响,影子银行的发展对企业融资波动具有平滑作用,使得企业创新活动保持平稳持续。最后,对影子银行的精准监管也可以落在委托贷款等方面。
After the financial crisis of 2008,the shadow banking system had been gradually drawn people＇s attention. This paper uses cash-cash flow sensitivities model,in microeonomy,to research the shadow banking system effects on corporate cash flow,and to explain the effect of shadow bank on financial constraints. Taking innovation variables into this model,it is important to analyzing the financial constraints bad effects on enterprise innovation,and then to analyze the relationship between shadow bank,financial constraints and enterprise innovations. This paper uses listed companies in Shanghai and Shenzhen from 2012 to 2017 as study data. Firstly,it is found that the development of shadow bank can reduce corporate cash holding as well as the dependence on the internal cash holding,and effectively easing financial constraints. Secondly,the enterprise innovation is easily influenced by the fluctuation of financing,and the shadow bank has a smoothing effect on this fluctuation,and then the shadow bank can maintain companies innovation stable and sustainable.
作者
淡永鑫
Dan Yongxin(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生学报》
2018年第4期23-32,共10页
Journal of the Postgraduate of Zhongnan University of Economics and Law
基金
2016年中南财经政法大学硕士研究生创新教育计划项目:中国式影子银行的特征及其对企业融资的影响研究(项目编号:2016SStz002)部分研究成果
关键词
影子银行
融资约束
企业创新
The Shadow Bank
Financial Constraints
Enterprise Innovation
