摘要
笔者利用2006-2015年我国A股上市公司财务报表数据和银监会公务员招聘公告数据研究发现,加强地区金融监管对非金融企业从事虚拟经济(持有金融资产)具有显著的抑制作用,这种抑制作用在金融发展水平较高的地区以及融资约束较弱的企业更显著。进一步研究发现,银行监管增强对非金融企业金融化的抑制作用主要是通过供给渠道,即缩减融资软约束企业的信贷从而减少非正规金融的资金供给而实现的。笔者的政策建议在于,针对信贷流向实施更加指向性的金融监管政策将能够更有效地引导金融服务于实体经济。
Based on the data of financial statements of A-share listed companies in China from 2006 to 2015 and the recruitment announcement of civil servants of CBRC, this paper finds that strengthening regional financial supervision has a significant inhibitory effect on non-financial enterprises engaging in virtual economy(holding financial assets).This kind of restraint is more significant in areas with higher level of financial deve-lopment and enterprises with lighter financing constraints.Further research finds that the restraint of strengthening banking supervision on the financialization of non-financial enterprises is mainly through supply channels.The strengthening of banking supervision is achieved by reducing the credit of firms with stronger financing capacity, thereby reducing the supply of funds for informal finance.The policy suggestion of this paper is that the implementation of more directional financial supervision policy for credit flow will be able to guide finance to serve the real economy more effectively.
作者
马思超
彭俞超
MA Si-chao;PENG Yu-chao
出处
《中央财经大学学报》
CSSCI
北大核心
2019年第11期28-39,共12页
Journal of Central University of Finance & Economics
基金
国家自然科学基金青年科学基金项目“基于企业脱实向虚行为的中国货币政策有效性研究”(项目编号:71903208)
中央高校基本科研业务费专项资金
中央财经大学科研创新团队支持计划
关键词
金融监管
企业金融化
影子银行
Financial supervision
Enterprise finance
Shadow banking
