作　　者： ;

机构地区： 华南理工大学

出　　处： 《上海立信会计金融学院学报》 2021年第4期3-16,共14页

摘　　要： 近年来,非金融企业正逐渐成为我国影子银行体系中的一个重要参与主体。研究发现,现阶段非金融企业通过参股非银行金融机构、委托代理、民间借贷和其他类金融业务等方式参与影子银行业务,主要通过高杠杆、内在关联渠道、社会总体流动性和宏观经济波动等渠道影响我国金融体系的稳定。实证检验发现,非金融企业影子银行和金融稳定性互为因果关系,非金融企业影子银行对金融稳定性有负向冲击作用。在此基础上,文章从监管部门和非金融企业的角度,提出相关政策建议。 In recent years,non-financial enterprises have gradually become an important participant in China's shadow banking system.It is found that at this stage,non-financial enterprises participate in shadow banking business by investing non bank financial institutions,principal-agent,private lending and other financial businesses,which mainly affect the stability of China's financial system through high leverage,internal related channels,overall social liquidity and macroeconomic fluctuations.The empirical test shows that there is a causality between non-financial enterprise shadow banking and financial stability,and non-financial enterprise shadow banking has a negative impact on financial stability.On this basis,the authors put forward some policy suggestions from the perspective of regulatory authorities and non-financial enterprises.

关 键 词： 非金融企业 影子银行 金融稳定 股上市公司

领　　域： [经济管理—金融学]