| With the in-depth study of the causes of the financial crisis in 2007-2009,shadow banking system is regarded as the driving force and is widely concerned by all walks of life.Different from the definition made by the international community,China’s shadow banking system is the product of the specific development conditions,also it is the innovation of financial supervision,include both institutions and off-balance-sheet business of commercial banks.China’s shadow banking system expanded rapidly in recent years,which played a significant role in supporting the real economy and improving the efficiency of resource allocation.But the inherent characteristics of shadow banking system,such as low transparency and lack of supervision,may bring great risks,which has already led to the regulators of great concern.Small and medium-sized commercial banks(SMBs,the national joint-stock commercial banks and the urban commercial banks)have always been the leaders of China’s financial reform.Although small in scale,they are more flexible and innovative in operation and have been playing an important role in serving the local economy and serving the small and medium-sized enterprises(SMEs).Due to the financial disintermediation and interest rate market reform,the competition in the banking industry will be more intense.Under the background of facing competition of the large state-owned banks and shadow banking,it is particularly important for us to study the way for small and medium-sized commercial banks to transform their business mode and improve their performance.China’s banking system are closely connected with the traditional commercial banking system,the impact on the operating performance of the small and medium-sized commercial banks is a double-edged sword.The positive effect is that the financial innovation ability of the external shadow banking institution can play an excellent demonstration role to the SMBs.Moreover,in order to avoid the strict supervision of the supervisory departments,the commercial banks devote to develop off-balance-sheet business for regulatory arbitrage,which also can expand their income of intermediary business;the negative effect is that the shadow banking system is a product of financial innovation,engaged in the similar business with banks and its clients are also mostly SMEs,will directly compete with the SMBs.Moreover,the source of funds of shadow banking system are closely connected to commercial banks,in the event of a liquidity crisis,the risk will quickly pass to the traditional banking system,and even lead to systemic risk,threaten the stability of the entire financial system seriously.In this paper,we combine theoretical research with empirical analysis.Firstly,we elaborate the concept of shadow banking in detail;analyze the present situation of the development of China’s shadow banking and the performance evaluation of SMBs.Secondly,we calculate the size of shadow banking from 2003 to 2015,and adopt the EVA rate of return to measure the performance of SMBs.After that,we establish panel data model to analyze the impact of shadow banking on the performance of SMBs.The regression result shows that the relative size of China’s shadow banking has a threshold effect on the performance of SMBs,and the relationship can be described by the inverted "U" curve.When the relative size of the shadow banking is less than 34.47%,it will help to improve the performance of SMBs,once beyond this limit will play an inhibitory role.At present,the relative size of China’s shadow banking has reached 57.11%,the number is far beyond the threshold,so that the potential risks can not be ignored.Based on the above conclusions,we maintain that it is imperative to improve the supervision system,strengthen the supervision of shadow banking,and appropriately control its relative scale.At the same time,in order to enhance their own value creation ability,it is suggested that the SMBs should improve the risk management mechanism and speed up the business transformation. |
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