A Study Of The Influence Of Shadow Banking On SMEs Financing

Since the subprime mortgage crisis in the United States,the scale of shadow banking has been expanding all over the world,which has had a great impact on the world economy and financial markets.In the special financial environment of our country,the rapid growth of shadow banking has a more complicated influence on the real economy and financial market of our country,and the real economy is the foundation of the national economy,and the real economy is strong and the country is strong.However,as a representative of the real economy,SMEs have always had difficulties in financing and expensive financing.In order to revitalize the real economy,it is necessary to deeply study and explore the impact of the complex shadow banking system on the financing of SMEs.It is not only necessary to give full play to the advantages of shadow banking system in solving the financing aspects of small and medium-sized enterprises,but also to guard against the accumulated financial risks in the shadow banking system,standardize the development of shadow banking,and make it serve the real economy better.Based on the analysis of the theory and current situation of shadow banking and SME financing,This paper discusses in detail the influence of shadow banking system on SME financing from three aspects: the influence path,the influence mechanism and the impact result.And through the use of SVAR model to empirically analyze the shadow banking system and its main components on the financing of small and medium-sized enterprises,The empirical results show that the shadow banking system in China is still dominated by the shadow banking within banking institutions,so the shadow banking system as a whole has the same impact on SME financing as the coreshadow banking system.In the short term,they will raise the financing costs of SMEs and increase the financing difficulties of SMEs.The healthy development of microfinance companies and new types of Internet finance can effectively alleviate the financing pressure of SMEs.On the basis of this,this paper puts forward specific countermeasures and suggestions from the aspects of standardizing the development of shadow banking,perfecting the financial supervision system and optimizing the financial ecological environment in view of the different components of the shadow banking system in China.