Research On The Impact Of Shadow Banking On The Financing Efficiency Of SMEs

Since the global financial crisis in 2008,the scale of shadow banking in China has developed rapidly,and it has become the second largest shadow banking system in the world after the United States in more than ten years of development.Under the financial system of socialism with Chinese characteristics,the rapid development of shadow banking has a more complex impact on China's financial market and real economy.As an important part of China's real economy,small and medium-sized enterprises(SMEs)play an important role in the development of China's national economy,but financing difficulties are the key factors limiting the development of SMEs.Shadow banking has a variety of forms,playing a similar role in traditional commercial banks,opening up a new financing channel for the majority of small and medium-sized enterprises.Therefore,this paper analyses the impact of shadow bank on SMEs' financing efficiency through theoretical analysis and empirical method,and analyses the internal mechanism between shadow bank and SMEs' financing efficiency.It helps SMEs to improve their financing efficiency by using shadow bank as a financing channel.High-efficiency financing mode can alleviate SMEs to a certain extent.The financing difficulties of enterprises play an active and effective role in solving the financing problems of small and medium-sized enterprises.Firstly,this paper expounds the background and significance of the research,and introduces the ideas,research methods,innovations and shortcomings of the article.Then it combs the relevant literature,summarizes and classifies the relevant research on the financing efficiency of shadow banks and enterprises at home and abroad,and makes a commentary.On the basis of literature review,this paper elaborates the relevant theoretical basis from transaction efficiency and allocation efficiency,including financial repression theory,information asymmetry theory and financial innovation theory.Allocation efficiency includes MM theory and agency theory.On the basis of theoretical analysis,this paper analyses the impact mechanism of shadow banking on the financing efficiency of SMEs in China from the perspective of transaction efficiency and allocation efficiency.Subsequently,this paper analyses the development status of shadow banking and corporate financing efficiency,and analyses the impact of shadow banking on corporate financing efficiency from two aspects: transaction efficiency and allocation efficiency.After analyzing the current situation,this paper uses the data of SMEs listed companies to make a comprehensive analysis of the impact of shadow banking on SMEs' financing efficiency through two empirical methods.Finally,this paper combines theoretical analysis and current situation analysis to analyze the empirical results,and draws the following conclusions:(1)Shadow banking can improve the financing efficiency of SMEs in the short term,but in the long run it will have adverse effects.(2)Entrusted loans,trust loans and non-discounted bank acceptance bills will have a negative impact on the financing efficiency of SMEs.(3)The development of Internet P2 P lending and microfinance companies can improve the financing efficiency of SMEs.In view of the conclusions of the above empirical research,this paper puts forward some targeted countermeasures and suggestions:(1)To create a fair financing environment.(2)Innovating credit model.(3)Improve the information disclosure mechanism and supervision system.(4)Standardize the development of shadow banking.