Research On The Influence Of Shadow Banking On Financing Of Small And Micro Enterprises In China

As the development of China's economy,small and micro enterprises have gradually been the main force of China's real economy.However,,the problem of financing difficulties is also a core issue in the development process.Although the government continues to increase its policy on financing of small and micro enterprises,Due to the limitations of enterprises,it is difficult to obtain loans from formal financial institutions,so they need to switch to other financing channels for financing.As a realistic response under the conditions of a market economy,shadow banking has a positive role in breaking through financial restraints,but it also increases systemic risks.Since the US subprime mortgage crisis,countries have increased their focus on shadow banking.China has started to rectify shadow banking since 2016,and by 2018,the size of shadow banking in China has fallen sharply.Although the rectification of shadow banking has effectively reduced financial risks,the new low scale of social financing also indicates the impact on real economy financing.Small and micro enterprises themselves cannot obtain loans because they cannot reach the entry threshold of commercial banks.The reduction of the size of shadow banking by deleveraging has exacerbated the problem of financing difficulties for small and micro enterprises.From this,it is proposed to think about the specific impact of China's shadow banking on small and micro enterprise financing,and how to make the shadow banking of our country play a role in alleviating the financing difficulties of small and micro enterprises under the effective prevention of financial risks,and promote the development of real economy.This article first sorts out the literature review related to shadow banking and small and micro enterprises.It can be seen that domestic literature rarely analyzes the impact on small and micro enterprises from the perspective of shadow banking,and only uses the banking system of shadow banking as a shadow in the analysis.The analysis of the banking system is not included in the shadow banking of the non-banking system,so this article analyzes its role in financing small and micro enterprises from the perspective of the shadow banking,and includes the shadow banking of the nonbanking system in the scope of the shadow banking system.Secondly,to define shadow banking and small and micro enterprises,the essence of shadow banking is a credit intermediary outside the supervision.Third,analyze the current status of China's shadow banking financing for small and micro enterprises,and discuss in detail the impact of shadow banking on small and micro financing from three aspects: the impact path,the characteristics of the provision method and the financing impact.Shadow banking generally affects small and micro enterprises.Financing has a positive impact.Different types of shadow banks have different financing methods for small and micro enterprises,and the impact can not be generalized.Therefore,from the aspects of shadow banking in the banking system and shadow banking in the non-banking system,the SVAR model is used.Obtain the specific impact on the financing of small and micro enterprises,and draw conclusions.The main conclusion drawn in this article is that shadow banking in the banking system can only play a short-term supplementary effect on small and micro-enterprise financing,and changes in its size have little effect on economic development,so it can be reduced to a greater extent in order to prevent financial risks.;For shadow banking in the non-banking system,shadow banking in the non-banking system can quickly and permanently alleviate the financing problem of small and micro enterprises,but its scale changes have a greater impact on the economy,considering its long-term positive effect on small and micro enterprises.To complement the effect,therefore,while effectively controlling financial risks,encourage its healthy development.Finally,relevant suggestions are given from the perspectives of shadow banking in the banking system and shadow banking in the non-banking system.