Research On Peer Effect Of Shadow Banking Of Non Financial Enterprises

Against the background of weak market demand and overcapacity,the return on assets of the real economy is decreasing,while the return on assets of the financial sector is increasing significantly.More and more non-financial enterprises are breaking away from the real economy and investing in the shadow credit market through entrusted loans,entrusted wealth management,and private lending,becoming another participant in shadow banking business after formal and quasi financial institutions.Regarding the causes of shadow banking in non-financial enterprises,existing research has overlooked an important factor: peer enterprises.Non financial enterprises are constrained by their ability to obtain information and learn to imitate the shadow banking behavior of their peers after weighing risks and benefits,resulting in the shadow banking peer effect.Moreover,the mechanism of social network relationships in peer effects has been extensively studied.Therefore,it is very necessary for this paper to study the peer effect of Shadow banking system of non-financial enterprises and the impact of the position of enterprises in the chain director network on the peer effect of Shadow banking system of non-financial enterprises.This article will conduct a study on the peer effects of shadow banking in non-financial enterprises from two parts: theoretical analysis and empirical testing.In terms of theoretical analysis,elaborate on the existence of shadow banking peer effects in non-financial enterprises.Meanwhile,based on relevant literature,the mechanism of the role of chain director networks in the peer effect of shadow banking in non-financial enterprises is proposed.In terms of empirical testing,firstly,using data from non-financial enterprises in China’s A-share market,we empirically tested the peer effect of shadow banking in non-financial enterprises,that is,the process of "peer enterprises-enterprises".Secondly,empirical testing is conducted to examine the mechanism of the peer effect of the chain director network in the shadow banking of non-financial enterprises,that is,to empirically test the process of "peer enterprises-chain director network-enterprises".Once again,the nature of property rights will be introduced into the article to study the differential performance of state-owned and non-state-owned enterprises in the shadow banking peer effect,that is,to empirically test the impact of property rights on the process of "peer enterprise enterprise".Finally,study the differential performance of the peer effect mechanism of shadow banking between state-owned and non-state-owned enterprises,that is,empirically test the impact of property rights on the process of "peer enterprise chain director network enterprise".On the basis of empirical testing,the conclusion of this article is drawn:Firstly,there are peer effects in non-financial enterprise shadow banking,credit intermediary shadow banking,and credit chain shadow banking.Secondly,the chain director network has a positive impact on the shadow banking peer effect and credit intermediary type shadow banking peer effect.However,the chain director network does not have the necessary mechanism for the shadow banking peer effect of credit chain,and information can only be transmitted during the stage of "peer enterprise chain director network".Thirdly,,the shadow banking peer effect,credit intermediary type shadow banking peer effect,and credit chain type shadow banking peer effect are all more obvious in non-state-owned enterprises.Finally,in the stage of "peer enterprise chain director network",the transmission effect of shadow banking of peer enterprises and shadow banking of peer enterprise credit intermediaries is the same for state-owned and non-state-owned enterprises.At the same time,state-owned enterprises can weaken the enhancement effect of chain director networks on shadow banking and credit intermediary shadow banking.Therefore,studying the peer effect of shadow banking in non-financial enterprises,the mechanism of the chain of directors network in the peer effect,and the differential performance of state-owned and non-state-owned enterprises in the peer effect and mechanism of action have important theoretical and practical significance for suppressing the rampant expansion of shadow banking in non-financial enterprises and promoting the stable development of the real economy.