Research On The Impact Of Shadow Banking Business Of Non-financial Enterprises On Total Factor Productivity

The "Proposal of the CPC Central Committee on Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-term Goals for 2035" adopted by the Fifth Plenary Session of the 19th CPC Central Committee clearly pointed out that "Insist on putting the focus of economic development on the real economy.","Building a financial system and mechanism to effectively support the real economy".However,in recent years,our country’s non-financial enterprises’ reliance on financial channels for profits has gradually increased,and capital has shown a trend of "departing from real to virtual".The financialization behavior of enterprises is not only reflected in the purchase of traditional financial assets such as trading financial assets and long-term equity investment,but more and more enterprises engage in shadow banking business through entrusted wealth management,entrusted loans,private lending and purchase of financial products.As a financial behavior of an enterprise,shadow banking will inevitably affect the quality of its own development.Total factor productivity is an important indicator to measure the quality of micro-enterprise development.Studying the relationship between shadow banking business and total factor productivity of non-financial enterprises can provide a certain reference for the long-term high-quality development of real enterprises,which has theoretical and practical significance.Firstly,taking our country’s Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2020 as a research sample,this paper conducts an empirical test on the relationship between corporate shadow banking and total factor productivity.Secondly,in order to examine the impact of the internal and external environment of the enterprise on the relationship between the two,the research samples are tested in groups.Thirdly,in order to clarify the pathway of shadow banking business affecting total factor productivity,a mechanism test was carried out on the research sample.Finally,further analysis explores whether shadow banking can alleviate the underinvestment issue.The results show that:(1)Non-financial enterprises engaging in shadow banking business will inhibit the improvement of total factor productivity.(2)According to the sample group regression,it is found that enterprises with high financing constraints,high operating risks,low internal governance efficiency,and weak external supervision have a stronger inhibitory effect on total factor productivity when engaging in shadow banking business.(3)The results of the mechanism test show that shadow banking of non-financial enterprises reduces total factor productivity by crowding out innovation input and productive investment.(4)The shadow banking business of non-financial enterprises has not alleviated corporate underinvestment.The above research can enrich the related theoretical research on shadow banking business and total factor productivity of non-financial enterprises,and reveal the mechanism by which shadow banking business of non-financial enterprises affects total factor productivity.Under the background that the country advocates high-quality economic development,it provides micro-level evidence for the government to guide non-financial enterprises to return to their main businesses,provides necessary reference for real enterprises to make reasonable financial decision-making behaviors,and restrains the "departing from the real to the virtual" of corporate funds,and improves total factor productivity,so as to drive the high-quality development of entity economy with the high-quality development of micro-enterprises and help the successful completion of the "14th Five-Year Plan".