摘要
以2007—2017年A股非金融公司为样本,分析经营风险对非股权关联方委托贷款的影响。研究发现,经营风险可以抑制企业的非股权关联方委托贷款投资,且这一效应在国有企业和融资约束弱的企业更显著,而在地区金融市场化程度高的地区则更弱;该效应通过影响企业获得的商业信用净融资额实现;此类投资的资金主要源于经营活动产生的内源融资。本文结论为非金融企业影子银行活动与经营活动的互动关系提供了经验证据。
Using the samples of A-share listed non-financial companies from 2007 to 2017,this paper empirically investigated the impact of business risk on the entrusted loans of non-equity related firms.The study found that business risk may curb the entrusted loan investment behaviour of firms to non-equity related parties.The inhibiting effect was more significant in state-owned companies and the companies with weaker financing constraints,while it was not evident in the regions with a higher degree of regional financial marketization.The influencing channel was the commercial credit net financing funds.And the source of investment was mainly the internal financing generated by business activities.The conclusions of this article provided empirical evidence for the interactive relationship between the shadow banking activities and business activities in non-financial enterprises.
作者
胡坤
HU Kun(School of Finance,Renmin University of China,Beijing 100872,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第10期98-111,共14页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金重大项目(71850009)
关键词
非股权关联方委托贷款
经营风险
商业信用
影子银行
融资渠道
entrusted loans of non-equity related firms
business risk
commercial credit
shadow bank
financing channels
