How does capital market liberalization shape corporate shadow banking? Evidence from China

IF 5.2 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2025-06-20 DOI:10.1016/j.chieco.2025.102484

Deng-Kui Si , Guanchun Liu

引用次数: 0

Abstract

This paper examines how capital market liberalization shapes corporate shadow banking, utilizing panel data for China's non-financial listed firms. We find the liberalization reform of capital market significantly inhibits corporate shadow banking through the channels of alleviating financing constraints, improving capital allocation efficiency, and enhancing credit allocation quality. The inhibitory effect is more evident for firms experiencing severe financing constraints, larger financing gaps, higher external financing dependence, and fewer investment opportunities. This paper explores the micro-level mechanisms through which macro institutional reforms affect firms' behavior.

查看原文本刊更多论文

资本市场自由化如何塑造企业影子银行？来自中国的证据

本文利用中国非金融类上市公司的面板数据，考察了资本市场自由化对企业影子银行的影响。我们发现，资本市场自由化改革通过缓解融资约束、提高资本配置效率、提高信贷配置质量等渠道，显著抑制了企业影子银行的发展。对于融资约束严重、融资缺口较大、外部融资依赖程度较高、投资机会较少的企业，抑制作用更为明显。本文探讨了宏观制度改革影响企业行为的微观机制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

中国经济评论 ECONOMICS-

CiteScore

10.60

自引率

4.40%

发文量

380

期刊介绍： The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.