Digital finance development, financial mismatches, and corporate shadow banking activities

IF 5.2 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2025-06-30 DOI:10.1016/j.chieco.2025.102495

Rui Yang , Rongrong Li , Xinyu Ge

引用次数: 0

Abstract

The existing research suggests that a rapid growth of corporate shadow banking (CSB) activities in China is linked to financial repression. However, it is unclear whether digital finance development (DFD) featured with financial inclusion helps contain the growth. By using a sample of Chinese A-share listed non-financial enterprises (NFEs) from 2011 to 2021, we examine the effect of DFD on CSB activities. We offer empirical evidence that DFD can help decrease such activities. Our findings remain robust even after tackling endogeneity issues and undertaking a set of robustness checks. Furthermore, we identify financial mismatches, such as financial resource mismatch and maturity mismatch, as key pathways by which DFD influences CSB activities. Our results highlight the significant role of DFD in enhancing resource allocation and, crucially, in fostering a more transparent and stable financial system.

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数字金融发展、金融错配与企业影子银行活动

现有研究表明，中国企业影子银行（CSB）活动的快速增长与金融抑制有关。然而，以普惠金融为特征的数字金融发展（DFD）是否有助于遏制增长，目前尚不清楚。本文以2011 - 2021年中国a股非金融上市企业为样本，考察了DFD对企业经营活动的影响。我们提供的经验证据表明，DFD可以帮助减少此类活动。即使在解决了内生性问题并进行了一系列稳健性检查之后，我们的发现仍然是稳健的。此外，我们确定了金融错配，如金融资源错配和期限错配，是DFD影响CSB活动的关键途径。我们的研究结果突出了DFD在加强资源配置方面的重要作用，更重要的是，它在促进更加透明和稳定的金融体系方面发挥了重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.