【摘要】 非金融企业从事影子银行业务的逐利行为扭曲了管理层的长期投资决策，降低了企业效率。本文选取2008—2021年中国A股上市的非金融企业样本，考察非金融企业影子银行化水平对全要素生产率的影响及其机制，结果发现企业的影子银行业务会通过降低创新水平、资本配置效率抑制全要素生产率。关于企业内部治理特征和外部市场监督机制的异质性分析发现，影子银行业务对全要素生产率的负向影响在公司治理水平低、高管具有金融背景、分析师跟踪少、非“四大”会计师事务所审计的企业中更加显著。因此，不断完善影子银行的治理体系，在现阶段金融体制改革中有效引导非金融企业“脱虚向实”,是优化资本配置、促进实体经济高质量发展的关键。更多还原

【Abstract】 The profit-seeking behavior of non-financial enterprises engaging in shadow banking activities distorts the long-term investment decisions of management and reduces corporate efficiency. This paper selects the sample of Chinese non-financial A-share listed companies from 2008 to 2021 to investigate the impact and mechanism of shadow banking of non-financial enterprises on total factor productivity. The results show that shadow banking business will affect the total factor productivity of enterprises by decreasing innovation levels and efficiency of capital allocation. The heterogeneity analysis of the internal governance characteristics of enterprises shows that the impact of shadow banking business on total factor productivity is more significant in enterprises with weak corporate governance and enterprises with executives having financial background. The heterogeneity analysis of the external market regulatory mechanism of enterprises shows that the impact of shadow banking business on total factor productivity is more prominent in enterprises with less analyst following and enterprises audited by Non-Big-Fours. Therefore, it is the key to optimize capital allocation and promote the high-quality development of the real economy to constantly improve the governance system of shadow banking and effectively guide non-financial enterprises to move from virtual to real in the current financial system reform.更多还原