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Non-Financial Enterprises' Shadow Banking Business and Total Factor Productivity of Enterprises
| Content Provider | MDPI |
|---|---|
| Author | Yang, Chen Shen, Weitao |
| Copyright Year | 2022 |
| Description | This study empirically analyzes the impact of the shadow banking business (SBB) of non-financial enterprises (non-FEs) on the total factor productivity (TFP) of enterprises using data concerning non-FEs listed in China’s A-share market from 2008 to 2019. The results show that non-FEs’ SBB has a significantly negative impact on their TFP, and for every 10% increase in the involvement of non-FEs in SBB, their TFP decreases by 4.22% on average. The negative effect is more significant in the period of loose monetary policy, lower industry competition, and non-state-owned enterprises. Alleviating financing constraints, reducing information asymmetry, and optimizing financial resource allocation may mitigate the negative effect. Our study reveals the mechanism by which non-FEs’ SBB inhibits their TFP. These findings enrich the theoretical research on the two, and provide empirical evidence to alleviate the “off real to virtual” of the economy and promote long-term, high-quality and sustainable economic development. |
| Starting Page | 8150 |
| e-ISSN | 20711050 |
| DOI | 10.3390/su14138150 |
| Journal | Sustainability |
| Issue Number | 13 |
| Volume Number | 14 |
| Language | English |
| Publisher | MDPI |
| Publisher Date | 2022-07-04 |
| Access Restriction | Open |
| Subject Keyword | Sustainability Information and Library Science Shadow Banking Total Factor Productivity Financing Constraints Information Asymmetry Financial Mismatch |
| Content Type | Text |
| Resource Type | Article |
