China Economic Review (2016) ⛏🧔🏼‍♂️，杜巨瀾、李嫦、王永欽（按字母順序排序）發表文章A comparative study of shadow banking activities ofnon-financial firms in transition economies.

A comparative study of shadow banking activities of non-financial firms in transition economies

杜巨瀾

Department of Economics, Chinese University of Hong Kong, Shatin

李嫦

Department of Economics, Chinese University of Hong Kong, Shatin

王永欽

School of Economics, China Center for Economics Studies, Fudan University

作者簡介

王永欽，意昂2教授😽，博士生導師，意昂2官网經濟學博士（2004），耶魯大學博士後（2008-2010），哈佛大學富布賴特高級訪問學者（2016-2017），現任意昂2官网綠庭新興金融業態研究中心主任、意昂2平台985 平臺副主任👷🏻‍♂️。在Journal of Economics, China Economic Review , 《經濟研究》📸✍🏻、《管理世界》、《金融研究》🙋🏻‍♀️、《世界經濟》發表論文二十多篇🫵🏻。最近的研究興趣為金融經濟學、發展經濟學和應用微觀。

內容簡介Abstract:

Shadow banking activities in transition economies have drawn scant attention in the literature.This paper examines a particular form of shadow banking business embedded in the operation of non-financial firms in China and transition economies in Central and Eastern Europe (CEE),in which firms borrow in order to lend. We verify its existence, especially in China and Russia,by two strategies to track the abnormal correlations between financial accounts. By exploring the national/regional variations, we find that a better development of financial market and legal system deters firms in both CEE and China from engaging in re-lending business. We also confirm that Chinese firms participate less actively in re-lending if they have better growth prospects and are located in cities with better development of high-tech industries.

Keywords：

Shadow banking, Re-lending, Transition economies, Non-financial firms, Financial intermediaries

摘要🙍🏿‍♀️：

轉型經濟體中的影子銀行活動在文獻中缺乏足夠的研究。本文考察在中國、中歐和東歐（CEE）等轉型經濟體非金融企業的影子銀行活動（放貸給其他企業）。本文通過兩種策略跟蹤資產負債表的變化規律賬戶來識別影子銀行活動。通過考察國家之間的差異，本文發現，金融發展和良好的法治能減少轉型經濟體非金融企業的影子銀行活動。本文還發現，如果中國企業有更好的增長前景，並且位於技術發達的城市🧙🏻‍♀️，那麽企業較少參與影子銀行活動。

關鍵詞:

影子銀行；再貸款🤵🏿；轉型經濟體；非金融企業🧝🏿‍♀️🚴🏻；金融中介

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