China Economic Review (2016) ，杜巨澜、李嫦、王永钦（按字母顺序排序）发表文章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

杜巨澜

Department of Economics, Chinese University of Hong Kong, Shatin

李嫦

Department of Economics, Chinese University of Hong Kong, Shatin

王永钦

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

作者简介

王永钦，复旦大学经济学院教授，博士生导师，复旦大学经济学博士（2004），耶鲁大学博士后（2008-2010），哈佛大学富布赖特高级访问学者（2016-2017），现任复旦大学绿庭新兴金融业态研究中心主任、经济学院985 平台副主任。在Journal of Economics, China Economic Review , 《经济研究》、《管理世界》、《金融研究》、《世界经济》发表论文二十多篇。最近的研究兴趣为金融经济学、发展经济学和应用微观。

内容简介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：

转型经济体中的影子银行活动在文献中缺乏足够的研究。本文考察在中国、中欧和东欧（CEE）等转型经济体非金融企业的影子银行活动（放贷给其他企业）。本文通过两种策略跟踪资产负债表的变化规律账户来识别影子银行活动。通过考察国家之间的差异，本文发现，金融发展和良好的法治能减少转型经济体非金融企业的影子银行活动。本文还发现，如果中国企业有更好的增长前景，并且位于技术发达的城市，那么企业较少参与影子银行活动。

关键词:

影子银行；再贷款；转型经济体；非金融企业；金融中介

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