The Real Effects of Shadow Banking: Evidence from China
利用企业层面数据，发现中国影子银行（主要是企业间委托贷款）能促进借款企业的技术创新，尤其当借款企业面临更严重的融资约束、信息不对称和收购威胁时。其作用机制是资本从低生产率但易融资的贷款企业流向高创新但融资难的借款企业，从而纠正银行信贷错配。
We provide firm-level evidence on the real effects of shadow banking in terms of technological innovation. Firm-to-firm entrusted loans, the largest part of the shadow banking sector in China, enhance the borrowers’ innovation output. The effects are more prominent when the borrowers are subject to severer financial constraints, information asymmetry, and takeover exposures. A plausible underlying channel is capital reallocations from less productive but easily financed lender firms to more innovative but financially less privileged borrower firms. Our paper suggests that shadow banking helps correct bank credit misallocations and thus, serves as a second-best market design in financing the real economy. This paper was accepted by Kay Giesecke, finance. Funding: X. Tian and Y. Wang acknowledge financial support from the National Natural Science Foundation of China [Grant 71825002] and the Beijing Outstanding Young Scientist Program [Grant BJJWZYJH012019100003014]. G. Tu acknowledges financial support from the National Natural Science Foundation of China [Grant 72010107001]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.00953 .