关键词: 影子银行化, 企业升级, 非线性异质效应, 非参数分位数面板

Abstract: Based on the micro-data of listed manufacturing companies from 2011 to 2018 and the non-parametric quantile model based on B-spline expansion, this paper describes the nonlinear heterogeneous influence of shadow banking on enterprise upgrading. The results show that: (1)The fitting curve of the impact of enterprise shadow banking on enterprise upgrading has nonlinear characteristics, roughly showing an “inverted U-shape”, indicating that there is the most effective scale of enterprise shadow banking activities; (2)There is significant heterogeneity in the shadow banking of enterprises located at different quantiles, as follows: the higher the level of enterprise level, the greater the curvature of the fitting curve, that is, the higher the sensitivity, the lower the most effective scale of shadow banking activities; (3)The optimal scale of shadow banking of enterprises with different property rights also has heterogeneity. The best advantage of non-state-owned enterprises is greater than that of state-owned enterprises, and the low quantile non-state-owned enterprises mainly play a promoting role; (4)Moderate shadow banking activities will ease the financing constraints faced by enterprises and promote enterprise innovation and investment, which is conducive to enterprise upgrading, while excessive shadow banking activities will strengthen financing constraints, which is not conducive to enterprise upgrading.

Key words: shadow banking, corporate upgrading, nonlinear heterogeneous effects, non-parametric quantile panel