| TANG Sheng,RAO Pingui.Strict Financial Banking Regulation and Trade Credit Reallocation:Evidence from the New Asset Management Regulations[J].The Journal of quantitative and technical economics,2025,(6):151-172 |
| 金融强监管与商业信用再配置——来自资管新规的经验证据 |
| Strict Financial Banking Regulation and Trade Credit Reallocation:Evidence from the New Asset Management Regulations |
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| 中文关键词: 金融监管 资管新规 影子银行 非正规金融 商业信用 |
| 英文关键词: Financial Regulation The New Asset Management Regulation Shadow Banking Informal Financial Trade Credit |
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| 中文摘要: |
| 加强和完善金融监管是金融强国建设和金融高质量发展的有力保障,是解决中国现阶段金融体系结构性矛盾的核心关键。本文基于资管新规这一金融强监管政策,研究资管新规对影子银行的监管效果是否会溢出到非正规金融体系的商业信用活动。研究发现,资管新规实施后,参与影子银行业务规模更高的上市公司,其商业信用供给水平显著提高。机制分析表明,资管新规通过抑制影子银行规模、商业银行信贷供给和降低上市公司参与影子银行业务的投资利润率与配置空间,作用于上市公司商业信用供给行为。进一步研究发现,资管新规对上市公司商业信用供给的影响主要见诸于商业信用供给能力较强及商业信用供给动机较大的样本。资管新规实施后,虽然提高了上市公司营业利润率、实现了供应链上下游关系的紧密联结,但在短期内对其股票市场表现和企业价值产生了负面影响。本文对更全面地理解金融监管对于金融体系内部正规金融与非正规金融活动之间动态变化关系的影响具有重要启示。 |
| 英文摘要: |
| Strengthening and improving financial regulation are powerful guarantees for building a strong financial nation and achieving high-quality financial development, which would help address the key structural contradictions in China’s current financial system. Due to the dual financial structure of formal and informal financial systems coexisting in China’s current financial system, there is a complex relationship between formal and informal financial activities, whether they thrive symbiotically or inversely. Regulatory constraints imposed on specific financial activities may thus be ineffective, impacting other financial activities and real economic endeavors and thereby having systemic effects on the broader financial system and the real economy while influencing regulatory objectives.On April 27, 2018, the People’s Bank of China and four other ministries and commissions jointly issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (hereinafter the New Asset Management Regulation (NAMR)), which provides a relatively clean scenario to address the above questions. The NAMR is the first unified regulatory standard for the asset management industry under the backdrop of strict financial regulation, with no exceptions in regulatory scope. It aims to optimize the structural allocation of financial resources through comprehensive regulation of shadow banking activities to enable the financial sector to better serve the real economy.Based on the NAMR—a policy of strict financial regulation—this study investigates whether its regulatory effect spills over to trade credit activities in the informal financial sector. We find that following the implementation of the NAMR, listed companies that engaged more in shadow banking activities experienced a significant increase in the supply of trade credit. The finding indicates that the NAMR stimulates the reallocation of trade credit of listed companies, exerting a broad influence on the entire financial system, including informal financial activities. Mechanism analysis reveals that the NAMR affects the trade credit supply behavior of listed companies by curbing the scale of shadow banking, constraining commercial banks’ credit supply, and reducing the profitability and space for investment in shadow banking activities. Furthermore, we find that the effect of the NAMR on trade credit supply is predominantly observed in samples with stronger trade credit supply capabilities (state-owned firms and firms with lower investment opportunities) and greater trade credit supply motivations (firms located in regions with higher levels of social trust and a greater degree of marketization). Regarding the economic impacts, although the increase in trade credit supply by listed companies after the implementation of the NAMR increased their operating margin and enhanced the tight integration of supply chain relationships, it has negative short-term effects on their stock market performance and firm value.This study not only provides evidence of the economic impacts of shadow banking regulation from the perspective of trade credit in the informal financial sector but also offers important insights into a more comprehensive understanding of the dynamic relationship between formal and informal financial activities in the financial sector. It is recommended that financial regulatory policies should be evaluated from a comprehensive, objective, and systematic perspective, considering the entire financial sector, with particular emphasis on the structural changes within and between the formal and informal financial sectors. More importantly, financial regulation should prioritize the continuous adjustment and optimization of the financial sector to establish a solid foundation for fostering high-quality financial development. It is essential to strengthen and refine financial regulation as an ongoing process, making targeted adjustments or even transformative changes to address the structural issues emerging at different stages of financial development. |
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