关键词: 经济政策不确定性, 经济过度金融化, 企业影子银行, 融资优势, 经营弱势

Abstract: Corporate shadow banking is a highrisk，hidden and regulatory arbitrage activity，and it is also a special form of corporate financialization It is of great significance to study the reasons for the growth of corporate shadow banking to alleviate systemic financial risks and promote highquality economic development This paper intends to carry out indepth research in this field
Considering the rapid development of economic financialization after 2008，this paper puts forward relevant research hypotheses on this issue on the basis of characteristic facts and theoretical analysis，and empirically tests the hypotheses based on the financial data of nonfinancial enterprises listed in China Shanghai and Shenzhen Ashares from 2000 to 2019 The results show that the impact of economic policy uncertainty on enterprise shadow banking has stage characteristics Before the formation of excessive financial economy，the rising uncertainty of economic policy will inhibit the shadow banking activities of enterprises；After the formation of excessive financial economy，the uncertainty of economic policy will promote the growth of enterprise shadow banking At the same time，the degree of economic financialization plays a positive role in it，which strengthens the differential influence of economic policy uncertainty on enterprise shadow banking Moreover，after the formation of excessive financialization of the economy，enterprises with financing advantages or operating weaknesses are more likely to engage in shadow banking activities，and financing advantages and operating weaknesses have superimposed effects on the expansion effect of enterprise shadow banking
The reason why the impact of economic policy uncertainty on enterprise shadow banking is different in stages is that the excessive financialization of the economy has caused the relationship between enterprise shadow banking and entity business activities to change Specifically，before the formation of excessive financialization of the economy，the shadow banking business of enterprises was attached to the physical business activities，and the uncertainty of economic policy would lead to the decline of the scale of enterprise shadow banking by restraining the allocation of operating assets of enterprises；After the formation of excessive financial economy，enterprise shadow banking gradually deviated from the real economic activities and became a “real credit intermediary” The uncertainty of economic policy caused the rapid growth of enterprise shadow banking by restraining the allocation of enterprise operating assets
Compared with the existing research，the marginal contribution of this paper lies in：Firstly，combining with the uncertainty of economic policy，this paper analyzes the external driving mechanism of the rising corporate shadow banking in China in recent years，and considers the stage characteristics of this influence，which makes up for the shortcomings of the existing research Secondly，from the perspective of economic financialization，this paper explores the reasons for the staged differences in the impact of economic policy uncertainty on enterprise shadow banking，and makes a comparative analysis of this staged difference from the theoretical and empirical levels，which is conducive to a more detailed understanding of the realistic logic behind the phenomenon of “deviating from reality to emptiness” caused by enterprise shadow banking

Key words: economic policy uncertainty, overfinancialization of the economy, enterprises' shadow banking, financing advantages, operating disadvantages