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

摘要： 经济政策不确定性对企业影子银行的影响是否一成不变？考虑到2008年后快速发展的经济金融化，本文基于 2000—2019 年中国沪深A股上市非金融企业的财务数据对此进行实证检验。结果表明：第一，经济过度金融化形成前，经济政策不确定性上升会抑制企业影子银行；经济过度金融化形成后，经济政策不确定性会促进企业影子银行。这种阶段性差异形成的原因在于经济过度金融化造成了企业影子银行与实体经营活动之间关系的转变，并主要通过运营资产传导。第二，经济金融化程度具有正向调节作用，其强化了经济政策不确定性对企业影子银行的差异性影响。第三，经济过度金融化形成后，具备融资优势或处于经营弱势的企业更易从事影子银行活动，且两者对于企业影子银行的扩张效应具有叠加影响。本文对于从根本上解决影子银行风险问题有一定的政策启示。

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