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This study utilizes data from non-financial listed companies in China from 2016 to 2022 and employs a quasi-natural experiment to investigate the impact of financial regulation on enterprises' shadow banking. The research findings indicate that after the Chinese government strengthened regulation on shadow banking, enterprises with substantial bank loans, weaker financing constraints, and state-owned property rights have increased "shadow banking" activities. This phenomenon alleviates the financing constraints faced by highly constrained enterprises, but it brings efficiency losses to the lending enterprises.
Shuxian He (Sat,) studied this question.