Shadow banking and corporate finance

HG Finance

Peng, Hao ; Hu, Nan

University:University of Glasgow

Department:Adam Smith Business School

关键词: Shadow banking, corporate finance, cash holding, earnings management.;   

Others  :  http://theses.gla.ac.uk/81478/1/2020PengHaoPhD.pdf

来源: University of Glasgow

【 摘 要 】

This thesis examines how shadow banking activities affect firms’ behaviors. We focus on two important representatives of shadow banking activities: wealth management products issued by commercial banks and finance companies affiliated in business groups in China. By observing how corporates’ cash holding policies, investment decisions and financing choices response to dynamic changes in the shadow banking activities through three empirical studies, we find that the wide spread of shadow banking activities in China plays an important role in explaining corporate behaviors.