中文摘要：

本文从理论角度剖析了非金融企业从事影子银行活动的内、外部驱动因素和机制，基于三个假设命题构建了非金融企业影子银行化与融资结构的关系模型，并运用2009--2015年中国上市公司数据进行检验。结果显示：第一，融资结构对非金融企业从事影子业务的规模产生显著的影响．内源融资、外源融资对企业影子银行规模均存在显著的正向效应。其中．外源融资相较于内源融资、股权融资相较于债权融资对非金融企业影子银行化规模的促进作用更强：第二．经济增长放缓、社会固定资产投资下降引致的宏观经济环境变化加剧了非金融企业影子银行化趋势：第三，不同所有制结构、不同规模企业影子银行化规模与其融资结构的关系存在差异，国有、大型企业外源融资和股权融资占比高．影子银行化动机强烈。但随着企业规模的进一步上升。影子银行化行为会因股东关注和社会舆论受到一定的约束。最后提出抑制企业过度金融化的建议。

英文摘要：

The paper analyzes the internal and external driving factors and the mechanism of non-financing enterprises engaged in shadow banking activities from a theoretical point of view, constructs a relationship model of shadow banking ac- tivities and financial structure of non-financial enterprises based on the three hypotheses, and uses the data of Chinese listed companies in 2009 to 2015 to conduct empirical tests. The result shows the following aspects. The financial structure has a significant impact on the scale of shadow banking activities in non-financial corporations, with both internal financing and external financing having positive effect on the scale of shadow banking business; moreover, the promoting effect of external financing compared to internal financing, equity financing compared to debt financing, is more obvious. The change of macroeconomic environment caused by the slowdown of economic growth and the decrease of social fixed asset investment have aggravated the trend of non-financial enterprises getting engaged in the shadow banking business. There exist significant differences between the relationship of financial structure and shadow banking business scale among companies with different ownership structure and size. State-owned, large-sized enterprises are inclined to engage in shadow banking activities through external financing and equity financing. However, with the further rise of enterprise size, the shadow banking behavior may be constrained to some extent due to shareholder concerns and public opinion. Finally, the paper gives some suggestions on how to control enterprise over-financialization.