Big Data Construction and Shadow Banking of Private Non-Financial Enterprises——Based on the National-level Big Data Comprehensive Pilot Zone Policy

Abstract

In recent years, more private non-financial enterprises engage in shadow banking activities, causing serious negative effects on corporate operations and the financial system. Meanwhile, to promote big data innovation and development, the Party and government established national comprehensive big data pilot zones to enhance data circulation as a key production factor. From the perspective of big data development, this study takes private non-financial enterprises in national-level big data comprehensive pilot zones at the prefectural level (2012–2022) as samples and employs the PSM-DID method to examine whether big data development affects the shadow banking behavior of non-financial enterprises and explore its underlying mechanisms. The results show that big data development effectively curbs shadow banking activities among private non-financial enterprises, and this finding remains robust across multiple tests. Further analysis reveals that big data construction suppresses such activities by alleviating information asymmetry and enhancing social trust. Heterogeneity analysis indicates that the inhibitory effect is more pronounced in regions with higher economic development levels and among high-tech private non-financial enterprises. This study offers a new research solution for mitigating shadow banking in private non-financial enterprises, effectively reduces financial risks, and holds significant implications for promoting the growth of these enterprises.