摘要：信贷歧视环境下，融资劣势企业往往难以从正规金融体系筹集资金，信贷资源错配催生了融资劣势企业的非正规金融融资需求。其中，融资门槛低、潜在风险大的影子银行融资发展迅猛。为规范影子银行业务，国家金融监管总局联合多部门发布“资管新规”等一系列强监管措施来控制影子银行的规模和风险。然而，应对影子银行风险，不仅要用强监管“堵”住源头，更需以优化信贷“疏”通正道，从而根除企业的影子银行融资依赖。本文基于《能效信贷指引》实施的准自然实验，选取2012—2023年沪深A股上市公司作为研究样本构建双重差分模型(DID),探索能效信贷这一疏导性政策对非正规金融融资的治理效应。研究发现，能效信贷政策能够显著抑制企业的影子银行融资规模，经过一系列稳健性检验后该结论依然成立。机制检验发现，能效信贷政策通过提升信贷可得性、引导绿色投资者进入这两条路径发挥作用。异质性分析中，区分企业融资能力发现，能效信贷政策对影子银行融资的抑制效果在融资约束水平较高、有形资产抵押能力较低的企业中更为显著；区分商业信用融资发现，能效信贷政策对影子银行融资的抑制作用在商业信用融资规模较小的企业中更为明显；区分地区金融发展发现，能效信贷政策对影子银行融资的抑制作用在金融发展水平较低和金融监管强度较低地区的企业中更为突出。经济后果检验发现，能效信贷政策抑制影子银行融资能够有效降低企业的经营和财务风险。本文研究表明，在实施堵截性监管政策的同时，搭配疏导性政策能更有效地引导金融资源服务实体经济，这为防范系统性金融风险和推动经济高质量发展提供了重要的政策启示。

Abstract: Amid the misallocation of credit resources, informal financing represented by highrisk shadow banking has grown rapidly. Addressing shadow banking risks requires not only stringent regulation to “block” the source but also credit optimization to “channel” the proper financing path, thereby eradicating enterprises' reliance on shadow banking financing. Based on a quasi-natural experiment conducted following the implementation of the “Energy Efficiency Credit Guidelines, ” this paper uses A-share listed companies from 2012 to 2023 as the research sample to investigate the governance effect of this channeling-type policy on informal financing. The study finds that the energy efficiency credit policy significantly curbs the scale of corporate shadow banking financing. Mechanism tests reveal that the policy primarily curbs shadow banking financing through two channels: enhancing credit availability and attracting green investors. Heterogeneity analysis indicates that the curbing effect of the energy efficiency credit policy on corporate shadow banking financing varies depending on differences in corporate financing capacity, commercial credit financing, regional financial development. The policy's inhibition effect on corporate shadow banking financing is more pronounced among firms with higher financing constraints, lower tangible asset collateralization capacity, smaller commercial credit, lower regional financial development, and weaker regional financial regulation. Economic consequence tests reveal that the suppression of shadow banking financing by energy efficiency credit policy effectively reduces firms' operational and financial risks. These findings indicate that combining blocking-type regulatory policies with channeling-type policies can more effectively guide financial resources to serve the real economy, providing important policy implications for preventing systemic financial risks and promoting high-quality economic development.