Abstract
This paper explores the impact of managerial overconfidence on shadow banking of non-financial enterprises. Selecting a sample of A-share companies in Shanghai and Shenzhen from 2012 to 2021. It is found that managerial overconfidence has a facilitating effect on shadow banking of non-financial enterprises; the facilitating effect of managerial overconfidence on shadow banking of non-financial enterprises is sharper in state-owned enterprises; and overconfident external auditing inhibits the effect of managerial overconfidence on shadow banking of non-financial enterprises.
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