近年来，我国经济环境不断改善，但同时虚拟经济高速发展，逐渐占据了市场的主体地位，实体经济下滑严重，金融投资乱象频生。面对高不确定性的市场环境，很多上市公司转变身份角色，脱离主流金融体系，参与到影子银行体系中，承担起信用中介的角色，为中小企业等资金需求方提供信贷业务。但企业从事影子银行化实质上绕开了正规的金融监管，本质属性还是一项监管套利的借贷活动，程度越高，经济虚拟化的趋势就越大。非金融企业影子银行化由于其存在高杠杆率、信息不对称以及加剧金融资本配置不合理等问题，如果对此现象不加以管制，容易累积金融市场系统性风险，最终影响整个金融系统的稳定。因此，为进一步抑制非金融企业影子银行化，寻求更多能够降低其金融系统性风险的区域因素或方法具有较大的现实意义。

造成企业融资约束的原因之中，最重要的就是信息不对称的问题。社会环境变幻莫测存在诸多不确定因素，而社会信任营造的良好氛围使得贷出方提供资金的意愿更强，有效解决了信息不对称等问题，为企业创造了良好的融资环境。我国推出数字普惠金融政策和措施旨在普及金融服务。数字普惠金融将互联网技术应用于传统的金融服务，更为高效地为企业提供了风险识别和信用评级等技术支持，有利于企业获得更多精准的信息，拓宽信息渠道。此外，数字化的普惠金融也可以极大地减轻信息的不对称性。通过增加社会信任度，可以提高公司信息披露的质量，提高公司对数据的整合和分析能力，从而增加公司信息的透明度。这样的信任能够使公司更容易获得资金，更容易获得资金，从而缓解在资金上被歧视的公司所面临的贷款限制。这样，就能降低企业对非正式融资的依赖性，并能有效地遏制民间借贷行为。

本文的创新点在于以非正式制度社会信任为切入点，但由于社会信任的作用存在一定的主观性，所以本文引入了数字普惠金融作为调节变量，先直接研究社会信任对非金融企业影子银行化的影响，再结合已有研究基础，从外部视角探究相对客观的政策措施，即数字普惠金融的发展是否会使社会信任对非金融企业影子银行化的抑制作用降低。同时研究了融资约束是否为该影响的中介机制。

基于此，本文选取了2015~2019年我国全部A股非金融类上市公司作为初始研究样本，构建了固定年份效应和个体效应的双重固定效应模型，通过基础回归、调节效应检验、异质性检验、稳健性检验和中介效应检验得出如下结论：（1）社会信任的提高能够缓解非金融企业影子银行化。（2）随着数字普惠金融的发展，社会信任对非金融企业影子银行化的抑制作用有所减弱（3）社会信任对非金融企业影子银行化的影响在东部地区、公司信息不透明程度高的地方更加显著（4）社会信任对非金融企业影子银行化的影响主要是通过对企业融资约束的影响而造成的。

最后本文在实证研究的基础上进行了总结，并提出了相应的政策建议。

In recent years, my country's economic environment has continued to improve, but at the same time, the virtual economy has developed rapidly and gradually occupied the dominant position in the market. The real economy has declined severely, and financial investment chaos has occurred frequently. Faced with a highly uncertain market environment, many listed companies have changed their identities and roles, divorced from the mainstream financial system, participated in the shadow banking system, assumed the role of credit intermediaries, and provided credit services for small and medium-sized enterprises and other capital demanders. However, enterprises engaged in shadow banking have essentially bypassed formal financial supervision, and the essence is still a regulatory arbitrage lending activity. The higher the degree, the greater the trend of economic virtualization. The shadow banking of non-financial enterprises has problems such as high leverage ratio, information asymmetry and exacerbated unreasonable allocation of financial capital. If this phenomenon is not controlled, it is easy to accumulate systemic risks in the financial market and ultimately affect the stability of the entire financial system. Therefore, in order to further restrain the shadow banking of non-financial enterprises, it is of great practical significance to seek more regional factors or methods that can reduce their financial systemic risks.

Among the causes of corporate financing constraints, the most important is the problem of information asymmetry. There are many uncertainties in the unpredictable social environment, and the good atmosphere created by social trust makes lenders more willing to provide funds, effectively solves problems such as information asymmetry, and creates a good financing environment for enterprises. my country's digital financial inclusion policies and measures aim to popularize financial services. Digital Inclusive Finance applies Internet technology to traditional financial services, and provides enterprises with technical support such as risk identification and credit rating more efficiently, which helps enterprises obtain more accurate information and broaden information channels. In addition, digital inclusive finance can also greatly reduce information asymmetry. By increasing social trust, the quality of company information disclosure can be improved, and the company's ability to integrate and analyze data can be improved, thereby increasing the transparency of company information. Such trust can make it easier for companies to obtain funds and more easily obtain funds, thereby easing the lending restrictions faced by companies that are discriminated against in terms of funds. In this way, the dependence of enterprises on informal financing can be reduced, and private lending can be effectively curbed.

The innovation of this paper is to use the informal system of social trust as the starting point. However, due to the subjectivity of the measurement of social trust, this paper not only directly studies its impact on the shadow banking of non-financial enterprises, but also combines existing research foundations. , introducing digital financial inclusion as a moderating variable, and exploring relatively objective policy measures from an external perspective, that is, whether the development of digital financial inclusion will weaken the inhibitory effect of social trust on the shadow banking of non-financial companies. At the same time, it studies whether financial constraints are the intermediary mechanism of this effect.

Based on this, this paper selects all A-share non-financial listed companies in my country from 2015 to 2019 as the initial research sample, constructs a double fixed effect model with fixed year effect and individual effect, and passes basic regression, adjustment effect test and heterogeneity test , Robustness test and mediation effect test draw the following conclusions: (1) The improvement of social trust can alleviate the shadow banking of non-financial enterprises. (2) With the development of digital inclusive finance, the inhibitory effect of social trust on the shadow banking of non-financial companies has weakened (3) The impact of social trust on the shadow banking of non-financial companies is high in the eastern region and the degree of company information opacity (4) The impact of social trust on the shadow banking of non-financial companies is mainly caused by the impact on corporate financing constraints.

Finally, this paper summarizes on the basis of empirical research, and puts forward corresponding policy suggestions.