关键词: 资管新规, 影子银行, 经济高质量发展, 货币政策

Abstract: After the implementation of the Asset Management Regulation in 2018, shadow banking in China suffered a clear restriction, but the decline of the virtual economy has not resulted in an improvement of the real economy.By constructing a model with heterogeneous firms and endogenous financial constraints, this paper studies the macroeconomic impact of shadow banking restriction policies.Research shows that shadow banking restriction policies not only lead to a decrease in the gross investment and the weakening of the stimulus effect of expansionary monetary policies on investment, but also promote the transfer of capital to high-efficiency firms, thereby improving resource allocation efficiency.While the Asset Management Regulation has been promoting improvement in the quality of economic growth, the "only-one-step" regulation has also led to certain economic costs.Therefore, policy makers should be more concerned about the financing difficulties of SMEs and private enterprises while restricting shadow banking activities, in order to contribute to high-quality economic growth.

Key words: Asset Management Regulation, shadow banking, high-quality economic growth, monetary policy