The present invention is a liquid crystal panel substrate that comprises: pixel units each having a pixel electrode, to be used as a reflective electrode and arranged in a matrix pattern on a substrate, and a switching element controlling a voltage applied to the pixel electrode; wherein between the pixel electrode and a conductive layer forming a terminal electrode of the switching element, a contact hole is provided for connecting the pixel electrode and the terminal electrode. A light-shielding layer, having an opening surrounding the portion in which the contact hole is formed, and having no opening in regions between a plurality of adjacent pixel electrodes, is formed between the pixel electrode and the conductive layer. Harmful effects due to light leaking through a space between the pixel electrodes can thereby be prevented.