政策不确定性与企业融资成本差异--基于中国EPU数据  

Policy uncertainty and financing cost difference based on China's EPU data

作　　者：许天启[1] 张轶龙[1] 张睿[2] Xu Tianqi Zhang Yilong Zhang Rui(School of Economics, Peking University, Beijing 100871, China National Development Research Institute, Peking University, Beijing 100871, Chin)

机构地区：[1]北京大学经济学院,北京100871 [2]北京大学国家发展研究院,北京100871

出　　处：《科研管理》2017年第4期113-122,共10页Science Research Management

摘　　要：针对企业融资成本差异,现有文献多从政策性负担、政企关系等角度进行研究,其视角和深度有待进一步拓展。本文从政策不确定性的角度为这一问题的研究提供了新的视角。通过使用基于新闻报道的EPU数据对中国年度政策不确定性程度进行衡量并采用双向固定效应模型控制企业层面影响,本文构建了完整规范的实证分析框架。研究结果表明,政策不确定性的存在是造成国企与民企融资成本差异的重要原因。政策不确定性程度越高,两类企业的融资成本差异越大,且国企融资成本显著低于民企。此外,地区金融市场发展程度的提高将缩小两类企业的融资成本差异。本文为企业融资成本差异的研究提供了新的视角和证据,丰富了政策不确定性、企业行为等相关研究的文献成果。Current literature on different financing cost across ownerships focuses on policy burden and special connections be- tween government and SOE as the primary reason. This paper uses policy uncertainty as a new angle to explain financing cost differences. Our study uses EPU data to measure policy uncertainty level and adopts the fixed effect model to control both time and individual effects. Our result suggests policy uncertainty is a main contributor to different financing cost between SOE and private firms, and as policy uncertainty increases, the difference enlarges, and SOE have significantly lower cost than private firms. In addition, the development of financial market can narrow the gap. Our finding adds a new angle and empirical evi- dences to study financing cost and policy uncertainty.

关 键 词：政策不确定性 企业融资成本 金融市场发展 

分 类 号：F019.6[经济管理—政治经济学] F062.9