经济政策不确定性与企业债务融资  

Economic Policy Uncertainty and Corporate Debt Financing

作　　者：蒋腾 张永冀[2] 赵晓丽 Jiang Teng1, Zhang Yongji2, Zhao Xiaoli2(1.School of Business, Renmin University of China, Beijing 100872; 2.School of Management and Economics, Beijing Institute of Technology, Beijing 100081)

机构地区：[1]中国人民大学商学院,北京100872 [2]北京理工大学管理与经济学院,北京100081

出　　处：《管理评论》2018年第3期29-39,共11页Management Review

基　　金：国家自然科学青年基金项目(71102110)

摘　　要：本文研究了2003到2016年间我国经济政策不确定性对企业债务融资的影响。研究发现,当经济政策不确定性提高时,企业银行借款水平会显著下降。高预期通货膨胀会加强经济政策不确定性对企业银行借款水平的负向影响。银行关联会减弱经济政策不确定性对企业银行借款水平的负向影响。具体而言,对于面临融资约束程度较高的企业,以及产业政策不支持的行业,处于周期性的行业和市场集中度较高的行业的企业,政策不确定性上升时,企业的银行借款水平的减少程度更加显著。This paper studies the impact of the uncertainty of China＇s macroeconomic policies on corporate debt financing from 2003 to2016. The study finds that when the policy uncertainty increases,the level of corporate banking loans declines significantly. High expectations of inflation will strengthen the negative impact of policy uncertainty on the level of corporate borrowing. Bank associations will weaken the negative impact of policy uncertainty on the level of corporate banking loans. Specifically,if an enterprise confronted with a relatively high level of financing constraints operates in a cyclical industry with high market concentration and no policy support,then it will become much less able to get loans from banks.

关 键 词：经济政策不确定性 债务融资 银行关联 预期通货膨胀 

分 类 号：F120[经济管理—世界经济]