经济政策不确定性与企业融资约束--基于企业异质性与融资渠道的研究  

Uncertainty of Economic Policy and Restriction of Enterprise Financing --Research on the Heterogeneity of Enterprises and Financing Channels

作　　者：姚震 郑禹[3] 鲁斯琪 张宇峰 Yao Zhen;Zheng Yu;Lu Siqi;Zhang Yufeng(Institute of Finance and Economics Research,Central University of Finance and Economics,Beijing 100081,China;D&R Center,China Geological Survey,Beijing 100037,China;Graduate school,Chinese Academy of Fiscal Science,Beijing 100142,China;China Construction Bank Jilin Branch,Changchun 130000,China)

机构地区：[1]中央财经大学财经研究院,北京100081 [2]自然资源部中国地质调查局发展研究中心,北京100037 [3]中国财政科学研究院,北京100142 [4]中国建设银行股份有限公司吉林省分行,长春130000

出　　处：《工业技术经济》2020年第8期116-125,共10页Journal of Industrial Technological Economics

基　　金：国家社会科学基金青年项目“动态随机一般均衡下企业异质性对中国货币政策制定的影响研究”(项目编号:19CJL010)。

摘　　要：随着中国经济步入"新常态",我国宏观经济政策不断进行调整来推进经济结构转型发展,经济政策不确定性增加,本文选取2013~2018年A股上市公司作为研究样本,从企业异质性与融资渠道来探究经济政策不确定性对企业融资约束的影响,研究结果表明,经济政策不确定性提高会加重企业的融资约束,从企业异质性角度,内部控制质量高、外部地区市场化水平高、行业竞争程度低、市场竞争地位强的企业能够较好的缓解经济政策不确定带来的融资约束加重的不利影响,从企业融资渠道角度,经济政策不确定性提高同时影响了企业的债权融资和股权融资,在债权融资中银行等金融机构收紧了对企业的信贷资金从而减少了对企业的银行借款,企业之间的商业信用水平并未受到经济政策不确定性的显著影响。With China’s economy stepping into the"new normal",China’s macroeconomic policies are constantly adjusted to promote the transformation and development of economic structure,and the uncertainty of economic policies is increasing.This paper selects 2013~2018 A-share listed companies as the research sample,and explores the uncertainty of economic policies and corporate financing constraints from the perspective of corporate heterogeneity and financing channels.The research results show that the increase of economic policy uncertainty will aggravate the financing constraints of enterprises.From the perspective of enterprise heterogeneity,enterprises with high quality of internal control,high level of marketization in external areas,low level of industry competition and strong market competition position can alleviate the adverse effects of financial constraints caused by economic policy uncertainty.From the perspective of enterprise financing channels,economic and political increase of policy uncertainty affects the debt financing and equity financing of enterprises at the same time.In the debt financing,the main banks and other financial institutions tighten the credit funds to enterprises,thus reducing the bank loans to enterprises.The commercial credit level between enterprises is not significantly affected by the economic policy uncertainty.The results of this study provide theoretical and practical guidance for enterprises,local governments,financial institutions and market regulators to cope with the negative impact of the increase of economic policy uncertainty.

关 键 词：经济政策不确定性 融资约束 融资渠道 企业异质性 债权融资 股权融资 

分 类 号：F120[经济管理—世界经济] F275.5