货币政策不确定性对企业债务融资影响的实证分析  

Empirical Study on the Impact of Monetary Policy Uncertainty on Corporate Debt Financing

作　　者：陈晓鸣 CHEN Xiao-ming(School of Management,Chuzhou Vocational and Technical College,Chuzhou Anhui 239000,China)

机构地区：[1]滁州职业技术学院管理学院,安徽滁州239000

出　　处：《兰州工业学院学报》2021年第5期86-89,共4页Journal of Lanzhou Institute of Technology

基　　金：滁州职业技术学院高水平专业(课程)教学团队(2019jxtd01);滁州职业技术学院社科重点研究项目(JYZ-2019-29);安徽省教育厅省级精品线下开放课程项目(2019kfkc224)。

摘　　要：从宏观经济波动性出发,考察货币政策不确定性对企业债务融资的研究,通过选取2010—2017年我国A股上市公司为研究对象进行实证检验发现:货币政策不确定性与企业债务融资成本显著负相关,货币政策调整的越频繁,企业债务融资成本就越高;企业会计信息质量越高,资产收益率越高,抵押能力越强,债务融资成本就越小;企业规模越大,外部监管成本就越大,债务融资成本就越高。根据这些结论提出相关政策建议。Based on the macro-economic volatility,the impact of monetary policy uncertainty on corporate debt financing is studied.By selecting A-share listed companies in China from 2010 to 2017 as the research object,it is found that monetary policy uncertainty is significantly negatively related to corporate debt financing cost.The more frequent monetary policy adjustment,the higher corporate debt financing cost;the higher the quality of accounting information,the higher the rate of return on assets and the stronger the ability of mortgage,the lower the cost of debt financing;the larger the enterprise scale,the greater the cost of external supervision and the higher the cost of debt financing.According to these conclusions,relevant policy recommendations are put forward.

关 键 词：货币政策不确定性 债务融资 广义最小二乘估计 

分 类 号：F062.9[经济管理—政治经济学]