宏观经济不确定性对民营企业负债融资的影响  

Research on the Influence of Macroeconomic Uncertainty on Private Enterprise Financing

作　　者：张云超 Zhang Yunchao

机构地区：[1]郑州轻工业大学经济与管理学院党委,河南郑州450066

出　　处：《河南社会科学》2022年第9期56-64,共9页Henan Social Sciences

基　　金：国家社会科学基金一般项目“马克思主义经济学视角下金融资本异化研究”(18BJL019);河南省哲学社会科学规划项目“美国货币政策调整对中国经济高质量发展的影响研究”(2019CJJ092);河南省高校哲学社会科学创新团队支持计划项目“沿黄城市制造业碳达峰的制约因素与动力机制研究”(2022-CXTD-05)。

摘　　要：采用高维宏观数据信息集测度中国宏观经济不确定性,并结合中国上市民营企业财务数据构建面板数据模型,研究宏观经济不确定性对民营企业债务融资的影响,并进一步研究不同融资约束程度和市场化程度下这种效应的差异。研究结果表明:宏观经济不确定性上升会显著减低民营企业债务融资规模,并且导致民营企业债务融资成本上升,而且民营企业面临的融资约束越严重,所在地区市场化程度越高,宏观经济不确定性对民营企业债务融资规模的抑制效应越严重,对民营企业的债务融资成本正向影响越显著。因此,政府应采取稳健的宏观经济政策来应对宏观经济不确定性对民营企业债务融资的不利影响;民营企业应聚焦主业,进而在宏观经济不确定性上升时期能够获得良好的债务融资机会,最终推进民营企业高质量发展。This paper uses the higher dimensional macro data information sets to measure China’s macroeconomic uncertainty, combined with the listed private enterprises in China financial data to construct panel data model, to study the macroeconomic uncertainty on the impact of debt financing of private enterprises,and further study the effect under different degree of financing constraints and marketization degree of difference. The research results indicate that macroeconomic uncertainty will rise significantly reduce the scale of debt financing of private enterprises, and lead to rising cost of debt financing of private enterprises, and the more serious, private enterprises face the financing constraints of area the higher the degree of marketization,macroeconomic uncertainty for private enterprise debt financing scale inhibition effect of the more serious, the positive impact on the debt financing cost of private enterprises is more significant. Therefore, the government should use prudent macroeconomic policies to deal with the adverse impact of macroeconomic uncertainty on private enterprise debt financing;private enterprises should expand and strengthen their main businesses, so as to obtain good debt financing opportunities during periods of rising macroeconomic uncertainty, and ultimately promote the high-quality development of private enterprises.

关 键 词：宏观经济不确定性 民营企业 债务融资 融资规模 融资成本 

分 类 号：F2[经济管理—国民经济]