经济政策不确定性与企业债务期限结构  

Economic Policy Uncertainty and Debt Maturity Structure of Enterprises

作　　者：毛新述[1] 穆文婷 MAO Xin-shu;MU Wen-ting

机构地区：[1]北京工商大学商学院

出　　处：《财务研究》2022年第6期66-76,共11页Finance Research

基　　金：国家自然科学基金面上项目(72172009)。

摘　　要：债务期限结构是企业融资决策中的重要一环,本文基于2003-2020年沪深A股上市公司数据,实证分析了经济政策不确定性对我国上市公司债务期限结构的影响。在此基础上,探讨债务期限结构受经济政策不确定性影响的动态变化。研究发现,随着经济政策不确定性的增加,企业的长期债务占比也随之增加;经济政策不确定性抑制了企业新增债务融资的获取能力。中介效应检验发现,融资约束在经济政策不确定性影响企业的长期债务占比中发挥了部分中介作用。进一步研究发现,经济政策不确定性较高时,企业新增短期债务融资受到的抑制作用更大。区分股权性质后发现,民营企业与国有企业新增债务的融资能力受经济政策不确定性影响无显著差异,但民营企业长期债务占比受到的影响更大。Debt maturity structure is an important part of corporate financing decisions.Based on the data of A-sharc listed companies in Shanghai and Shenzhen from 2003 to 2020,this paper empirically analyzes the impact of economic policy uncertainty on debt maturity structure of listed companies in China.On this basis,the paper discusses the dynamic changes of debt maturity structure affected by economic policy uncertainty.We found that with the increase of economic policy uncertainty,the proportion of long-term debt of enterprises also increases;The uncertainty of economic policy inhibits the ability of enterprises to obtain new debt financing.The intermediary effect test found that financing constraint played a part of intermediary role in the influence of economic policy uncertainty on the long-term debt ratio of listed companies.Further research found that when economic policy uncertainty is high,the new short-term debt financing of enterprises is more inhibited.After distinguishing the nature of equity,we found that the financing capacity of new debt between private and state-owned enterprises is not significantly affected by economic policy uncertainly,but the proportion of long-term debt of private enterprises is more affected.

关 键 词：经济政策不确定 债务期限结构 融资约束 

分 类 号：F275[经济管理—企业管理]