经济政策不确定性、融资约束与非金融企业杠杆率——基于1998-2013年中国工业企业数据的实证研究
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| Title | Economic Policy Uncertainty, Financial Constraints and Firm Leverage
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| 作者 | 谭小芬 王雅琦 李松楠 |
| Author | Tan Xiaofen, Wang Yaqi and Li Songnan |
| 作者单位 | 中央财经大学金融学院 |
| Organization | School of Finance, Central University of Finance and Economics |
| 作者Email | xiaofent@163.com；yakisunny@126.com；soniali97@163.com |
| 中文关键词 | 经济政策不确定性 企业效益 融资约束 非金融企业杠杆率 |
| Key Words | Economic Policy Uncertainty; Firm Performance; Financial Constraints; Firm Leverage |
| 内容提要 | 本文基于1998-2013年中国工业企业数据库，研究经济政策不确定性（EPU）对我国非金融企业杠杆率的影响。结果表明，EPU上升时，非金融企业微观杠杆率整体上显著下降，且高效益企业的杠杆率降幅更大。进一步的研究发现，融资约束的存在会扩大EPU上升时高效益企业相对低效益企业的去杠杆幅度，且行业外部融资依赖程度越高、外部信贷环境越低迷，则高效益企业与低效益企业在EPU上升时杠杆率的分化越大。高效益企业面临的更严重的融资约束与所有制歧视有一定的关联，非国有企业在EPU上升时债券发行利率相对国有企业大幅上升，国有企业在EPU上升时杠杆率降幅相对较小，从而再次证实了EPU上升导致效益水平不同的企业杠杆率分化加剧的原因与融资约束有关。 |
| Abstract | Based on firm-level data in Chinese Industrial Enterprise Database from 1998 to 2013, this paper investigates the effect of economic policy uncertainty(EPU) on firm leverage. We find that the rising EPU will lower a firm’s leverage ratio significantly in general, and for firms with better performance, the negative effect of EPU on its leverage is more significant. Further study shows that the enlarged gap of leverage between firms with good performance and bad performance when EPU increases is concerned with financial constraints, and support this conclusion from the fact that the leverage of a firm with good performance in an industry heavily dependent on external finance or a region with tough financial environment will be lower when EPU increases. The more severe financial constraints high-performance firms suffer from are related to the ownership discrimination. Compared with state-owned enterprises(SOEs), the financing cost of private firms rises sharply when EPU rises, while the leverage of SOEs decrease less. These findings verify our conclusion that the different responses of firm leverage to EPU with performance are associated with their heterogeneous financial constraints again. |
| 文章编号 | WP1367 |
| 登载时间 | 2019-04-30 |
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