经济增长、经济政策不确定性与民营企业融资困境

Economic Growth,Economic Policy Uncertainty,and Financing Difficulties of Private Enterprises

基于中国信用债券市场数据,本文创造性地构建了主体信用利差指标以刻画民营企业在公开债券市场的融资成本,从外部宏观环境视角对民营企业融资困境问题开展了实证研究。研究结果表明,宏观经济增长确实能够显著改善民营企业融资成本,但经济政策不确定性的提高会导致民营企业融资成本上升,并抑制宏观经济增长对民营企业融资成本的改善作用。这反映了宏观经济与经济政策不确定性会通过改变投资者风险偏好进而影响民企融资成本。建议政府部门在经济下行压力较大时期加强对民营企业的扶持力度,强化经济政策前瞻性指引,并注重经济政策的稳定性和延续性。

This study analyses the financing difficulties of Chinese private enterprises from the perspective of macro-economic development and economic policy uncertainty based on credit bonds market with issuer credit spreads.Empirical results of this study show that financing costs decrease with the economy development,but this phenomenon is less significant when economic policy uncertainty increases.Investor risk appetite is critical in explaining the effects of economy and policy uncertainty on private enterprises.This study suggests that authorities should better manage market expectation on economic policies,private enterprises also need to strengthen the abilities to better meet the challenges of external changes.