宏观经济不确定性、融资环境预期与企业杠杆

Macroeconomic Uncertainty,Expectation of Financing Environment and Firms' Leverage

宏观经济不确定性影响企业的融资环境预期,进而影响企业的杠杆决策。本文以2001-2014年我国A股上市公司为样本进行了实证研究,发现宏观经济的不确定性越大,企业对未来融资环境预期越差,企业的财务柔性价值越高,而财务柔性价值更高的企业会选择更低的(净)财务杠杆。此外,融资约束严重的企业对宏观经济不确定性的反应更强,但其降杠杆程度却低于融资约束较轻的企业;代理成本较高的企业对宏观经济不确定性的反应更弱,但其降杠杆程度却高于代理成本较低的企业。

Based on a sample of Chinese A-share Listed Companies from 2001 to 2014,we find that the rising of macroeconomic uncertainty worsens firms' expectation of future financing environment,which in turn increases firms' value of financial flexibility. We also find that the higher the value of firms' financial flexibility,the lower firms'( net) financial leverage. Moreover,the firms with greater financial constraints have stronger reaction to macroeconomic uncertainty,but their efforts of lowering leverage are smaller. The firms with higher agency cost have weaker reaction to macroeconomic uncertainty,while their efforts of lowering leverage are greater.