经济政策不确定性、专用性投资与民营企业债务短期化研究

Economic Policy Uncertainty,Firm-Specific Investment and Short-Term Debt of Private Enterprises

本文以2007~2020年我国民营上市公司为样本,实证研究经济政策不确定性与民营企业债务短期化的关系。研究发现,经济政策不确定性越高,民营企业债务短期化越严重。经济政策不确定性通过抑制专用性投资从而影响民营企业债务短期化。地区市场化程度可以显著缓解经济政策不确定性对民营企业专用性投资的抑制,进而缓解其对债务短期化的影响。进一步研究发现,行业资产可逆性、金融业市场化水平提高可以降低经济政策不确定性对民营企业专用性投资的抑制,从而降低经济政策不确定性对民营企业债务短期化的影响。

Based on the data of China’s private listed companies from 2007 to 2020,this paper empirically studied the relationship between economic policy uncertainty and the short-term debt of private enterprises.The research showed that the higher economic policy uncertainty, the shorter debt maturity of private enterprises.In addition, the economic policy uncertainty affected the short-term debt of private enterprises by inhibiting the firm-specific investment.The level of marketization could significantly alleviate the inhibition of economic policy uncertainty on private enterprises’ firm-specific investment, and then alleviate its impact on short-term debt.Further research found that industry-level asset redeployability and the level of financial marketization could reduce the inhibition of economic policy uncertainty on private enterprises’ firm-specific investment, so as to reduce the impact of economic policy uncertainty on the short-term debt of private enterprises.