经济政策不确定性对企业融资影响的实证分析

Empirical Analysis of Impact of Economic Policy Uncertainty on Enterprise Financing

文章利用中国A股上市公司2003—2016年的面板数据,运用固定效应模型检验了经济政策不确定性对企业融资的影响。结果发现,经济政策不确定性上升显著降低了企业获得的融资,且在民营企业、小规模企业更加明显。经济政策不确定性上升时企业对内部资金的依赖度上升,论证了企业外部融资和内部资金的替代效应。进一步研究发现,经济政策不确定性主要通过债务融资的途径对企业融资产生影响,而对股权融资的影响不显著。

Based on the panel data of Chinese A-stock listed companies from 2003 to 2016,this paper uses the fixed effect model to test the impact of economic policy uncertainty on enterprise financing.The results show that rising economic policy uncertainty has significantly reduced the amount of financing obtained by enterprises,especially in private enterprises and small-scale enterprises;when the uncertainty of economic policy increases,the dependence of enterprises on internal capital rises,demonstrating the substitution effect of external financing and internal capital.Further researches show that the uncertainty of economic policy mainly affects enterprise financing through the way of debt financing,but has no significant influence on equity financing.