政策不确定性与企业融资成本差异--基于中国EPU数据

发布时间：2019-01-04 07:06

【摘要】：针对企业融资成本差异,现有文献多从政策性负担、政企关系等角度进行研究,其视角和深度有待进一步拓展。本文从政策不确定性的角度为这一问题的研究提供了新的视角。通过使用基于新闻报道的EPU数据对中国年度政策不确定性程度进行衡量并采用双向固定效应模型控制企业层面影响,本文构建了完整规范的实证分析框架。研究结果表明,政策不确定性的存在是造成国企与民企融资成本差异的重要原因。政策不确定性程度越高,两类企业的融资成本差异越大,且国企融资成本显著低于民企。此外,地区金融市场发展程度的提高将缩小两类企业的融资成本差异。本文为企业融资成本差异的研究提供了新的视角和证据,丰富了政策不确定性、企业行为等相关研究的文献成果。
[Abstract]:In view of the difference of enterprise financing cost, the existing literature mainly studies from the angle of policy burden and the relationship between government and enterprise, and its perspective and depth need to be further expanded. This paper provides a new perspective for the study of this issue from the perspective of policy uncertainty. By using the EPU data based on news reports to measure the degree of uncertainty of China's annual policy and adopt a two-way fixed effect model to control the impact on the firm level, this paper constructs a complete normative empirical analysis framework. The results show that the existence of policy uncertainty is an important reason for the difference of financing cost between state-owned enterprises and private enterprises. The higher the degree of policy uncertainty, the greater the difference of financing costs between the two types of enterprises, and the financing cost of state-owned enterprises is significantly lower than that of private enterprises. In addition, the development of regional financial markets will reduce the financing cost difference between the two types of enterprises. This paper provides a new perspective and evidence for the study of corporate financing cost differences, and enriches the literature achievements on policy uncertainty, corporate behavior and other related research.
【作者单位】：北京大学经济学院;北京大学国家发展研究院;
【分类号】：F275

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