科研管理

科研管理 ›› 2017, Vol. 38 ›› Issue (4): 113-122.

• 论文 • 上一篇    下一篇

政策不确定性与企业融资成本差异——基于中国EPU数据

许天启1,张轶龙1,张睿2   

  1. 1. 北京大学经济学院
    2. 北京大学国家发展研究院
  • 收稿日期:2016-11-09 修回日期:2016-12-30 出版日期:2017-04-20 发布日期:2017-04-17
  • 通讯作者: 张轶龙

Policy Uncertainty and Cost of Debt- Based on China’s EPU Data

Xu Tianqi1, Zhang Yilong1, Zhang Rui2   

  1. 1. School of Economics, Peking University, Beijing 100871, China; 
    2. National Development Research Institute, Peking University, Beijing 100871, China
  • Received:2016-11-09 Revised:2016-12-30 Online:2017-04-20 Published:2017-04-17

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。

关键词: 政策不确定性, 企业融资成本, 金融市场发展

Abstract: Current literature on different cost of debt across ownerships focuses policy burden and special connection between government and SOE as the primary reason. This paper uses policy uncertainty as a new angle to explain the differences between the costs of debts. Our study uses EPU data to measure the policy uncertainty level and fixed effect model to control both time and individual effects. Our result suggests policy uncertainty is a main contributor to different cost of debt between SOE and private firm, as policy uncertainty increases, the difference enlarges, and SOE have significantly lower cost than private firms. In addition, the development of financial market can narrow the gap. Our finding adds new angle and empirical evidence to study cost of debt and policy uncertainty.

Key words: policy uncertainty, financing cost, financial marketization