摘要
本文运用2019年香港浸会大学陆尚勤和黄昀等人所构建的中国经济政策不确定性指数来分析经济政策不确定性对企业资本成本的影响。实证结果显示:经济政策不确定指数上升会显著增加企业的资本成本。民营企业因经营管理灵活多变,更适应多变的市场环境,使其相较国有企业而言,资本成本受到经济政策不确定性的影响要小一些。因此,本文给出以下建议:政府经济政策的制定实施应当更加谨慎,以降低政策风险,给企业一个稳定的发展空间,降低企业生存的成本,此外,国有企业的经营管理方式应当更加灵活多变,以提升对风险的抵御能力。
This article uses the Chinese economic policy uncertainty indexes constructed by Lu Shangqin and Huang Yi and others of Hong Kong Baptist University in 2019 to analyze the impact of economic policy uncertainty indexes on micro-capital costs.Empirical results show that the rise in the uncertainty index of economic policy will significantly increase the capital cost of micro-enterprises.In addition,private enterprises are more flexible and adaptable to the changing market environment,making their capital costs less affected by uncertainties in economic policies than state-owned enterprises.In addition,this article further explores the transmission mechanism of the impact of economic policy uncertainty index on corporate capital costs,and finds that there is an intermediary effect of information asymmetry.Therefore,this article gives the following suggestions:The formulation and implementation of government economic policies should be more cautious,reduce policy risks,give enterprises a stable development space,and reduce the cost of corporate survival.In addition,the management methods of state-owned enterprises should be more flexible.In order to improve the ability to resist risks.
作者
路遥
Lu Yao(School of Finance,Nanjing Audit University)
出处
《金融发展评论》
2020年第3期128-140,共13页
Financial Development Review
关键词
经济政策不确定性
资本成本
上市公司
Economic Policy Uncertainty
Cost of capital
Listed Company
