政策不确定性与企业债务融资的实证研究——来自地级市层面的证据
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引用本文:叶勇, 张丽.政策不确定性与企业债务融资的实证研究——来自地级市层面的证据[J].财经理论与实践,2019,(3):65-73
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作者单位
叶勇, 张丽 (西南交通大学 经济与管理学院, 四川 成都610031 ) 
中文摘要:采用2008-2015年各地级市主政官员(市长或者市委书记)更替事件作为政策不确定性的代理变量,实证检验地方主政官员更替产生的政策不确定性对企业债务融资产生的影响,并进一步考察银行关联和政治关联的作用。研究发现:存在政策不确定性时,企业会显著降低债务融资水平,且这种影响对短期债务融资水平的影响更为显著。进一步考察结果发现:建立政治关联或者银行关联的企业政策不确定性对企业债务融资水平的影响更低。
中文关键词:政策不确定性  债务融资  银行关联  政治关联  官员变更
 
Empirical Study on Political Uncertainty and Corporate Debt Financing——An Evidence from China's Prefecture-level Cities
Abstract:This paper empirically examines the impact of political uncertainty on corporate debt financing caused by the replacement of municipal governors (mayors or secretaries of municipal Party committees) from 2008 to 2015 as proxy variables of political uncertainty. The role of bank connection and political affiliation is further examined. The study finds that when there is political uncertainty, firms will significantly reduce the level of debt financing, and this effect on short-term debt financing is more significant. The level of corporate debt financing with bank or political connections is less affected by political uncertainty.
keywords:political uncertainty  corporate debt financing  bank connection  political connection  official change
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