摘要
选取中国沪深A股2007—2018年上市公司为样本,探讨经济政策不确定性对企业商业信用融资的影响及其作用机制。研究发现:经济政策不确定性的增加显著提高了企业的商业信用融资,该结论不随回归模型、经济政策不确定性和商业信用融资衡量指标的改变而改变,而且在考虑内生性问题、宏观经济因素的影响后仍然成立;经济政策不确定性主要通过金融渠道、经营渠道以及供应链渠道对商业信用融资产生影响。进一步的异质性检验表明,对于国有企业、高融资约束企业、行业竞争程度低的企业,以及所处地区金融发展水平高的企业,经济政策不确定性对商业信用融资的正面作用更强。
Based on the data of A-share Listed Companies in Shanghai and Shenzhen from 2007 to 2018,this paper empirically studies the impact of economic policy uncertainty on trade credit financing and its transmission mechanism.It finds out that the economic policy uncertainty increases trade credit financing significantly.The conclusion does not change with the change of regression model and measurement index of economic policy uncertainty and trade credit financing.It is still valid after considering the influence of endogenous problems and macroeconomic factors.Economic policy uncertaintymainly affects trade credit financing by“financial channel”,“business channel”and“supply chain channel”.Further heterogeneity research shows that the positive effect of economic policy uncertainty on trade credit financing is stronger for state-owned enterprises,enterprises with high financing constraints,companies with low level of industry competition and companies in regions with high level of financial development.
作者
张园园
王竹泉
邵艳
ZHANG YuanYuan;WANG ZhuQuan;SHAO Yan(Business School, Qingdao University, Qingdao 266061;School of Management, Ocean University of China, Qingdao 266100;Business School, Nankai University, Tianjin 300071)
出处
《财贸研究》
CSSCI
北大核心
2021年第5期82-97,共16页
Finance and Trade Research
基金
国家社会科学基金一般项目“基于国民经济核算和会计信息质量检查的会计信息质量指数构建研究”(17BTJ001)
山东省自然科学基金面上项目“基于资本运营特征分类的国有资本配置结构优化与配置效率提升研究”(ZR2019MG036)。
关键词
经济政策不确定性
商业信用融资
金融渠道
经营渠道
供应链渠道
economic policy uncertainty
trade credit financing
financial channel
business channel
supply chain channel
作者简介
张园园(1983-),女,山东济南人,博士,青岛大学商学院讲师,硕士生导师;王竹泉(1965-),男,山东栖霞人,博士,中国海洋大学管理学院教授,博士生导师;邵艳(1992-),女,山西长治人,南开大学商学院博士生。
