Economic Policy Uncertainty and Corporate Debt Financing

Abstract

Abstract:

This paper studies the impact of the uncertainty of China's macroeconomic policies on corporate debt financing from 2003 to 2016. The study finds that when the policy uncertainty increases, the level of corporate banking loans declines significantly. High expectations of inflation will strengthen the negative impact of policy uncertainty on the level of corporate borrowing. Bank associations will weaken the negative impact of policy uncertainty on the level of corporate banking loans. Specifically, if an enterprise confronted with a relatively high level of financing constraints operates in a cyclical industry with high market concentration and no policy support, then it will become much less able to get loans from banks.

Key words: economic policy uncertainty, debt financing, bank association, expected inflation

Jiang Teng, Zhang Yongji, Zhao Xiaoli. Economic Policy Uncertainty and Corporate Debt Financing[J]. , 2018, 30(3): 29-39.

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