【摘要】 基于1999-2017年中国沪深A股上市公司数据,实证分析宏观不确定性对企业杠杆率的作用。研究表明:第一,经济政策不确定性对总体杠杆率呈显著的负向作用,具体表现为经济政策不确定性指数每增加1%,企业杠杆率将会下降0.0043个百分点;第二,经济政策不确定性的杠杆率效应存在所有制结构差异,具体表现为经济政策不确定性提高国企杠杆率,降低非国企杠杆率。从宏观经济不确定性的视角深入剖析微观企业杠杆率分化的缘由,为供给侧结构性改革降杠杆提供参考性建议。更多还原

【Abstract】 Based on the financial data of China’s A-share listed companies in Shanghai and Shenzhen from 1999 to 2017, this paper empirically analyzes the impact of macroeconomic policy uncertainty on corporate leverage ratio. The research shows that: first, economic policy uncertainty has a significant negative effect on the overall leverage ratio of the company. Specifically, for every 1% increase in the economic policy uncertainty index, the corporate leverage ratio will decrease by 0.0043 percentage points. Second, the leverage ratio effect of economic policy uncertainty is different in ownership structure, which is embodied in that economic policy uncertainty increases the leverage ratio of state-owned enterprises and reduces the leverage ratio of non-state-owned enterprises. From the perspective of macroeconomic uncertainty, this paper analyzes the reasons for the differentiation of micro corporate leverage ratio and provides important insights for the supply-side structural reform to reduce leverage.更多还原