| 经济政策不确定性与信贷调控对企业杠杆率调整的影响研究 |
 点此下载全文 |
| 引用本文：赵红岩，陈文杰.经济政策不确定性与信贷调控对企业杠杆率调整的影响研究[J].湖南大学学报社会科学版,2025,(1):78-89 |
| 摘要点击次数: 58 |
| 全文下载次数: 24 |
|
|
| 中文摘要:基于2003-2019年A股上市企业数据，研究了经济政策不确定性与信贷调控对企业杠杆率调整的影响及作用机制。结果显示，较低的经济政策不确定性会使企业加速向目标杠杆率调整，而信贷紧缩则会削弱这种影响。此外，在低不确定性下放宽信贷对企业杠杆率调整的加速作用相对较大；而在高不确定性下收紧信贷对企业杠杆率调整的减速作用相对较大。进一步考虑企业杠杆率相对位置后发现，企业目标杠杆率两侧的杠杆率调整不仅呈现非对称性，而且还会随着企业杠杆率调整速度变化而动态翻转。 |
| 中文关键词:杠杆率调整 经济政策不确定性 信贷调控 双重作用 |
| |
| A Study of the Impact of Economic Policy Uncertainty and Credit Control on Firm Leverage Ratio Adjustment |
|
|
| Abstract:Based on the data of A-share listed firms from 2003 to 2019, this paper investigates the impact and mechanism of economic policy uncertainty and credit control on the firm leverage ratio adjustment. The results show that lower economic policy uncertainty can accelerate firm leverage adjustment to the target leverage ratio, while tightening credit has opposite effect. In addition, easing credit control under low uncertainty has the relatively greatest accelerating effect on firms’ leverage adjustment, while tightening credit under high uncertainty has the relatively greatest decelerating effect. Further consideration of firm leverage ratio relative position reveals that adjusting leverage on either side of firm’ target is not only asymmetric, but also dynamically flip as the speed of leverage adjustment changes. |
| keywords:leverage ratio adjustment economic policy uncertainty credit control joint impact |
| 查看全文 查看/发表评论 下载pdf阅读器 |
位访问者,今日访问
