作者:Lv, MC (Lv, Miaochen)[ 1 ] ; Bai, MY (Bai, Manying)[ 1 ]
APPLIED ECONOMICS
卷: 51期: 13
页: 1433-1449
DOI: 10.1080/00036846.2018.1527455
出版年: MAR 16 2019
文献类型:Article
摘要
We examine the influence of political uncertainty on corporate debt financing under the Chinese highly specialized political system. A new reasonable and effective alternative indicator, official turnover reason, is constructed to measure different political uncertainty level. Robust results suggest that listed companies will keep low debt financing level and smooth debt financing volatility under political uncertainty, which will be weakened during the global financial crisis. We also find that the listed company will raise equity financing level while overall financing is significantly reduced. In addition, SOEs are more sensitive to political uncertainty than non-SOEs, as they have stronger political connections with government officials.
关键词
作者关键词:Political uncertainty; debt financing; turnover reason; Chinese market
KeyWords Plus:MATURITY STRUCTURE; PERFORMANCE; INVESTMENT; OWNERSHIP; MARKETS; COSTS
作者信息
通讯作者地址:
Beihang University Beihang Univ, Sch Econ & Management, Beijing, Peoples R China.
通讯作者地址: Lv, MC (通讯作者)
Beihang Univ, Sch Econ & Management, Beijing, Peoples R China.
https://www.tandfonline.com/doi/full/10.1080/00036846.2018.1527455
