近日，我院李起铨副教授与南昌大学Chien-Chiang Lee、北京师范大学Shunyi Xiao合作，于国际知名期刊《经济建模》（Economic Modelling）发表论文《Policy-related risk and corporate financing behavior: Evidence from China's listed companies》。实体经济是企业发展的根源，而企业是经济发展的重要支柱，随着中国宏观经济步入经济发展的新常态阶段，经济、政治与制度不断地发生变化，企业如何在不确定性的环境下，利用经济发展契机和优势，有效地发挥企业作用，对于推动国家经济发展具有重要的战略意义，该文以此重要的关键科学问题展开，利用2013—2017年上市公司的微观数据,研究政策或与政治不确定性对企业融资决策的影响。该文的主要贡献有四，首先，该文扩展了目前的工作，探讨了政策引发的相关冲击与风险（包括政策不确定性、地缘政治风险和政治风险）如何影响企业的融资决策，相较于过去文献仅采用单一的不确定性指标，分析不同层面的风险来源可以提供了一个更全面的评价。其次，该文还通过探讨政策相关风险对公司债务和股权融资的影响，对公司融资策略进行了扩展分析。最后，为了获得更多的信息，该文进一步将样本划分为不同的融资约束水平和不同的行业类型，以检验企业融资决策是否受到不同企业和行业特征的影响。

李起铨博士是西南财经大学发展研究院的副教授，主要研究方向为能源经济、宏观经济、金融市场与金融机构等跨学科交叉领域研究，李起铨博士的研究成果主要发表于《Energy Economics》、《Energy》、《Technological and Economic Development of Economy》、《Journal of International Money and Finance》、《Journal of Financial Stability》、《Journal of Futures Markets》等国际知名学术刊物上，担任多篇国际期刊论文审稿人。

论文摘要：

Focusing on quarterly data of China's publicly-listed firms from 2013Q1-2017Q3, this paper presents an exploratory analysis of the causes of corporate financing behavior through the channels of firm-level characteristics, country-level factors, and policy-related risks. The analysis uses multidimensional measures of policy- related risks, including economic policy uncertainty, geopolitical risk, and political risk. In addition, we assess whether the correlations between policy-related risks and financing activities vary under different financing strategies such as debt financing and equity financing. We also examine how financial constraints and industry differences influence firm financing. The empirical findings indicate policy-related risks can negatively affect corporate financing decisions. The effect of policy-related risk is larger on debt financing than on equity financing. Evidence also reveals that both firm- and country-level factors are essential determinants that guide corporate financing decisions. Finally, the inhibitory influence of policy-related risk is larger for the two separate sub- samples of financially constrained firms and manufacturing firms. Knowledge of these impacts can help managers and policymakers to formulate more efficient strategies aimed at improving their economic performance.

论文链接：https://doi.org/10.1016/j.econmod.2020.01.022