| At present,the reform of my country’s economic efficiency is the focus of leading the development of the new normal of the economy.However,the financing difficulties and low financing efficiency faced by Chinese enterprises are one of the main obstacles hindering the deepening of the reform of the economic system.From a macro perspective,the increase in uncertainty of my country’s economic policy is an important constraint that leads to low corporate financing efficiency.Among them,from the perspective of capital suppliers,uncertainty increases the volatility of business risk and future cash flow of enterprises,which in turn increases the financial risk and default risk of enterprises,and the loan risk of financial institutions increases,thereby reducing the supply of credit to enterprises.From the perspective of capital demanders,when companies face great external uncertainty,in order to avoid the bankruptcy risk brought about by unscheduled debt repayment,companies usually choose to reduce the scale of debt financing,resulting in a decline in corporate financing efficiency.However,with the rapid development of the capital market and the improvement of the listing sector system,companies can raise funds through private placement,equity pledge,and bond issuance after listing.Confidence in enterprises and their willingness to invest have also increased,and the negative impact that may be brought about by economic policy uncertainty has weakened.Therefore,under the background that the Chinese government frequently uses various economic policies to regulate the economic operation,how the uncertainty of economic policies affects the financing efficiency of enterprises before and after listing is a very worthwhile study.Based on the China Economic Policy Uncertainty Index compiled by Baker et al.(2016),this paper takes Shanghai and Shenzhen A-share companies listed in 2015,2016 and 2017 as samples,and selects relevant input and output indicators to establish a DEA model.Firstly,quantify the financing efficiency of enterprises in the sample range before and after listing,and select the economic policy uncertainty index(EPU)as a proxy variable of economic policy uncertainty.On the basis of theoretical analysis,a panel regression model is established.This paper conducts an empirical analysis on the influence of economic policy uncertainty on the difference in financing efficiency of enterprises before and after listing,and conducts heterogeneity analysis based on different property rights,different regions,and different industries.The empirical results show that: first,the financing efficiency of Chinese enterprises has improved after listing,but the overall level is relatively low;second,the rise of economic policy uncertainty will reduce the financing efficiency of enterprises before listing;The negative impact of economic policy uncertainty on the financing efficiency of enterprises is weakened;fourth,before the listing of enterprises,the impact of economic policy uncertainty on the financing efficiency of state-owned enterprises is less than the impact on private enterprises;The impact of financing efficiency is smaller than the impact on enterprises in the eastern region;the impact on the financing efficiency of secondary industry enterprises is less than the impact on tertiary industry enterprises;after companies are listed,the nature of corporate property rights has heterogeneous effects on corporate financing efficiency influence diminishes.Therefore,corresponding policy suggestions are put forward,including: improving the independent innovation ability of enterprises,avoiding the violent fluctuation of economic policies,the government should support the listing and financing of enterprises and increase the financial support for private enterprises. |
