Impact of economic policy uncertainty on systemic risk of real enterprises: Evidence from China
Lan S. Meng W.
November 2024Elsevier Ltd
Finance Research Letters
2024#69
This work examines the impact of economic policy uncertainty on the systemic risk of Chinese real firms from the perspectives of financing constraints and external guarantees. The findings suggest that economic policy uncertainty significantly enhances the systemic risk of real firms. The mechanism test shows that economic policy uncertainty will enhance the level of systemic risk of enterprises by exacerbating their financing constraints and expanding the scale of external guarantees. Heterogeneity analysis shows that the negative impact of economic policy uncertainty on systemic risk is more obvious in enterprises with investment and financing maturity mismatches and poorer corporate governance.
Economic policy uncertainty , External guarantees , Financing constraints , Systemic risk
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Higher School of Economics and Business, Al-Farabi Kazakh National University, Al-Farabi Ave.71, Almaty, 050040, Kazakhstan
School of Economics and Finance, Xian Jiaotong University, No.74 West Yanta Road, Shaanxi Province, Xian, 710061, China
Higher School of Economics and Business
School of Economics and Finance
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