Economic Policy Uncertainty and Corporate Bank Credits: Evidence from China

Haishan Yu, Wendai Lv, Huan Liu and Jingda Wang

Emerging Markets Finance and Trade, 2022, vol. 58, issue 11, 3023-3033

Abstract: This paper studies the relationship between economic policy uncertainty (EPU) and corporate bank credits for Chinese listed companies. We find that high EPU reduce the corporate bank credits. The negative association is less obvious in state-owned companies, that is, SOEs have a higher capacity to resist uncertainty than non-SOEs. Further research indicates that the positive effect of state-owned status on bank credit lines during times of rising EPU is stronger among companies facing more severe financing constraints.

Date: 2022
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DOI: 10.1080/1540496X.2021.2021179

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