經濟政策的不確定性對企業營運資金需求的影響

Impact of Economic Policy Uncertainty on the Firm's Working Capital Requirements

秦飛卿(Khin Thiri Mon)

指導教授 ： 張眾卓

國立暨南國際大學/管理學院/財務金融學系/碩士(2022年)

https://doi.org/10.6837/ncnu202200064

摘要

政策不確定性是指政府未來行動的不確定性。當宏觀經濟環境變得不確定時，可能存在經濟政策不確定性（EPU）。經濟政策不確定性（EPU）的影響對企業的營運資金管理政策有很大的影響。本文研究了經濟政策不確定性對營運資金需求（WCR）水平的影響。本研究使用了來自22個國家的32190家公司在1986年至2017年期間的數據。研究結果顯示，經濟政策不確定性（EPU）對營運資金需求水平有顯著的正向影響。即使我們加入國家、行業和年份的虛擬變量，經濟政策不確定性對營運資金需求的正向影響也保持不變。為了得到穩健的結果，我們將企業分為財務受限和不受限的企業，然後我們發現經濟政策不確定性（EPU）對營運資金需求（WCR）有積極的顯著影響。

關鍵字

政治不確定性 ； 經濟政策不確定性 ； 營運資金需求

並列摘要

Policy uncertainty is the uncertainty about the government’s future actions. When the macroeconomic environment becomes uncertain, there may exist economic policy uncertainty (EPU). The impact of economic policy uncertainty (EPU) has a great effect on the firm’s working capital management policy. This paper investigates the impact of economic policy uncertainty on the working capital requirement (WCR) level. Study use the data for 32,190 firms from 22 countries during 1986-2017. The results show that economic policy uncertainty (EPU) has a significant positive effect on the working capital requirement level. The positive effect of economic policy uncertainty on the working capital requirement (WCR) remains the same even we add the country, industry and year dummies. To get the robust result, we divide the firms into the financially constrained and unconstrained firms, we then find out that economic policy uncertainty (EPU) has positive significant effect on the working capital requirement (WCR).

並列關鍵字

Political Uncertainty ； Economic Policy Uncertainty ； Working Capital Requirement

參考文獻

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