Author(s)

Peiyang Chen

School of Finance, Anhui University of Finance and Economics, Bengbu, China.

From the perspective of economic policy uncertainty, this paper explores the relationship between corporate debt financing and the tone of text contained in relevant corporate text information. Based on the data from 2011 to 2018, it is found that economic policy uncertainty will inhibit the acquisition of new debt financing by enterprises. However, the positive tone of text information will convey to the lender company’s current good operating conditions and the strengthening of risk control, which will enhance the lending confidence of loan institutions and can weaken the intensity of the above negative relationship. Meanwhile, according to the relevant research results of heterogeneity, it is found that compared with state-owned enterprises and enterprises with small asset scale, the weakening effect of the positive tone of text information is more significant in non-state-owned enterprises and enterprises with large asset scale.

Economic Policy Uncertainty, Tone of Text Information, Debt Financing

Chen, P. (2022) Does Weakening Exist? Positive Text Tone and the Negative Effect of Economic Policy Uncertainty on Corporate Debt Financing. Modern Economy, 13, 1237-1253. doi: 10.4236/me.2022.1310066.