Abstract: The empirical study based on the data of non-financial listed companies in the period of 2006-2018 shows that China’s economic policy uncertainty has a significant negative impact on corporate debt financing costs, which indicates that China’s macroeconomic regulation and control can help reduce corporate debt financing costs. After distinguishing the nature of corporate equity, it is found that the rising economic policy uncertainty can narrow the range of the debt financing costs of state-owned enterprises even more, indicating that the implicit guarantee relationship between state-owned enterprises and the government helps to cope with the rising economic policy uncertainty. After further grouping research, it is found that the business status of the enterprises and the cyclicality of their industries will affect the sensitivity of the corporate financing behaviors towards the macroeconomic changes, which will significantly increase the negative impact of economic policy uncertainty on corporate debt financing costs. Therefore, while improving the efficiency of macroeconomic regulation and control, to improve the business environment of enterprises and to provide certain policy subsidies to enterprises in the cyclical industries will help reduce the costs of corporate debt financing.

Key words: economic policy uncertainty; debt financing cost; equity nature