Research On The Financing Behavior Of Enterprises In The Face Of Economic Fluctuation

Since China's accession to the WTO,China's economy has shown different trends before and after the impact of the American financial crisis.Under these different trends,China's A-share listed companies as a whole were experiencing a process of deleveraging.Before the impact of the American financial crisis,from2002 to 2007,the economy showed a rapid growth trend,and the overall level of corporate leverage showed a downward trend.However,after the impact of the American financial crisis and a series of economic stimulus measures taken by the Chinese government,China's economic growth slowed down from 2011 to 2017.At this stage,the level of corporate leverage also showed a downward trend.It is valuable to explore the financing behavior behind this phenomenon,which cannot be explained by the existing relevant studies.At the same time,the research on "deleveraging" financing behavior is helpful to provide experience and reference for optimizing the financing structure of enterprises.In view of this,this paper takes A-share non-financial enterprises listed before2001 as the research object,based on the perspective of real options,introduces the research situation of monetary policy,and discusses the corporate financing behavior under the two typical economic fluctuation stages mentioned above,and then answer three questions: first,under the two different trends of rapid economic growth and economic slowdown,why do the corporate leverage levels show downward trend?Second,what roles do equity financing and trade credit financing play in the process of deleveraging? How are the effects respectively? Third,based on the financing behavior characteristics of enterprises in the two typical stages of economic fluctuation,how to better optimize the financing structure of enterprises and achieve the policy goal of risk prevention?From the side of financing demand,through empirical research,it is found that under the two typical stages of economic fluctuation,the capital investment and financing demand have an impact effect on the leverage ratio of enterprises,and the capital investment and financing demand positively impact the leverage level of enterprises.In the stage of rapid economic growth and economic slowdown,enterprises hold high uncertainty expectation and high risk expectation respectively for the future economy,which leads the value of waiting to invest increase.And then the capital investment and financing demand decrease,which leads to the decrease of enterprise leverage.This explains why corporate leverages tend to fall in different trends of economic fluctuations.In addition,this study finds that in the stage of rapid economic growth,monetary policy has a significant moderating effect on the impact effect of capital investment and financing demand.Comparing with loose monetary policy,tightening monetary policy will reinforce this impact effect.However,in the stage of economic slowdown,the monetary policy has no moderating effect on the impact effect of investment and financing demand.From the side of financing supply,this paper further finds that the equity financing substitution effect and the trade credit financing substitution effect play an important role in the deleveraging process.In the stage of rapid economic growth,the uncertain expectation of the future economy prompts enterprises to reduce the leverage through the substitution effect of equity financing and the substitution effect of trade credit.In the stage of economic slowdown,the negative expectation of the future economy prompts enterprises to use the two substitution effects mentioned above to reduce the leverage and reserve debt financing capacity to cope with adverse shocks in the future.Furthermore,monetary policy has different moderating effects on the substitution effects.In the stage of rapid economic growth,monetary policy has no moderating effect on the two substitution effects.While in the stage of economic slowdown,comparing with the loose monetary policy,the tightening monetary policy strengthens the substitution effect of equity financing and weakens the substitution effect of trade credit.Based on the characteristics of enterprise financing behavior in the two typical stages of economic fluctuations,in the economic environment with high uncertainty and high risk expectations,enterprises have the motivation to reduce the leverage and reserve debt financing ability.Increasing the supply of trade credit financing and equity financing is helpful for enterprises to optimize the financing structure,and increasing the supply of equity financing can better promote the optimization of enterprises? financing structure.Monetary policy has multiple impacts on the investment and financing behavior of enterprises.Under the goal of maintaining macroeconomic stability and preventing systemic risks,it is difficult to have expected policy effects by monetary policy solely.While regulating the monetary policy,it is also necessary to optimize the financing supply environment based on the characteristics of corporate financing behavior to promote the optimization of enterprises? financing structure.On one hand,the adaptability of commercial banks' financial supply should be further improved;on the other hand,multi-level capital markets should be further improved to improve the efficiency of equity financing supply.