The Research Of The Relationship Between Operating Liabilities And Enterprise Value Based On The Macroeconomic Fluctuation

Operating liability is spontaneous financing when the enterprise purchasing goods and acceptting services, also is an important financing channels for enterprises. The characteristics of Macro economic cyclical fluctuation are the reaction of the real economic operation. The micro enterprise behavior and output would be inevitably affected by the macroeconomic environment. At the same time as the subject, in the face of macroeconomic fluctuations, micro enterprises are not only passive taker, but also through effective use of various resources to cope with the impact of the economic fluctuation.So, whether the ups and downs of macroeconomic fluctuations affect the enterprises operating liabilities behavior and output? Under the different economic situation,whether operating liabilities could exert the effect of corporate governance?Whether companies could manage their debt decisions to cope with the economic fluctuations on the impact of the credit financing, so as to improve enterprise value?Based on the above problems,this paper mainly discusses the effect of the macroeconomic fluctuations to micro enterprises operating liabilities behavior and the enterprise value, and under the background of macroeconomic fluctuations, the relations between the operating liabilities and enterprise value.According to the alternative financing theory, Keynesian economic cycle theory, Liabilities camera governance theory and financial flexibility theory, the paper put forward the analysis framework of the effect of the macroeconomic fluctuations to micro enterprises operating liabilities behavior and the enterprise value, and under the background of macroeconomic fluctuations, the relations between the operating liabilities and enterprise value. Secondly, using the data from 2004-2014 a-share listed companies as samples, the paper tests empirically around the basic problems. In this paper, the study found that compared with the boom period, the enterprise in the economic downturn would use operating liabilities more actively; Upward fluctuation of macroeconomic helps with the ascension of the enterprise value; compared with the boom period, operating liabilities play a stronger role for enterprise value promotion in the economic downturnr; In economic downturn, the companies with strong ability of the remaining operating liabilities have higher corporate value relative to the companies with weak ablility of the remaining operationg liabilities.Based on the above research results, this paper presents some Suggestions on using the flexible and different financing ways, extending enterprise financing channels, Strengthening the study and judge of the macro economic situation, storing the appropriate financial liabilities flexible ability,widening the channel of the stakeholders participate in corporate governance, strengthening stakeholder co-governance, establishing and enhancing perfect commercial credit system and repayment guarantee mechanism, etc.