An Empirical Study On The Impact Of Macroeconomic Uncertainty On Corporate Financing Structure

In the enterprise management,financing structure selection and decision-making largely determine the company's value and future development,which is one of the most important issues in corporate finance.The research on the influencing factors of corporate financing structure mainly focuses on the micro-enterprise level.Some scholars have examined the impact of macroeconomic factors on the corporate financing structure.The study of the impact of macroeconomic uncertainty on corporate financial decision-making is not deep and thorough.Different from the previous scholars,this paper examines the relationship between macroeconomic situation and corporate financing structure from the perspective of macroeconomic uncertainty.Based on the literature review,this paper analyzes the mechanism of the impact of macroeconomic uncertainty on corporate financing structure from two channels:the external mechanism(credit resource allocation,macroeconomic policy and capital market performance)and internal mechanism(risk of enterprise operation,cash holdings and investment).This essay chooses from 2004 to 2015 China's Shanghai and Shenzhen two A-share markets of non-financial listed companies as the sample.This paper examines two aspects:capital structure and debt maturity structure.By using the GARCH(1,1)model,this paper calculated the conditional heteroskedasticity of the consumer price index,the macroeconomic leading index and the industrial added value growth rate,in order to construct the proxy variables of the macroeconomic uncertainty.The results show that the enterprise will reduce the scale of its debt financing with the increase of macroeconomic uncertainty.In the same occasion,the financing-constrained enterprises are affected more seriously than non-financing-binding enterprises,non-state-owned enterprises are affected more seriously than state-owned enterprises.At the same time,when the macroeconomic uncertainty increases,the debt structure of the enterprise changes,the long-term debt levels decline,and the short-term debt levels increase.The conclusion of this paper shows that the financial decision making of micro enterprise takes full account of the macroeconomic uncertainty.In addition,the further improvement of the capital market structure in recent years has also provided the possibility for the enterprise to diversify the financial choice.