Impact Of Macroeconomic Shocks On Capital Structure Of Manufacturing Listed Companies Before And After The Financial Crisis

In recent years,more and more literatures have studied the impact of external shocks on corporate capital structure.However,few of these documents consider the impact of the financial crisis on the capital structure of the company,and most of the literature studies are conducted from the perspective of different levels of corporate financing constraints,and literatures that consider different corporate ownership are rare.Taking the listed companies in the manufacturing industry from 2000 to 2015 as the research object,using the systematic GMM,fixed effects and other measurement methods to conduct empirical analysis of the impact of macroeconomic shocks on the company's capital structure in the context of the financial crisis.And considering the differences in company ownership,we will further explore the differences in the impact of state-owned and private enterprises.Empirical analysis found:1.After the crisis,companies need to maintain financial flexibility and reduce the cost of bank financing,that will encourage companies to increase their liabilities.After the crisis,the asset-liability ratio of listed companies in manufacturing has increased significantly on the average,and the company has actively managed its asset-liability ratio to reduce financial risks.The target capital structure of listed companies in the manufacturing industry has undergone structural changes before and after the crisis.The changes in the macroeconomic environment after the crisis have reduced the speed of adjustment of the capital structure of listed companies in the manufacturing industry.This effect is not different because of the nature of property rights.After the impact of the financial crisis,the value of enterprises has declined to varying degrees,and the effect of dynamic adjustment is not as good as before the crisis.2.The influence of the macroeconomic environment before and after the crisis on the company's capital structure is significantly different.Pre-crisis companies tend to use internal funds but rely on external funds after the crisis.The macroeconomic environment before and after the crisis has significantly affected the capital structure of different ownership enterprises.Pre-crisis state-owned and private enterprises have significant differences in their concerns,making the capital structure of both different in their sensitivity to inflation.After the crisis,both ability to obtain resources is different,resulting in the macroeconomic environment has no significant impact on the capital structure of private enterprises,and the impact on state-owned enterprises is significant.3.The impact of capital supply has a significant impact on the company's capital structure,and there are significant differences before and after the crisis.Pre-crisis state-owned enterprises preferred debt financing,private companies were still keen to issue share placement financing after the crisis,which making the actual stock market return rate inconsistent with the company's capital structure and theoretical expectations.After the crisis,financial institutions favor household loans and squeezed the supply of funds in the corporate sector,making the credit scale and the company's capital structure significantly negatively related to theoretical expectations.After the crisis,the increase in issuance of shares by companies can reduce information asymmetry with financial institutions and facilitate the acquisition of financing,leading to a significant positive correlation between the scale of equity financing after the crisis and the company's capital structure.