Economic Policy Uncertainty,Nature Of Property Right And Corporate Debt Financing Structure

Since the "financial crisis" in 2008,the global economy has entered a constant state of volatility,countries have increased the degree of government intervention,economic policy uncertainty has also intensified.The frequent policy adjustment,the dispersion of promulgation time and the degree of change have greatly influenced each member of the economic market to judge the situation and lead to the difficulties of the future,and the market has to make a more rigorous and cautious assessment and argumentation on the decision of debt financing structure.However,there are few studies on the relationship between economic policy uncertainty and corporate debt financing structure in domestic and foreign literatures.Under this background,it is significant to study the influence of macroeconomic policy uncertainty on enterprise debt financing structure.This paper takes 2009-2015-year listed companies in Shanghai and Shenzhen as the research object,creatively uses the economic policy Uncertainty index as the independent variable,uses the fixed effect model to test its effect on the enterprise debt financing structure,and from the whole level of debt financing,debt maturity structure,The structure of debt source and so on three aspects in-depth analysis economic policy uncertainty brings about.At the same time,in order to make the research result more consistent with the actual situation of our country,this paper considers the difference of the property right of the enterprise,and probes into whether the effect of the state-owned enterprises and the private enterprises under the uncertainty of economic policy is different.After research,we draw the following conclusions:(1)The greater the uncertainty of economic policy,the overall ratio of corporate debt financing will decline.(2)The greater the uncertainty of economic policy,the long-term debt financing ratio of enterprises and the ratio of bank credit financing will decrease,while the short-term debt financing ratio of enterprises will increase,but the ratio of commercial credit financing has not changed significantly.(3)After the property right is added,the overall ratio of the debt financing of the private enterprises decreases more significantly.(4)On the structure of debt maturity,there is no difference in property right between short-term debt and long-term debt,and the ratio of bank credit financing of private enterprises decreases significantly in the structure of debt source;and there has been no significant change in the ratio of commercial credit to finance.According to the conclusion of the study,this paper puts forward some suggestions:(1)The Government should reduce the frequent change of policy as far as possible,avoid "changing the policy"and maintain the long-term consistency and stability of the policies,convey accurate and clear signals to the market,maintain the credibility of the government and scientifically use economic policies Strengthen the ability of the enterprise to resist the risk,reasonably to the different property rights of enterprises to make corresponding policies.(2)Enterprises should strengthen the attention to economic policy uncertainty,improve their sensitivity to the market,timely feedback and adjustment,improve their own credit,strengthen the trust between enterprises and parties to ease the debt financing dilemma.