| At present,China's economy has entered the new normal state of the socialist market.Under the prerequisite of deregulation,the economy has developed rapidly,showing different operating mechanism and market structure.However,the production,operation,competition,investment,innovation and other activities require capital support.Financing problem is the main financing way of listed companies in China,Solving the problem of corporate debt financing is helpful to improve market competitiveness,to provide enterprises with more profit opportunities,mainly from the financing costs and financing scale.The influencing factors of debt financing have become the focus of domestic and foreign scholars at home and abroad.Scholars' study mainly includes the internal controllable factors.However,changes in the business of upstream and downstream companies,competitors and regulators will have an impact.Environmental uncertainty will increase the information asymmetry between managers and external shareholders,and bring risks to the strategic planning and operation of the enterprise.Therefore,this paper raises the following questions:Does the creditor take into account the environmental uncertainty faced by the enterprise when it carries out the risk assessment of the enterprise,thus increasing the difficulty of debt financing?When the comprehensive management of the company is at a high level,the problem of information asymmetry will be alleviated,and the perceived ability of the enterprise to enhance the external risk will strengthen its own ability to deal with the risks in order to protect the interests of the investors and investors.So,does the high corporate governance level mitigate the impact of environmental uncertainty on debt financing costs and scale?In the context of the new normal economy,Enterprises are in a turbulent,unpredictable environment.Upstream and downstream enterprises,competitors and regulatory changes in policy will have an impact on enterprises.Milliken argued that environmental uncertainty affects individuals from three aspects,state,impact,and reaction.Ghosh and Olsen found that environmental uncertainty can aggravate the asymmetry of information between managers and outside shareholders,bring risks to the strategic planning and business process of the enter;prise,which may cause fluctuation of performance.Based on the above analysis,this paper presents the following questions:The creditor is going to carry out the risk assessment of the enterprise,Whether it will take into account the environmental uncertainty faced by enterprises,and increase the risk premium,that is Increase the cost of debt financing,reduce the scale of debt financing?When the company's comprehensive management is at a high level,the information asymmetry will be alleviated,and the perceived ability of enterprises to enhance the external risks will strengthen their own ability to deal with the risks in order to protect investors of themselves and investors.When uncertainty in the external environment increases,enterprises will actively respond to risks and look for opportunities in uncertainties.Therefore,does the high level of corporate governance mitigate the impact of environmental uncertainty on the cost and scale of debt financing?This paper will use the normative research and empirical research combined method.First of all,according to the mainstream view of the existing literature,combined with the principal-agent theory,resource dependence theory,signal transfer theory and other related theories,put forward research hypotheses;Secondly,we choose from the 2011 to 2014 A-share listed companies in Shanghai and Shenzhen as samples,and use the model residuals and the principal component analysis the concrete index of the explanatory variables is obtained.Finally,do the empirical analysis of corporate governance and environmental uncertainly and the impact of debt financing cost and scale.The findings include:(1)China's listed companies generally have high financing costs,among them,non-state-owned enterprises are relatively serious.Listed companies are faced with large environmental uncertainties,and there are significant differences between different enterprises,The comprehensive corporate governance is generally low,which indicates that the corporate governance measures of many companies are not perfect and the corporate governance capacity needs to be improved.(2)Environmental uncertainty will lead to information asymmetry,creditors can not accurately assess the future business situation,will increase the risk premium,leading to increase debt financing costs,reduce the scale of debt financing.(3)Perfect corporate governance can alleviate the problem of agency and information asymmetry,which is helpful for enterprises to forecast and deal with external risks.Therefore,improving corporate governance can reduce the inhibition of external environment uncertainty to debt financing to a certain extent.According to the analysis and conclusions above,this paper recommends three guidelines:(1)Environmental uncertainty is unpredictable,enterprises should strengthen their strategic flexibility,appropriately increase diversification,increase the expansion of industrial chain,establish a good relationship between supply and demand,reduce the risk of control,and actively respond to environmental uncertainty.(2)Taking into account both internal and external governance effect,improve the level of corporate governance.Enterprises should improve the internal supervision mechanism of the board of directors,design good executive incentive policies,play a balance mechanism of equity,and strengthen the company and employees in risk identification and response aspects of learning.Optimize external market governance mechanism and effectively protect the interests of investors.(3)Increasing the way of financing appropriately.The cost of commercial credit financing is low,do not need to pay interest,companies in the short-term investment can consider using commercial credit financing,ensuring the scale of financing to reduce the cost of financing.In addition,the state should reform the capital market,broaden the financing channels for enterprises and raise the utilization rate of equity financing. |
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