The Impact Of Macroeconomic Cycle On Corporate External Financing

Since the financial crisis in 2008,research on the impact of macroeconomic cycle fluctuations on micro-enterprises has received increasing attention.The current economic cycle theory is extending in two aspects,one is to emphasize the role of financial constraints and financial friction,and the other is to study the investment and financing behavior of micro-enterprises.At present,there are very few in-depth studies on the transmission channels of economic cycle fluctuations to the external financing behavior of enterprises in light of China's national conditions.In this context,it is of great significance to further explore the effects and mechanisms of economic cycle fluctuations on external financing of enterprises.Based on previous studies,this paper selects the quarterly data from the first quarter of 2003 to the third quarter of 2018 in China.The A-share listed companies are used as research samples to establish the time and individual double fixed effect models of panel data.Debt financing,equity financing,financial liabilities,operating liabilities,current liabilities and non-current liabilities are selected as explanatory variables to empirically test how China's macroeconomic cycle affects external financing of enterprises through Tobin Q,cash flow and collateralized assets.It is found that debt financing is procyclical and equity financing is counter cyclical.When the economy gradually expands,the positive effect of Tobin Q and collateralized assets on debt financing will be strengthened,and the negative effect of cash flow on debt financing will be weakened;the positive effect of Tobin Q and collateralized assets on equity financing will be Weakening,the negative effect of cash flow on equity financing will be strengthened;the positive effect of Tobin Q and collateralized assets on financial liabilities and operating liabilities will be strengthened;the negative impact of cash flow on financial liabilities and the positive impact of cash flow on operating liabilities will be weakened;the positive impact of Tobin Q and collateralized assets on current liabilities and non-current liabilities will be strengthened,and the negative impact of cash flow on current liabilities and non-current liabilities will be weakened.In addition,the cyclical behavior of external financing of different industries and different property rights will be different.Finally,based on the empirical research conclusions,this paper proposes relevant suggestions from three perspectives:government,enterprises and financial institutions.