The Study On Manufacturing Listed Companies Between Environmental Uncertainty And Debt Capital Cost

Financing the enterprise is not only an access to capital,but also able to timely adjust capital structure and play an important role to the optimization of internal resources and configuration.Financing in the process of enterprise development is an essential link,which divided into equity financing and debt financing.Because of the increased regulation of equity financing from the securities regulators,the funds through equity financing scale is a downward trend after 2001.On the one hand,debt financing become the important financing way of enterprises,but the study of debt financing does not see more,on the other hand,reduce the financing cost,reduce the interest payments it is also the direction for the efforts.2016 Government work report,the world economic is depth adjustment and sluggish recovery,the international trade growth downturn,the international financial market turmoil intensified,geopolitical risks rise,the external environment uncertainty increased,the direct impact and influence to our country economy,our country is facing very serious international environment.Domestically,the risk of long-term accumulation and contradiction to further increase,economic growth is shifting,structural adjustment,old and new kinetic energy conversion interweave,facing domestic instability rise significantly.China's economic and social opportunities present diversification trend,more competitive,but also accompanied by more unstable factors.Only further the study of environmental uncertainty,can better adapt to new economic situation,grasp the development of the new normal.Manufacturing industry as the pillar of our country,in recent years the development of the situation is worrying,Labour shortages,order reduction,enterprise's losses,the collapse of the factory,the emergence of a variety of conditions that many people worry about how can China's manufacturing industry gonging on?"China's manufacturing 2025" puts forward a new round of technological revolution and industrial revolution and the form historic meeting to speed up the transformation of the pattern of economic development in our country,the international industrial division of labor pattern is reshaping,China must hold a significant historical opportunity to build our country into a manufacturing powerhouse,leading the world manufacturing industry to realize the great rejuvenation of the Chinese nation the Chinese dream of laying a solid foundation.This paper is mean to explore manufacturing enterprise's external environment uncertainty impact on the cost of capital for the debts of the enterprise,avoiding make one-sided,dangerous decisions in the face of unknown environment.First,environmental uncertainty and the cost of debt capital related literature,then the basic theory,risk management based on information theory,resource dependence theory,information asymmetry theory,principal-agent theory and in-depth analysis on the theory of signal transmission hypothesis is put forward.And then simply introduces the current situation of the development of manufacturing industry listed companies,including the present situation of our manufacturing management,manufacturing listed companies in our country environment and the sources of the uncertainty in A 2012-2015 Shanghai and shenzhen A shares in 1183 manufacturing companies as samples and analyzes the trend in recent years,the manufacturing environment uncertainty,the distribution of debt capital cost and manufacturing segments environmental uncertainty and the cost of debt capital top 17 cases,founded 14 industry coincidence.At the end of the paper from the government,enterprises put forward the relevant Suggestions,and points out the shortcomings in the course of study.The results of this study show that although the sales income of our manufacturing enterprises keeps growing in general,the operating efficiency of most enterprises is rather bad,and the manufacturing enterprises in our country are faced with considerable difficulties.Manufacturing enterprises are facing the degree of environmental uncertainty and eventually into debt capital is positively related to creditors,considering the influence of external factors on the enterprise,and the cost of debt according to the requirements of different enterprises are facing environmental uncertainty.