Economic Policy Uncertainty, Management Capabilities And Commercial Credit Financing

The financing problem has always been an important research content of corporate financial management.With the rapid development of modern enterprises,commercial credit as one of the important debt financing methods,the factors affecting commercial credit financing have always been an important issue in theoretical research.In the context of today's globalization,domestic enterprises are facing both foreign and domestic economic environments.In particular,China is in a period of economic transformation,and small changes in policies will bring instability in the market economy.As the systemic risk of macroeconomics,economic policy uncertainty will have an important impact on the micro-enterprise's production and operation activities and development decisions.At the same time,considering that the current research mainly focuses on the impact of accounting information quality,internal control,accounting information comparability and other micro-levels on commercial credit financing,less on the perspective of management capability heterogeneity,thinking about its access to the impact of commercial credit financing.Management is the main force in business decision-making,and the difference in capabilities will undoubtedly have different impacts on the business development of the company.From the perspective of financing,the difference in management capabilities may affect the financing behavior of enterprises.Therefore,in thinking about the influencing factors of commercial credit financing,it is necessary to consider the uncertainty of external economic policy,and to study the impact of management capability heterogeneity on commercial credit financing from the enterprise itself.Based on this,this paper systematically sorts out relevant literatures,and takes the listed companies of A-share non-financial industry in Shanghai and Shenzhen in 2010-2017 as the research object,using a combination of theoretical analysis and empirical research,and starting from the two aspects of external economic policy uncertainty and internal management capacity,they analyze their impact on corporate commercial credit financing.On this basis,the role of management capacity in the relationship between external economic policy uncertainty and commercial credit financing is discussed.Through descriptive statistics,correlation analysis,full sample regression analysis,sample-sample regression analysis and robustness test,the results of this paper show that:(1)Economic policy uncertainty will reduce the acquisition of commercial credit financing.(2)Management ability will improve the acquisition of corporate commercial credit financing.(3)Management ability will alleviate the negative correlation between economic policy uncertainty and corporate commercial credit financing to a certain extent.Taking into account China's special national conditions,the property rights are divided into groups.The results show that compared with state-owned enterprises,the management capacity of non-state-owned enterprises is more obvious in affecting the negative correlation between economic policy uncertainty and corporate commercial credit financing.Based on the above research,this paper proposes to maintain the stability and consistency of policies,strengthen management capacity training and improve the information disclosure system,and mitigate the information asymmetry of both parties.