Research On The Influence Of Economic Policy Uncertainty On The "Short Loan And Long Investment" Of Enterprises

At present,the problem of complicated and expensive financing for Chinese enterprises is still prominent.This situation is more obvious in the long-term credit model,and many enterprises have to choose the way of "short-term loan and long-term investment",so as to reduce financing costs.Although the "short-term loan and long-term investment" can to a certain extent,alleviate the pressure of the company's funds turnover,ensure normal business investment activity,but it is essentially a kind of investment and financing period mismatch of behavior.Once if the enterprise long-term projects earnings cannot undertake short-term loans repayment of principal and interest,it will make the company into financial difficulties,and even spread to the whole capital market,bring a grave peril to economic society.Therefore,in-depth analysis of the factors affecting enterprises' "short-term loan and long-term investment" is conducive to formulating more targeted measures to curb the rise in the degree of "short-term loan and long-term investment" and effectively change the financial financing of enterprises in the face of difficulties,so as to promote the security and the healthy development of the financial market.China's economic development has made remarkable achievements in the world,which is inseparable from the correct guiding role of various economic policies formulated and implemented by the party and the government.However,due to the complexity of social economy,the government may frequently introduce and change relevant policies.In addition,information transmission in the process of policy implementation is not timely and comprehensive,which leads to a rising trend of fluctuations in the uncertainty of China's economic policies.The external operating environment of micro enterprises will change and the credit scale of commercial banks will be adjusted accordingly,which may have an impact on the level of "short loan and long investment" of enterprises.Though existing literature has been focused on the macro policy system for enterprises' "short-term loan and long-term investment" effect,but the main research is a single policy such as the role of monetary policy,based on the overall economic policy formulation and implementation process of uncertainty Angle analysis of the "short-term loan andlong-term investment" to the microscopic enterprises' behavior research is still rare.Considering the actual situation of China's economic development and the existing theoretical research,this article,from the perspective of the policy of economic uncertainty that external factors,carry out theoretical analysis and put forward the research hypothesis.Then,this paper uses the panel of A-share listed companies in Shanghai and Shenzhen from 2003 to 2017 to study the influence of rising uncertainty of economic policy on the "short-term loan and long-term investment" of enterprises by using fixed effects regression model to study the relationship between economic policy uncertainty and enterprises' "short-term loan and long-term investment",and discuss the mediating role of financing constraints by the intermediary effect model.In addition,the paper also tests the differences in the level of "short-term loan and long-term investment" caused by the uncertainty of economic policy from the aspects of property right nature and debt financing cost.Through theoretical derivation and empirical analysis,the following results are presented in this paper:(1)the degree of "short-term loan and long-term investment" of enterprises will significantly increase with the rise of China's economic policy uncertainty.(2)Financing constraints play a certain intermediary effect on the relationship between them.On the one hand,confronted with increased uncertainty,money supply side banks "reluctant to lend" to avoid the risk and the difficulty of enterprises to obtain long-term loans increased.On the other hand,enterprises are motivated by the uncertainty,hope to gain competitive advantages by using long-term projects such as investment innovation,so the capital needs of enterprises increase.These two reasons lead to enterprises are faced with the rising degree of financing constraints,thus causes the level of "short-term loan and long-term investment" to increase.(3)The property right nature and debt financing cost of enterprises play a regulating role in the impact of economic policy uncertainty on enterprises' "short-term loan and long-term investment".With economic policy uncertainty on the rise,the level of "short-term loan and long-term investment" increased even more for non-state-owned enterprises and enterprises with high debt financing costs.Different single study how economic policy effect on enterprise "short-term loan and long-term investment",this article obtains from the economic policy uncertainty,and focuses on the analysis of enterprise "short-term loan and long-term investment",which generally exists inthe social economy and needs to be solved.The topic selection is based on the social practical and has certain theoretical innovation.In this paper,the analysis can not only to expand and enrich related research field certain theoretical contribution,but also can provide the feasible policy enlightenment to improve the stability of economic policy,better play to the policy effect,in order to reduce enterprise "short and lend long" level,safeguard the financial system stability,guarantee efficient economic and social progress provides important reference for the policy.