Research On The Impact Of Economic Policy Uncertainty On The Dynamic Adjustment Of Working Capital Of Listed Tourism Companies In China

Working capital management is an important part of enterprise financial management,which directly affects the profitability of enterprises.The inverted U-shaped relationship between working capital investment and firm performance provides strong support,which means that there is an optimal investment level in working capital,that is,to balance cost and income and maximize the value of the company.However,the target working capital of an enterprise is not a constant,which will change with the external business environment,the growth of the enterprise itself and the business situation.When the working capital of an enterprise deviates from the target working capital and the enterprise value deviates to the maximum,the enterprise will adjust the working capital to achieve the target value.Based on this,this paper explores the dynamic adjustment of working capital under the uncertainty of economic policy.Based on the dynamic adjustment model of working capital,this paper uses the panel data of A-share Tourism Listed Companies in 2000-2018 to test the impact of economic policy uncertainty on the dynamic adjustment of working capital.This paper starts from the impact of financing constraints on the dynamic adjustment of working capital and the impact of economic policy uncertainty on financing constraints,analyzes the impact mechanism of economic policy uncertainty on the dynamic adjustment of working capital,and probes into the role of financing constraints in the impact of economic policy uncertainty on the dynamic adjustment of operating capital.The empirical results show that there is a positive correlation between the financing constraints and working capital of tourism enterprises,that is,the more serious the financing constraints of tourism enterprises are,the faster the adjustment of working capital will be;there is a positive correlation between the uncertainty of economic policy and the working capital of tourism enterprises,that is,the greater the uncertainty of economic policy,the faster the adjustment of working capital of tourism enterprises will be;the financing constraints lie in the The uncertainty of economic policy promotes the adjustment of working capital of tourism enterprises,which is not a complete intermediary,but a partial intermediary.This paper discusses the impact of economic policy uncertainty on the dynamic adjustment of working capital of tourism listed companies,and analyzes its internal influence mechanism,which has certain practical significance for the management of working capital of tourism enterprises in China.