The Uncertainty Of Economic Policy, The Information Content Of Stock Prices And The Dynamic Adjustment Of Capital Structure

Since the introduction of the supply-side structural reform,China has attached great importance to the implementation and promotion of the de-leveraging policy.The level of corporate leverage directly affects corporate performance,affects the risk and efficiency of the entire market,and concerns about its dynamic adjustment influencing factors are critical to the effective implementation of the policy.important.Modern capital structure theory combines a large number of related basic theories to carry out new explorations,using internal information of the company as an important signal to stakeholders,affecting the cost of capital,and then affecting many decision-making behaviors,one of which is the significant speed of corporate capital structure adjustment.change.In addition,due to the realistic requirements of optimizing and adjusting the industrial structure and stabilizing economic and social development,Chinese enterprises have been affected by government macroeconomic policy adjustments for a long time.Each of these policy adjustment measures has its own emphasis,which has guided different growth environments for enterprises.Based on this,this article conducts an empirical investigation and analysis on the relationship between the stock price information content and the dynamic adjustment of the company’s capital structure,and further considers the changes in the relationship between the two under the uncertainty of China’s economic policy.This paper uses 2012-2018 data of China’s A-share listed companies to empirically analyze the impact of economic policy uncertainty and stock price information content on the dynamic adjustment of capital structure.The results show that the higher stock information content of Chinese enterprises can ease financing constraints,reduce inefficient investments,and improve the speed of corporate adjustments to the target capital structure.But the higher the uncertainty of economic policies,the greater the market risk,and the more cautious the decision-making,the slower the adjustment speed;and the uncertainty of economic policy inhibits the role of stock price information content in promoting the dynamic adjustment.Differentiating the nature of property rights,the stock price information content still has a guiding role,but the suppression effect of economic policies on the relationship between the two is more significant in non-state-owned enterprises;differentiating financial development,the above effects are more significant in enterprises with low levels of regional financial development.In view of the above conclusions,this article proposes that companies should improve the supervision mechanism,cooperate with external supervisors,and actively carry out effective information disclosure,increase information content,and guide market decision-making behaviors,so as to accelerate the adjustment of capital structure;accelerate the opening of capital markets and promote financial Industrial development,enhancing the learning ability of information users,accelerating the absorption of market information,differentiating control policies,and optimizing the allocation of credit resources.