Research On The Impacts Of Macroeconomics Uncertainty On The Companies' Performance

The changes of business performance caused by the macroeconomic uncertainty can spread and amplify the impact on overall macroeconomic growth and stability.Hence,it is very significant to uncover the mechanisms which macroeconomic uncertainty affect business performance.Using data from 2003 to 2017 of Shanghai and Shenzhen listed companies,we analyze the impacts of macroeconomic uncertainty on business performance.Firstly,we define the concepts of macroeconomic uncertainty and business performance and review relevant literature on macroeconomic uncertainty and business performance.Secondly,we analyze the influencing mechanisms of macroeconomic uncertainty on business performance from the stimulating enterprises' innovation channel,changing enterprises' investments channel and changing enterprises' external demand channel severally.Then,based upon the selected sample data,we conducted the current situation analysis and correlation analysis.Lastly,we select the empirical model for testing the relationship between macroeconomic uncertainty and business performance.The outcomes show that there indeed exists the inverted U shape relationship between macroeconomic uncertainty and business performance.That is to say,when macroeconomic uncertainty is extremely low,its increase will aggravate business performance.While macroeconomic uncertainty exceeds a certain critical value,its increase will curb business performance.We sort our samples according to state-owned listed companies and non-state-owned listed companies,the results show that the inverted U-shaped relationship between macroeconomic uncertainty and business performance is universal,but the macroeconomic uncertainty have greater impacts on non-state-owned listed companies,and non-state-owned listed companies have a higer tolerance of macroeconomic uncertainty.Eventually,we propose following policy suggestions to enhance business performance and promote economic stability and sustainab le development: Implementing target interval management of macroeconomic uncertainty to maintance the economic vitality;improving the construction of early warning mechanism of macroeconomic uncertainty to effectively control the risk;identifying the int ernal factors of changes in the behavior of companies accurately,improving the effectiveness of macroeconomic policies;building an external environment conducive to enterprise innovation to promote industrial upgrading;and building a sustainable diversi fied financing platform to slove the financing constraints problem of enterprise.