Expected Inflation, Policy Uncertainty And Asset Structure’s Dynamic Regulation

In recent years,worldwide and regional economic and financial crises have frequently occurred,which has led to frequent changes in the economic environment at home and abroad,becoming a major feature of economic development.As the most important human resource,the company’s management should pay close attention to the changes of various macro-economic factors,and then adjust the company’s production and operation decisions to respond to the ever-changing external environment.Inflation,as an important macroeconomic indicator,has an important influence on consumption and investment decisions of enterprises.As an estimate of future inflation,inflation is expected to promote the spiral of inflation,while the enterprise asset allocation decisions have a significant impact.Based on the empirical data of A-share listed companies in China’s securities market from 1990 to 2014,this paper uses the multiple regression analysis method to test how the expected inflation affects the adjustment of enterprise asset structure.On this basis,the expected inflation,economic policy uncertainty And corporate asset structure into a unified analytical framework to explore the macroeconomic policy uncertainty on the expected relationship between inflation and asset structure impact.In the further study,we use the KZ index and the equity nature as the indicators of financial constraints,respectively,using the profitability and capital structure as indicators of financial characteristics,and examine the difference of the impact in different situations.The study shows that,in the period of rising inflation,the level of financial assets of enterprises is reduced and the level of operating assets is increased.Enterprises with active adjustment of asset structure in anticipation of inflation will have better future business performance;macroeconomic policy uncertainty will weaken the expected inflation.Asset structure.Further studies have found that both the financial constraints and the financial situation have an impact on the relationship between expected inflation and corporate asset structure and the role of macroeconomic policy uncertainty in asset restructuring.Based on the expected inflation and corporate asset structure,this paper explores the impact of macroeconomic environment on corporate asset allocation behavior and,to a certain extent,expands the research direction of macroeconomic factors and micro-enterprise behavior.In theory,this paper provides new evidence for the relationship between inflation,macroeconomic policy uncertainty and corporate asset structure,and expands the research content of macroeconomics environment and microcosmic enterprise interaction frame.In practice,the conclusions of this paper provide empirical evidence for enterprises to combine macroscopic environmental factors,make asset structure decision-making for environmental change and enhance enterprise performance.In addition,it also provides academic support for the country to control the macroeconomy and formulate more effective macroeconomic policies.