The Mechanism Of The Impact Of Policy Uncertainty On The Financial Crisis Of Enterprises

With the continuous development of market economy,our government’s governance ability is constantly improving,and the macro-control ability is also constantly improving.However,compared with market regulation,the government’s macro-control policy has the characteristics of lag,and the transmission process often takes some time from the introduction to the implementation and effect of the policy.If the policy changes frequently,it is difficult for enterprises to predict the trend of policy changes,the frequent changes in policy will bring some impact on the market subject’s business decision-making.This paper uses case study method to study the impact mechanism of the uncertainty of macro policy on the formation of financial crisis of enterprises.At present,the research on the impact of policy uncertainty mainly focuses on its impact on the external business environment and internal business behavior of enterprises,and there is little literature to discuss the impact of policy changes on the formation mechanism of enterprise financial crisis.This paper connects enterprise behavior,enterprise risk and enterprise financial crisis,and explores the role path and logic of policy uncertainty in the financial crisis of enterprises by studying the behavior of enterprises under the background of policy changes.Therefore,this paper tries to use case analysis method to study the impact of macro-policy uncertainty on the financial crisis mechanism and consequences.At present,the research on policy uncertainty focuses on the influence of static policy,and there is little literature discussing the impact of the dynamic changes in policy on the output of enterprises.The purpose of this paper is to explore the path and logic of the role of policy uncertainty in the financial crisis of enterprises by studying the interaction between policy changes and corporate behavior.In this paper,according to "macroeconomic policy-micro-enterprise behavior-microenterprise output" from macro to micro-line,to build the link between macro-economic and micro-market subjects.In this paper,the Oriental garden is the research object.In view of the case study of the formation mechanism of the financial crisis of Oriental garden under the background of policy uncertainty,this paper puts forward the following point of view: Under the background of encouraging policy,enterprises often choose more aggressive business model and over-invest and finance.Aggressive expansion tends to make corporate debt run,and large-scale investment and financing will encourage companies to form excessive financial leverage.Under the background of abundant capital in the credit market,the credit risk of poor liquidity of enterprises will be covered up to some extent.If external policy tightens sharply,companies may face difficulties in borrowing and debt collection.At this time,once the enterprise failed to issue debt,the exposed funding gap will become the trigger for the outbreak of financial crisis;Through the analysis of the relationship between policy uncertainty and enterprise financial crisis,this paper puts forward the following suggestions for enterprises with high degree of policy dependence,especially private enterprises of listed companies::decision makers should make rational decisions,rational investment;On the one hand,this enriches the research of the theory of policy uncertainty,and also enriches the research on the impact mechanism of financial crisis,which is conducive to promoting the healthy development of private enterprises of listed companies in China.