| Debt financing has always been a hot and difficult topic in finance research,and companies mainly through bank loans and commercial credit to get finance.The design and arrangement of bank loan and commercial credit financing might be influenced by external financing environment,system environment and other factors.As the most important influence factor of the macroeconomic environment,it is a cutting-edge subject to study financial research from the economic policy uncertainty(an estimate of future economic policy uncertainty based on current uncertainty)and social capital(an informal system).Based on the review of the empirical research literature on the factors affecting corporate debt financing,this paper comprehensively analyzes the background of the financing system of private listed companies in China,and elaborates on the development path,definitions,and measurement methods of social capital.Moreover,according to the financing background of China,this paper constructs an index system of social capital used in Chinese listed firms,and analyses in depth the index of social capital for listed firms.Based on the special background of China’s financing system,this paper studies the effect of macroeconomic factor(economic policy uncertainty),social capital and the interaction on corporate debt financing.This paper takes the unbalanced panel data composed of A-share listed private enterprises in Shanghai and Shenzhen Stock Exchange as samples,By using static estimation techniques such as OLS regression,fixed effect regression and systematic GMM dynamic estimation,this paper examines how the expected inflation rate and social capital in two dimensions affect,and two dimensions of social capital affect corporate bank loans(total loan,loan maturity length,loan interest rate,patterns of loan and loan deviation degree)and commercial credit financing(commercial credit model,commercial credit acquisition,commercial credit supply and net commercial credit);moreover,it also studies whether the two dimensions of social capital can effectively restrain the negative impact of the increasing of expected inflation rate on the debt financing of private companies.This paper contains six chapters:Chapter 1 is the introduction,elaborates the research background and significance,and forms the research thinking and frame by summarizing the research literature.Chapter 2 is the literature review,summarizes the research literature on economic policy uncertainty,social capital,debt financing.Chapter 3 contains social capital and economic policy uncertainty index design,measurement and effectiveness evaluation.This chapter adopts factor analysis to measure and analyze the two dimensions of social capital(executive’s social capital and regional social capital),and makes effective evaluation of the analysis results.Chapter 4,The empirical study of economic policy uncertainty and debt financing.In this chapter,a model about the impact on economic policy uncertainty on corporate debt financing behaviors has been built and a static estimate analysis is made for the variables on economic policy uncertainty and debt financing(commercial credit financing and bank debt financing).Meanwhile,it also finds out whether the impact of economic policy uncertainty on the variables of debt financing(commercial credit financing and bank debt financing)is influenced by the explained variables of last phase based on the static estimate analysis and whether there is a positive or negative cumulative effect between the explained variables.Chapter 5,The empirical study of social capital and debt financing.In this chapter,a model about the impact on social capital on corporate debt financing behaviors has been built and a static estimate analysis is made for the variables on social capital and debt financing(commercial credit financing and bank debt financing).Meanwhile,it also finds out whether the impact of social capital on the variables of debt financing(commercial credit financing and bank debt financing)is influenced by the explained variables of last phase based on the static estimate analysis and whether there is a positive or negative cumulative effect between the explained variables.Chapter 6,The empirical study of economic policy uncertainty,social capital and debt financing.An static estimate analysis is made for the variables of economic policy uncertainty and debt financing behaviors(commercial credit financing and bank debt financing)and a static analysis and a dynamic estimate analysis are made for the variables of economic policy uncertainty,social capital and debt financing behaviors(commercial credit financing and bank debt financing).It aims to find out whether the impact of economic policy uncertainty and social capital on the variables of debt financing(commercial credit financing and bank debt financing)is influenced by the explained variables of last phase and whether there is a positive or negative cumulative effect between the explained variables.Chapter 7 is the conclusion and prospect of the research.This paper mainly focuses on the summary and conclusion of the research content,and aims to find out research conclusion and inadequacies,as well as potential research field and research plans to be explored in the future.The main findings of this paper are as follows:(1)The higher the expected economic policy uncertainty rate,the less the total amount of bank loans,the shorter the loan term,the higher the loan interest rate,higher deviation degree and stricter requirement on loan guarantee;moreover,The more the higher cost of trade credit financing mode used by private firms,gets smaller amount of commercial credit financing,provides more commercial credit financing for business partners and gets smaller amount of net commercial credit financing funds.(2)If the two-dimensional social capital becomes more sufficient for private companies,the firms can get more bank loans with favorable terms longer maturity,lower interest rate,lower deviation degree and looser requirement on loan guarantee;moreover,when the firms use less higher cost of trade credit financing mode,they will acquire more trade credit,provide less trade credit,and get more net trade credit.(3)If the two-dimensional social capital of private companies gets more sufficient,it helps to curb the negative effect of the economic policy uncertainty rate on the total bank loan and loan maturity length of companies,weaken the positive effect of the expected inflation rate on loan interest rate and loan deviation degree,and get looser requirement of economic policy uncertainty rate on loan guarantee.Then the positive influence of economic policy uncertainty rate on the use of high-cost commercial financing and provision of commercial credit financing to the outside world become weaker,and the negative influence of economic policy uncertainty rate on the acquisition of commercial credit financing and net commercial credit financing become weaker. |
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