Financing Constraints, Market Uncertainty And High Savings Empirical Analysis

China’s economy is ranked second in the world in2012,the reform and opening up30years to create such a huge miracle,largely due to high investment, high savings and high ex-ternal demand. Such a development model of China’s internal and external imbalances caused,which continued to increase savings gained in importance. Statistics show that China’s na-tional savings rate rose to59percent from35percent, of which corporate savings rate in1992increased to11.3%in2012for25.4%. According to macroeconomic theory shows that highsavings lead to economic imbalance, the total investment is less than the total savings, whilethe difference between rely on foreign markets to digest while high savings inhibit consump-tion, expanding domestic demand and lack of motivation. Therefore, corporate savings ratecontinues to explore the reasons behind the growth, the Chinese economy for the mitigationof internal and external and external imbalances is important.Information asymmetry caused by financing constraints and uncertainties of the marketenvironment has become a major problem in market environment, many companies are facing.On the one hand, in the case of rejection of the existence of this stage financial environment,making many small and medium enterprises were forced carry out the savings to finance, cap-ital utilization efficiency is not high; on the other hand, due to the macro-control and industrycapacity reasons, the market environment facing the survival of many uncertainty, in order tomeet the requirements of industrial transformation. Making the enterprises are facing uncer-tain market environment in the growth stage, more savings.In this paper, the sample data are divided into state and non-state-owned listed compa-nies, to analyze whether the scale of the impact of corporate savings there are significant dif-ferences. results shows that: with respect to state-owned enterprises, non-state-owned listedcompanies face greater financing constrains. The reason is that the market environment, capi-tal market imperfections and asymmetric information, making the choice of the larger finan-cial institutions, corporate lending target as instinct,Then, this article will uncertain marketenvironment as the only variable added to the impact of corporate savings are significant. Itsresults showed that: in the model to explain the uncertaintyvariable degree of corporate sav-ings reached0.987,indicating that companies face uncertain when such enterprises have astronger motivation for saving. This paper presents the findings of research hypotheses and consistent,making the impactof factors affecting the business of saving more persuasive, the verification by empiricalanalysis of corporate savings of the main factors affecting the situation, improve the profita-bility of listed companies from the perspective of the capital markets and raise the quality oftargeted opinion.This paper argues that, for the continuous development and improvement ofChina’s capital market, the development of Chinese enterprises have distinctive treated. Onthe one hand, the profitability of listed companies a better company,to pay more attention tothe development of bonus rules. On the other hand, we must continue to improve China’s fi-nancial market system, to meet the financing needs of different types and sizes, so the marketshas become more dynamic.