Research On The Relationship Between Environmental Uncertainty And Corporate Debt Financing

For an enterprise,only sufficient capital can ensure the development of various economic activities.With the continuous expansion of business scale,the stability and expansion of the enterprise increasingly depend on sufficient capital supply.Whether a stable source of capital can be obtained will determine whether the enterprise has enough power to complete subsequent business and investment activities.At present,the financing of enterprises in our country is mainly through debt financing and equity financing.Because of the high supervision of equity financing in our country and the complicated supervision procedures,more often,listed companies in our country take the way of debt financing to obtain funds.Under the background of the new normal of China's economy,the financing environment of enterprises is often complex and changeable.On the one hand,it is not only affected by the whole macroeconomic situation,but also regulated by the national macroeconomic policies;on the other hand,due to the different business contents of different enterprises,the environmental uncertainties faced by enterprises are also different.In view of this,the research on the relationship between environmental uncertainty and corporate debt financing has certain theoretical and practical significance.Based on this,this paper selects the relevant data of A-share listed firms in Shanghai and Shenzhen stock markets from 2009 to 2018 to explore the relationship between environmental uncertainty and corporate financing,and also analyzes the regulatory role of overconfidence in the relationship between the two.In the empirical study,firstly,according to the different sources of environmental uncertainty,this paper divides it into macro environmental uncertainty and corporate environmental uncertainty,and explores the relationship between them and corporate debt financing.Secondly,this paper introduces overconfidence as a moderating variable into the empirical model to explore its moderating role between environmental uncertainty and corporate debt financing.Thirdly,this paper divides the samples into state-owned enterprises and private enterprises according to the different nature of property rights,and explores whether the regulatory role of overconfidence in the relationship between environmental uncertainty and corporate debt financing is consistent in different nature of property rights.At last,the results of this study are tested for robustness and endogeneity,and the results of this study are confirmed again.Through theoretical analysis and empirical proof,the main conclusions are as follows:(1)macro environmental uncertainty has a significant negative effect on corporate debt financing(scale,term),while corporate environmental uncertainty has a significant positive effect on debt financing(scale,term).(2)Overconfidence does not play a significant role in regulating the relationship between macro environmental uncertainty and corporate debt financing(scale,term),but it does not play a significant role in regulating the relationship between corporate environmental uncertainty and corporate debt financing(scale,term)There is a significant moderating effect in the relationship,and the direction is positive regulation,that is,when managers are overconfident,companies in the uncertainty of enterprise environmental will generate more financing scale and longer financing period.(3)For enterprises with different property rights,the regulatory effect of managers' overconfidence on the relationship between environmental uncertainty and corporate debt financing(scale,term)is not the same.Compared with state-owned enterprises,in private enterprises,managers' overconfidence on corporate environmental uncertainty and corporate debt financing(scale,term)The regulatory effect of the relationship is more obvious.Finally,based on the results of empirical test,this paper puts forward relevant policy recommendations for listed companies in China,and on the basis of reflection on the shortcomings of this paper,combing the future research direction.As a whole,this paper explores the impact of environmental uncertainty on corporate debt financing from the perspectives of macro environment and internal environment,which not only extends the content of corporate debt financing,but also enriches the research results of corporate debt financing.At the same time,it is also conducive to the early prevention and control of enterprises in the face of environmental uncertainty.It is also conducive to accelerate the completion of the construction of their own risk prevention and control system,so as to ensure the long-term and stable development of enterprises.