Research On The Impact Of Environmental Disaster Impact On Enterprise Financing Behavior

In recent years,due to its special location,the frequency of natural disasters in China is relatively high,ranking first in the world.Disasters not only endanger human life and health and normal production and life,but also hinder healthy economic development.From a microeconomic point of view,natural disasters will affect the production and operation of enterprises,and affected enterprises may suffer casualties,plant damage,out-of-stock and unsellable effects,which in turn affect cash holding,market performance,financing intentions,etc.Government subsidies are one of the commonly used support methods of the government,when people or enterprises are affected by the external environment and face difficulties in life or operation,the government will reasonably assess and issue subsidies to help them tide over difficulties.The original intention of government subsidies is to play a positive role in enterprises and the market through government regulation,so when disasters endanger enterprises,reasonable government subsidies will help enterprises out of short-term difficulties.This paper uses empirical analysis methods to study the impact of natural disasters on the financing level of enterprises,and finds that the occurrence of natural disasters will reduce the liquidity and debt financing level of enterprises,and has no significant impact on the financing level of long-term debt.After the introduction of government subsidies,it was found that when natural disasters inhibit the financing level of corporate liquidity liabilities,government subsidies could significantly alleviate this inhibition,and passed the robustness analysis.The results show that the occurrence of natural disasters in the eastern and central regions significantly reduces the liquidity debt financing level of enterprises,and government subsidies also play a significant role in alleviating their impact,while the occurrence of natural disasters in the western region does not have a significant impact on enterprise financing.Subsequently,this paper further studies the impact of natural disasters on the financing level of enterprises in different industries,and the results show that there are certain differences in the industry,and it is concluded that environmental disasters have a significant negative impact on the liquidity liabilities of heavy industry enterprises,but do not significantly affect the long-term debt financing of such enterprises,while government subsidies can increase market confidence and alleviate the impact of such natural disasters on the financial market environment and inhibit the phenomenon of corporate liquidity debt financing.However,the impact of environmental disasters in light industry and other light industries on the financing level of corporate liquidity liabilities is not significant.This paper studies the impact and mechanism of natural disaster shocks on enterprise financing level,expands the relevant research on the impact of natural disasters on micro-enterprise behavior to a certain extent,and provides a reference basis for relevant departments to better carry out post-disaster economic maintenance.By studying the moderating role of government subsidies in their impact,we also expand relevant research to explore and discover the effectiveness of macro policies in the development of micro enterprises.