Economic Policy Uncertainty、Information Disclosure Quality And Financing Constraints

At present,China is in a period of strategic opportunities for the adjustment and upgrading of economic development mode,structure and growth momentum.The increasing complexity of the international environment and the impact of COVID-19 make the government frequently promulgate and change the economic policy to guide the economic operation,which also improves the overall economic policy uncertainty level.Previous studies have shown that frequent changes in economic policies will have a negative impact on macroeconomic factors or behavior,and also have a positive or negative impact on enterprise investment,R&D and innovation.As a common problem of enterprises,financing constraints are rarely demonstrated from the perspective of financing channels Discuss how to alleviate the negative impact.On the basis of related literature research and theories,this paper takes the Shanghai and Shenzhen A-share non-financial listed companies,ranging from 2007 to 2018,as a sample to study the the effect of macroeconomic policy uncertainty and enterprise information disclosure quality on financing constraints,as well as the regulatory role of information disclosure quality between economic policy uncertainty and financing constraints,and further studies from the perspectives of listed sectors and violations.The results show that:first,the increase of economic policy uncertainty will aggravate the financing constraints;second,enterprises with high quality of information disclosure have lower financing constraints;third,the impact of policy uncertainty on financing constraints will be regulated by the level of enterprise information disclosure;fourth,the increasing uncertainty of economic policy aggravates the financing constraints,which is more significant in the listed enterprises of SME board and the enterprises with violations.Therefore,this paper proposes:first,the government should pay attention to enhancing the credibility and the impact of frequent changes in economic policies on the market environment and enterprises.When making policies,the adaptability and heterogeneity of enterprises should be fully considered,and the stability,continuity and sustainability of policies should be maintained as far as possible;second,enterprises should pay attention to improve their own strength,choose diversified financing channels,keep sensitivity to the changes of market and policy,and abide by rules and regulations;third,enterprises should disclose information in a true,relevant,complete,timely and compliant manner,and expand the content and channels of information disclosure based on the demand;fourth,regulatory agencies should improve the information disclosure laws and regulations,and conduct information disclosure audit with flexible means and clear punishment.