Research On The Impact Of Economic Policy Uncertainty On Enterprise Equity Financing

With the outbreak of the global COVID-19,the international pattern is changing rapidly.Our country adopts the policy formulation way of "crossing the river by feeling the stones" to deal with the crisis,and the adjustment of the economic policy is quite frequent.With the intensification of macroeconomic fluctuations,the external risks of micro enterprises will increase,and the level of enterprise risk-taking will be affected.Further changing the equity financing situation of enterprises will have a significant impact on the operation,investment,innovation and R &D of enterprises,and then affect the development of the whole social economy.Therefore,it is of great significance to study how economic policy uncertainty affects enterprise equity financing.This paper selects the financial data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 to explore the impact of economic policy uncertainty on the cost and scale of enterprise equity financing,and explore its intermediary transmission mechanism from the perspective of enterprise risk-taking level.The research conclusions are as follows.First,economic policy uncertainty and the level of enterprise risk-taking have a significant positive impact on the cost of equity financing;and have a significant negative impact on the scale of enterprise equity financing.Second,when the uncertainty of economic policy increases,the level of enterprise risk-taking will increase,which is in line with the expected effect of opportunity;And the level of enterprise risk-taking has a significant intermediary effect in the process of economic policy uncertainty affecting enterprise equity financing.Thirdly,the heterogeneity is studied from the perspective of property right nature,financing constraint ability and enterprise scale.As for the cost of equity financing,non-state-owned enterprises,low financing constraint enterprises and large-scale enterprises are more significantly affected by the uncertainty of economic policy,and the intermediary effect of enterprise risk-taking level is significant.As for the scale of equity financing,only non-state-owned enterprises,low financing constraint enterprises and small-scale enterprises are significantly negatively affected by economic policy uncertainty,and the intermediary effect of enterprise risk-taking level is significant.However,state-owned enterprises,enterprises with high financing constraints and large-scale enterprises are not significant.