• Login
  • Register
  • Search

Research on the Impact of Macroeconomic Fluctuations on the Market Value of Enterprises

Ya Wang, Tiantian Huang, Han Chen, Siyu Liu


This article takes China’s A-share listed companies from 2004 to 2019 as a research sample to examine the impact of macroeconomic fluctuations on the operating debt behavior of listed companies and the relationship between corporate operating debt decision-making and corporate value under the background of macroeconomic fluctuations. The results find that: During the economic downturn, companies use operating liabilities more actively during the economic downturn, and operating liabilities have a stronger effect on the promotion of corporate value; during economic downturns, companies with stronger residual operating debt capacity have higher corporate value. This paper has enriched the empirical evidence of the relationship between macroeconomic fluctuations and micro-firm financial behavior, and has certain enlightenment significance for company managers to grasp the law of macroeconomic development and make scientific and reasonable debt decisions.


Macroeconomic Fluctuations; Operating Liabilities; Financial Liabilities

Full Text:


Included Database


Feltham G.A., Ohlson J.A, Valuation and clean surplus accounting for operating and fi nancial activities. Contemporary

Accounting Research, 1995; 11(2): 689-731.

Chen D, Tang J: “Institutional investor shareholding, tax avoidance and rent-seeking, and corporate value” (in Chinese)

[J]. Economic Review, Issue 6, 2013.

Love I., Preve L.A., Sarria-Allenda V. Trade credit and bank credit: evidence from the recent fi nancial crises(in Chinese) [J]. Journal of Financial Economics, 2007; 83(2): 453-469.

Shi X, Zhang S: Research on commercial credit and bank loan substitution behavior in the economic c ycle(in Chinese) [J]. Journal of Management Science, No. 13, 2010.

DOI: http://dx.doi.org/10.18686/fm.v6i2.3393