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

Ya Wang, Tiantian Huang, Han Chen, Siyu Liu

Abstract


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.

Keywords


Macroeconomic Fluctuations; Operating Liabilities; Financial Liabilities

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References


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

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