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| Research on the Impact of Business Cycle on the Corporate External Financing |
| WU Huaqiang, CAI Guowei, XU Xinzhong
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| Lingnan College,Sun Yat-sen University |
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Abstract This paper believes that business cycle can influence the firms’ external financing by the channel of financing-Q sensitivity and financing-cash flow sensitivity. The empirical results confirm that, the effect of investment value on the external financing is positive, and that of the internal cash flow is negative. During the business cycle, both of the coefficients of Tobin-Q and internal cash flow will change. During the period of economic expansion, the positive effect of Tobin-Q on the debt financing will become stronger, and the negative effect of cash flow will become weaker. Moreover, the positive effect of Tobin-Q on the equity financing will become weaker, and the negative effect of cash flow will become stronger. So the debt financing and the ratio of liabilities to assets are pro-cyclical, while the equity financing is counter-cyclical. The effect of business cycle among the companies in different sizes, different property rights and different industries are also different.
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Received: 25 March 2015
Published: 19 April 2018
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