Paper Title
Economic Uncertainty, Capital Structure and Investment Opportunities: Evidence from Listed Firms in China

Macroeconomic uncertainty has impact on investment opportunities of enterprises. Moreover, different kinds of enterprises can be affected in different levels. This article analyses the changes in capital structures of different enterprises, using seasonal financial reports of Chinese public firms. The research found that an increase in macroeconomic uncertainty can reduce the role of capital structure in promoting investment opportunities and vice versa. Moreover, non-state-owned enterprises are more sensitive to economic uncertainty rather than state-owned enterprises. This conclusion is not only showed the significant effects of macroeconomic uncertainty has on the investment sentiment of investors, but also showed that the firms that had relatively high capacity to sustain the pressure bought by economic recession can get relatively stable investment opportunities. Keywords - Economic Uncertainty, Investment Opportunities, Capital Structure