A Study on Economic Policy Uncertainty, Financing Constraints and SME Financing Structure Choice Based on Intermediary Effects

Since the sub-prime crisis, policies in major economies have been subject to frequent and substantial adjustments in response to changes in the environment. Macroeconomic policy formulation has been characterised by "de-cyclicalisation" and "uncertainty". This paper selects the data of listed SMEs from 2009 to 2019, which uses financing constraints as the mediating variable between economic policy uncertainty and enterprises' internal or external sources of financing, which establishes a two-by-two mediating effect mathematical model on the correlation between economic policy uncertainty, financing constraints and financing structure according to the three-step method of testing mediating effects. The coefficients of the independent variables in each OLS regression model are tested for significance. The coefficients of the independent variables in each OLS regression model are tested for significance. This study provides implications for the financing strategies and responses of SMEs under economic volatility and financing constraints.