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Abstract：After the implementation of reform and opening up policy， China's social and economic development has made a series of achievements， market economic reform is also in a state of continuous improvement， establish a good and stable relationship between market supply and demand，Chinese market environment is increasingly tends to sound， but also realize that while the market economy growing， the market competition has become increasingly fierce， it also allows companies in the development process for the development of enterprises to bring the power and opportunity at the same time It began facing more challenges and difficulties.For businesses， the biggest problem encountered in the course of their daily operations is the risk of financial distress， in order to be able to venture financial difficulties for effective prevention and response， in addition to in-depth analysis of market factors， it is equally also to macroeconomic factors were analyzed to determine whether the risk of financial distress which would have an impact on business.This article from both theoretical and empirical analysis of the correlation between the macroeconomic environment and corporate financial distress risk between the enterprise and how to effectively prevent the risk of financial distress put forward some countermeasures.
Key words：Macroeconomic factors；Enterprise；Risk of financial distress
Chinese socialist market economic system in deepening the market more competitive， though the development of enterprises has brought more opportunities， but also to bring more challenges and problems. In the situation of severe market competition， enterprises will inevitably fall into some kind of financial distress， even serious when faced with a crisis of survival， once the company into a financial predicament， will give business creditors， investors and other aspects band to very serious negative effects [1].Therefore， the importance of corporate financial hardship in recent years has been more concern and attention. Standing in terms of the macro point of view， the large， corporate financial distress risk large-scale outbreak of the national economy will adversely affect； stand in terms of the microscopic point of view， the financial situation of the survival and development of enterprises have a critical effect， so it makes financial distress risk companies has become one focus of the business community has been concerned with the theory. On corporate financial distress risk， in the past to be the main corporate financial information for their research attention and study， and with relevant research constantly advancing and deepening financial difficulties of the enterprise now focus on risk when research objects into a macro-economic factors. Only a full analysis of the theory， on this basis， it is capable of binding to a better grasp of macroeconomic factors affect instances of corporate financial distress risk， and thus be able to provide important financial distress risk prevention and stabilization of enterprises protection. [2] 1. From The Theoretical Analysis Of The Impact Of Macroeconomic Factors On The Risk Of Corporate Financial Distress
Macroeconomic factors intuitively it is closely linked between a systemic risk， business risk and financial difficulties encountered by enterprises macroeconomic factors in the development process， it is because the company's financial operation， production management and other activities It is carried out in a certain economic environment， and therefore， macroeconomic factors will inevitably have an impact on the financial situation. This paper analyzes the impact of macroeconomic factors representative of the enterprise risk of financial distress caused， including the following：
（1） The overall economic environment
Between the company's financial difficulties and the risk of the macroeconomic environment in general is a kind of negative correlation， that is to say， the macroeconomic environment is good， the smaller the risk of the enterprise， the macroeconomic environment bad， the company's financial difficulties the greater the risk. First， once the macroeconomic environment is deteriorating， companies in the production process of the cash flow will be greatly reduced. This is because the deterioration of the macroeconomic environment， companies compete for market demand will be more intense， at the same time， the deterioration of the macroeconomic environment will lead to reduction of income and even the phenomenon of a large area of unemployment， the consumer is limited to the ability to lead business performance decline， so will greatly reduce the company's cash flow. [3] Second， enterprises in the financing of commercial banks will be affected by "pro-cyclical"， when the social economy recession， the bank will increase the fear of default and credit quality deterioration， and therefore will take measures to reduce the supply of credit， so that， corresponding increase the likelihood of business can not get enough cash flow financing， when enterprises have financial hardship.
（2） Inflation
Inflation will make increased production costs， companies in the operation process will face greater financial pressure， once the capital flow， however， will lead to the risk of financial distress companies greatly increased. And， with the emergence of the phenomenon of inflation， will lead to asset price bubble， companies at this time will bear more than their actual level of lending， which greatly increased the company in financial distress risks. （3） Currency supply
The impact of macroeconomic factors of money supply to the enterprise financial distress risks mainly in two aspects， first， to make their credit ability of the bank to change. Overall， if the company is very consistent with the credit standards， the commercial banks will increase their willingness to credit， in this case， a company that by improving the indirect financing channels can reduce the risk of financial distress risk. Secondly， the formation of a portfolio effect for enterprises to provide more financing channels， reduce the degree of financial tension enterprises. [4]
（4） Exchange rate
On the economic risk， the greater business risks increase if the exchange rate， export enterprises are facing export products less competitive on prices， export restrictions， and therefore lead to trouble in the enterprise. On accounting risk， once the exchange rate changes， the foreign company's assets and liabilities will change accordingly， and in the accounting project， using the exchange rate at the time recorded at the time of the conversion rate used is a certain difference ， which led to the emergence of financial damage in currency conversion process.
（5） Interest rate
Impact of interest rate risk on corporate financial difficulties arising from the performance of the two points， first in the interest rate on corporate finance to bring higher interest rates， increased financing costs， the cost of doing business in the equity financing because of higher interest rates and improve. Followed by the performance impact of interest rates on business investment to bring， when interest rates increase， companies will enhance the discount factor and because such investment project NPV reduction.
2. Empirical Study Of Financial Distress Risk Of Macroeconomic Factors On Business
In order to ensure the accuracy of research and science， it must be on the basis of macro-economic factors affecting the enterprise from a theoretical point above the risk of financial distress， and through empirical analyzes macroeconomic factors to the enterprise financial distress risks influence， the only way to ensure compliance with both analyze the results from the theoretical requirements， but also to meet the empirical sense.
This article will be a listed company as a demonstration of the object of this study， the use of vector autoregression model and impulse response function and variance decomposition macroeconomic factors affect the overall risk of financial distress of listed companies Empirical Study， which will be able to prevent and listed companies cope with financial hardship to provide theoretical support. （1） Select the macro economic variables
In general， the macroeconomic variables including industrial added value， GDP， inflation rate， long-term interest rates， short-term interest rates， oil prices， money supply， government spending， deficits， foreign direct investment， exchange rates and a series of variables. This article from the theoretical analysis of the overall economic environment， money supply， inflation， exchange rates， interest rates， capital market variables to select these six macroeconomic variables， selected macroeconomic variables are mainly economic environment variable， money supply variable， variable inflation， the exchange rate variable， the variable interest rate and capital market variables， including the economic implications of the economic environment variable is GDP， industrial added value and fixed asset investment amount， the economic meaning of inflation variable is the consumer price index with the retail price index， the economic implications of the exchange rate variable is closing rate against the dollar， the economic implications of variable interest rate is the actual interest rates， the economic implications of capital market variables is the Shanghai Composite index and Shenzhen index. [5]
（2） Sample selection and data sources
During the period of this study should be included in at least one cycle of macroeconomic changes. Famous economist Liu Junsheng so fresh and pillars Markov transferred through multivariate factor model of economic cycles carried out empirical research study found that China's economic cycle substantially through economic expansion， economic contraction， economic expansion economic contraction phase， so this study period contains a macroeconomic volatility period. In keeping with the corporate financial distress risk cycle， this paper to calculate the annual data on macroeconomic variables of the listed companies.
（3） Designed
1.The basic model of vector autoregression
In VAR base model， which prevents problems in structural equation modeling for each endogenous variable hysteresis value system functions on all endogenous variables exist， mainly related to the correlation between the time series and random system dynamic Effects of perturbations generated by the system for the analysis of the specific form as follows：
Y（t）=A（1）Y（t-1）+…A（n）Y（t-n）+BX（t）+e（t）
Wherein， Y （t） is an endogenous variable column vector represents the risk of financial distress of listed companies and the corresponding macroeconomic variables， X （t） is a vector of exogenous variables， A （1） up to A （n）， between B and the like is an estimate of the coefficient matrix， e （t） is the error vector. [6] 2.Impulse response function and variance decomposition
Impulse response function is mainly used to a standard derived from the difference between the impact of random disturbance of endogenous variables affect the future value of the current measure. Mainly impulse response function in order to track these effects will be described， so to be able to show any change in a vector model is how to have an impact on all the other variables， and finally back to the process but also their own. Variance decomposition mainly on the relative importance of each structure for a contribution of endogenous variable changes are analyzed in order to impact on the importance of different structures were evaluated using variance decomposition of different variables can affect the generated evaluated .
（4） Positive Results and Discussion
By vector autoregression model and the basic impulse response function， variance decomposition of the calculated results， the listed company's financial difficulties and the risk of the overall economic environment， between real interest rates and the money supply has a close relationship. First， the development of enterprises affected by the overall economic environment， the financial operation epitomizes the overall business operations. When economic conditions deteriorate， the health of the financial companies will have varying degrees of decrease. Secondly， although equity financing of listed companies are more interested in， but its balance showed a trend rate of growth， the sample enterprises leverage on the rise， once the interest rate adjustment， it will greatly increase the cost of capital of listed companies， which will result in the financing of enterprises will experience varying degrees of difficulties， which planted a lot of hidden dangers of corporate financial distress risk. Finally， the adequacy of funds for financing the effectiveness of the enterprise has a direct impact， therefore， the risk of financial distress money supply listed companies will play a negative role. [7]
Although macroeconomic variables will have some impact on the risk of financial distress of listed companies， but this does not mean that all the macroeconomic variables will have a significant impact on the financial difficulties of the venture， in which the level of inflation， exchange rate and capital market variables financial distress risk companies will not have much impact.
The reason why inflation will not have much impact on the financial difficulties of the venture， the main reason for China's listed companies and the structure and the formation of inflation-related causes. In all walks of life in our country， listed companies generally are in a leading position， and even some listed companies have monopolized the role of listed companies operating strength and economic strength stronger than normal， so the face of inflation or deflation phenomenon when there is sufficient capacity to solve these problems. Moreover， the phenomenon of inflation also appear to bring an overheated economy， economy class listed companies can gain more benefits in this environment in the short term. [8] The main reason for the capital market will not have much impact on the variables listed companies financial hardship because of the effectiveness of the stock market is not high， with China's economic development in a departure from the state， it does not reflect the operations of listed companies and financial situation.
The reason there is not much relationship between the exchange rate and the risk of financial distress of listed companies because of the contribution of the import and export business for the economic benefit of listed companies made small. [9]
3. Enterprise Effective Countermeasures Prevention Of Risks Of Financial Distress
（1） Establish a sound financial crisis early warning mechanism
In order to ensure that enterprises can be more stable and secure operation， avoid the development of enterprises fell into financial difficulties because of the great risk， it must be on the financial situation of enterprises to effectively manage， at the same time also be always concerned about the macroeconomic environment. Among the most important thing is to establish a sound financial crisis early warning mechanism in the enterprise， according to the results of corporate financial management and market research， timely analysis of the financial situation， which found the existence of a financial crisis， and in accordance with risk factors make timely treatment， try to avoid companies fell into financial trouble. [10]
（2） We are highly concerned about the macroeconomic environment
Enterprises in the development process of the macroeconomic environment were highly concerned about the pressure of time， because the development of the enterprise itself in the macroeconomic environment. To focus on changes in loan interest rates， when interest rates rise， the enterprise loan business should make timely adjustments in other ways to raise funds. GDP growth rates of concern when there is a higher GDP growth rates， companies must first conduct a comprehensive analysis of the market situation， appropriate to expand the production and sales on this basis. [11]
（3） Be focused on the key indicators
There are key indicators of business enterprise asset-liability ratio， total asset turnover and cost margins， etc.， for these key indicators focus， allowing enterprises to find work focuses on prevention of risk of financial distress， only the focus of the work done， to be able to most effectively prevent caused because of the key indicators of financial distress risk. [12] 4. Conclusion
In summary we can see， with between macroeconomic factors and corporate financial distress risk very close contact， which is embodied in the overall economic environment， the level of real interest rates and money supply three macroeconomic variables. Enterprises in order to effectively prevent and respond to financial distress risk， we must first enterprise internal financial management do a good job， but also to be a high degree of attention to changes in the macroeconomic environment， through the establishment of sound financial crisis early warning mechanism， focusing on key indicators， to be able to reduce the negative impact of the macroeconomic environment for enterprise risk caused by financial difficulties， so as to encourage enterprises to gradually achieve sustainable development. [13]
References
Li Wenfeng， Laufen interest rate market can intensify internal unsystematic risk banking it - Evidence from Chinese Listed Commercial Banks [J] Investment Research， 2013，12：？ 102-118.Analysis moderating effect on the nature of the property [J] Shanxi Finance and Economics University， 2013，11 –
Li Bin macroeconomic shocks， debt aggressiveness and irrational investment：35-44.
Chen Qin， Shi Lijuan Empirical Study of Supply Chain Finance Credit Risk - based MF-Logistic model [J] Southwest Petroleum University （Social Science Edition）， 2014，04：27-35.
A SURVEY Hu Xiliang， Lvjiang Lin， Nie Fuqiang determinants of research and industry risk transfer mechanisms - Evidence from Shanghai and Shenzhen 300 industry segments [J] Modern Economic Science， 2014，05：70-80 +. 126-127.
Wu Zuguang， WAN Di-fang impact income tax exemption， financial development and capital structure decision - Evidence from Chinese Listed Agricultural Companies [J]. Economic and Management Research， 2013，02：79-87.
Sven study foreign exchange derivatives to hedge exchange rate risk enterprise value Effect - Empirical Evidence from Chinese Listed Companies [J] Journal of Zhongnan University， 2013，03：80-87 + 160.
Zheng Guojian， Lin Dongjie， Zhang Fei of major shareholders of financial difficulties， the effectiveness of tunneling and Corporate Governance - Evidence from the major shareholders of financial data [J] Management World， 2013，05：157-168.
Sun Jinjun， KU Nai cash holdings decisions have strategic effect - Studies and the average effect of cash holdings range effect of [J] Based Business Economics and Management， 2012，03：？. 85-96. Wenhao， Liu Chunjiang， Chen Xiaoyi changes in interest rates and the company's capital structure under dynamic adjustment deregulation background - Analysis of experience in manufacturing [J]. ECONOMICS， 2012，12：63-73.
Estela Relationship Between Corporate Governance Structure of the financial risks affect the business - oil and gas industry in China based in Shanghai and Shenzhen A-share listed companies [J] Xi'an Shiyou University （Social Science Edition）， 2016，02：44-. 51.
Task Force Macroeconomic Analysis and Forecast of Renmin University of China， Liu Yuanchun， Yan Yan 2014—— 2015. Macroeconomic Analysis and Forecast of China - into the "new normal，" crucial period of China's macroeconomic [J] Economic Theory. and Business management， 2015，03：5-33.
Cai Yulan， Cui Yi Merton Capacity of corporate financial distress from the model prediction of default - An Empirical Analysis Based on Discrete Time Risk Model [J] forecast，2015，06：33-38.
Luozheng Ying， Zhou Zhongsheng， Wang Zhibin financial ecological environment， the effects of bank loans and bank-firm relationship structure - An Empirical Study of SMEs [J] Financial Review，2011，02：64-81 + 125.
Key words：Macroeconomic factors；Enterprise；Risk of financial distress
Chinese socialist market economic system in deepening the market more competitive， though the development of enterprises has brought more opportunities， but also to bring more challenges and problems. In the situation of severe market competition， enterprises will inevitably fall into some kind of financial distress， even serious when faced with a crisis of survival， once the company into a financial predicament， will give business creditors， investors and other aspects band to very serious negative effects [1].Therefore， the importance of corporate financial hardship in recent years has been more concern and attention. Standing in terms of the macro point of view， the large， corporate financial distress risk large-scale outbreak of the national economy will adversely affect； stand in terms of the microscopic point of view， the financial situation of the survival and development of enterprises have a critical effect， so it makes financial distress risk companies has become one focus of the business community has been concerned with the theory. On corporate financial distress risk， in the past to be the main corporate financial information for their research attention and study， and with relevant research constantly advancing and deepening financial difficulties of the enterprise now focus on risk when research objects into a macro-economic factors. Only a full analysis of the theory， on this basis， it is capable of binding to a better grasp of macroeconomic factors affect instances of corporate financial distress risk， and thus be able to provide important financial distress risk prevention and stabilization of enterprises protection. [2] 1. From The Theoretical Analysis Of The Impact Of Macroeconomic Factors On The Risk Of Corporate Financial Distress
Macroeconomic factors intuitively it is closely linked between a systemic risk， business risk and financial difficulties encountered by enterprises macroeconomic factors in the development process， it is because the company's financial operation， production management and other activities It is carried out in a certain economic environment， and therefore， macroeconomic factors will inevitably have an impact on the financial situation. This paper analyzes the impact of macroeconomic factors representative of the enterprise risk of financial distress caused， including the following：
（1） The overall economic environment
Between the company's financial difficulties and the risk of the macroeconomic environment in general is a kind of negative correlation， that is to say， the macroeconomic environment is good， the smaller the risk of the enterprise， the macroeconomic environment bad， the company's financial difficulties the greater the risk. First， once the macroeconomic environment is deteriorating， companies in the production process of the cash flow will be greatly reduced. This is because the deterioration of the macroeconomic environment， companies compete for market demand will be more intense， at the same time， the deterioration of the macroeconomic environment will lead to reduction of income and even the phenomenon of a large area of unemployment， the consumer is limited to the ability to lead business performance decline， so will greatly reduce the company's cash flow. [3] Second， enterprises in the financing of commercial banks will be affected by "pro-cyclical"， when the social economy recession， the bank will increase the fear of default and credit quality deterioration， and therefore will take measures to reduce the supply of credit， so that， corresponding increase the likelihood of business can not get enough cash flow financing， when enterprises have financial hardship.
（2） Inflation
Inflation will make increased production costs， companies in the operation process will face greater financial pressure， once the capital flow， however， will lead to the risk of financial distress companies greatly increased. And， with the emergence of the phenomenon of inflation， will lead to asset price bubble， companies at this time will bear more than their actual level of lending， which greatly increased the company in financial distress risks. （3） Currency supply
The impact of macroeconomic factors of money supply to the enterprise financial distress risks mainly in two aspects， first， to make their credit ability of the bank to change. Overall， if the company is very consistent with the credit standards， the commercial banks will increase their willingness to credit， in this case， a company that by improving the indirect financing channels can reduce the risk of financial distress risk. Secondly， the formation of a portfolio effect for enterprises to provide more financing channels， reduce the degree of financial tension enterprises. [4]
（4） Exchange rate
On the economic risk， the greater business risks increase if the exchange rate， export enterprises are facing export products less competitive on prices， export restrictions， and therefore lead to trouble in the enterprise. On accounting risk， once the exchange rate changes， the foreign company's assets and liabilities will change accordingly， and in the accounting project， using the exchange rate at the time recorded at the time of the conversion rate used is a certain difference ， which led to the emergence of financial damage in currency conversion process.
（5） Interest rate
Impact of interest rate risk on corporate financial difficulties arising from the performance of the two points， first in the interest rate on corporate finance to bring higher interest rates， increased financing costs， the cost of doing business in the equity financing because of higher interest rates and improve. Followed by the performance impact of interest rates on business investment to bring， when interest rates increase， companies will enhance the discount factor and because such investment project NPV reduction.
2. Empirical Study Of Financial Distress Risk Of Macroeconomic Factors On Business
In order to ensure the accuracy of research and science， it must be on the basis of macro-economic factors affecting the enterprise from a theoretical point above the risk of financial distress， and through empirical analyzes macroeconomic factors to the enterprise financial distress risks influence， the only way to ensure compliance with both analyze the results from the theoretical requirements， but also to meet the empirical sense.
This article will be a listed company as a demonstration of the object of this study， the use of vector autoregression model and impulse response function and variance decomposition macroeconomic factors affect the overall risk of financial distress of listed companies Empirical Study， which will be able to prevent and listed companies cope with financial hardship to provide theoretical support. （1） Select the macro economic variables
In general， the macroeconomic variables including industrial added value， GDP， inflation rate， long-term interest rates， short-term interest rates， oil prices， money supply， government spending， deficits， foreign direct investment， exchange rates and a series of variables. This article from the theoretical analysis of the overall economic environment， money supply， inflation， exchange rates， interest rates， capital market variables to select these six macroeconomic variables， selected macroeconomic variables are mainly economic environment variable， money supply variable， variable inflation， the exchange rate variable， the variable interest rate and capital market variables， including the economic implications of the economic environment variable is GDP， industrial added value and fixed asset investment amount， the economic meaning of inflation variable is the consumer price index with the retail price index， the economic implications of the exchange rate variable is closing rate against the dollar， the economic implications of variable interest rate is the actual interest rates， the economic implications of capital market variables is the Shanghai Composite index and Shenzhen index. [5]
（2） Sample selection and data sources
During the period of this study should be included in at least one cycle of macroeconomic changes. Famous economist Liu Junsheng so fresh and pillars Markov transferred through multivariate factor model of economic cycles carried out empirical research study found that China's economic cycle substantially through economic expansion， economic contraction， economic expansion economic contraction phase， so this study period contains a macroeconomic volatility period. In keeping with the corporate financial distress risk cycle， this paper to calculate the annual data on macroeconomic variables of the listed companies.
（3） Designed
1.The basic model of vector autoregression
In VAR base model， which prevents problems in structural equation modeling for each endogenous variable hysteresis value system functions on all endogenous variables exist， mainly related to the correlation between the time series and random system dynamic Effects of perturbations generated by the system for the analysis of the specific form as follows：
Y（t）=A（1）Y（t-1）+…A（n）Y（t-n）+BX（t）+e（t）
Wherein， Y （t） is an endogenous variable column vector represents the risk of financial distress of listed companies and the corresponding macroeconomic variables， X （t） is a vector of exogenous variables， A （1） up to A （n）， between B and the like is an estimate of the coefficient matrix， e （t） is the error vector. [6] 2.Impulse response function and variance decomposition
Impulse response function is mainly used to a standard derived from the difference between the impact of random disturbance of endogenous variables affect the future value of the current measure. Mainly impulse response function in order to track these effects will be described， so to be able to show any change in a vector model is how to have an impact on all the other variables， and finally back to the process but also their own. Variance decomposition mainly on the relative importance of each structure for a contribution of endogenous variable changes are analyzed in order to impact on the importance of different structures were evaluated using variance decomposition of different variables can affect the generated evaluated .
（4） Positive Results and Discussion
By vector autoregression model and the basic impulse response function， variance decomposition of the calculated results， the listed company's financial difficulties and the risk of the overall economic environment， between real interest rates and the money supply has a close relationship. First， the development of enterprises affected by the overall economic environment， the financial operation epitomizes the overall business operations. When economic conditions deteriorate， the health of the financial companies will have varying degrees of decrease. Secondly， although equity financing of listed companies are more interested in， but its balance showed a trend rate of growth， the sample enterprises leverage on the rise， once the interest rate adjustment， it will greatly increase the cost of capital of listed companies， which will result in the financing of enterprises will experience varying degrees of difficulties， which planted a lot of hidden dangers of corporate financial distress risk. Finally， the adequacy of funds for financing the effectiveness of the enterprise has a direct impact， therefore， the risk of financial distress money supply listed companies will play a negative role. [7]
Although macroeconomic variables will have some impact on the risk of financial distress of listed companies， but this does not mean that all the macroeconomic variables will have a significant impact on the financial difficulties of the venture， in which the level of inflation， exchange rate and capital market variables financial distress risk companies will not have much impact.
The reason why inflation will not have much impact on the financial difficulties of the venture， the main reason for China's listed companies and the structure and the formation of inflation-related causes. In all walks of life in our country， listed companies generally are in a leading position， and even some listed companies have monopolized the role of listed companies operating strength and economic strength stronger than normal， so the face of inflation or deflation phenomenon when there is sufficient capacity to solve these problems. Moreover， the phenomenon of inflation also appear to bring an overheated economy， economy class listed companies can gain more benefits in this environment in the short term. [8] The main reason for the capital market will not have much impact on the variables listed companies financial hardship because of the effectiveness of the stock market is not high， with China's economic development in a departure from the state， it does not reflect the operations of listed companies and financial situation.
The reason there is not much relationship between the exchange rate and the risk of financial distress of listed companies because of the contribution of the import and export business for the economic benefit of listed companies made small. [9]
3. Enterprise Effective Countermeasures Prevention Of Risks Of Financial Distress
（1） Establish a sound financial crisis early warning mechanism
In order to ensure that enterprises can be more stable and secure operation， avoid the development of enterprises fell into financial difficulties because of the great risk， it must be on the financial situation of enterprises to effectively manage， at the same time also be always concerned about the macroeconomic environment. Among the most important thing is to establish a sound financial crisis early warning mechanism in the enterprise， according to the results of corporate financial management and market research， timely analysis of the financial situation， which found the existence of a financial crisis， and in accordance with risk factors make timely treatment， try to avoid companies fell into financial trouble. [10]
（2） We are highly concerned about the macroeconomic environment
Enterprises in the development process of the macroeconomic environment were highly concerned about the pressure of time， because the development of the enterprise itself in the macroeconomic environment. To focus on changes in loan interest rates， when interest rates rise， the enterprise loan business should make timely adjustments in other ways to raise funds. GDP growth rates of concern when there is a higher GDP growth rates， companies must first conduct a comprehensive analysis of the market situation， appropriate to expand the production and sales on this basis. [11]
（3） Be focused on the key indicators
There are key indicators of business enterprise asset-liability ratio， total asset turnover and cost margins， etc.， for these key indicators focus， allowing enterprises to find work focuses on prevention of risk of financial distress， only the focus of the work done， to be able to most effectively prevent caused because of the key indicators of financial distress risk. [12] 4. Conclusion
In summary we can see， with between macroeconomic factors and corporate financial distress risk very close contact， which is embodied in the overall economic environment， the level of real interest rates and money supply three macroeconomic variables. Enterprises in order to effectively prevent and respond to financial distress risk， we must first enterprise internal financial management do a good job， but also to be a high degree of attention to changes in the macroeconomic environment， through the establishment of sound financial crisis early warning mechanism， focusing on key indicators， to be able to reduce the negative impact of the macroeconomic environment for enterprise risk caused by financial difficulties， so as to encourage enterprises to gradually achieve sustainable development. [13]
References
Li Wenfeng， Laufen interest rate market can intensify internal unsystematic risk banking it - Evidence from Chinese Listed Commercial Banks [J] Investment Research， 2013，12：？ 102-118.Analysis moderating effect on the nature of the property [J] Shanxi Finance and Economics University， 2013，11 –
Li Bin macroeconomic shocks， debt aggressiveness and irrational investment：35-44.
Chen Qin， Shi Lijuan Empirical Study of Supply Chain Finance Credit Risk - based MF-Logistic model [J] Southwest Petroleum University （Social Science Edition）， 2014，04：27-35.
A SURVEY Hu Xiliang， Lvjiang Lin， Nie Fuqiang determinants of research and industry risk transfer mechanisms - Evidence from Shanghai and Shenzhen 300 industry segments [J] Modern Economic Science， 2014，05：70-80 +. 126-127.
Wu Zuguang， WAN Di-fang impact income tax exemption， financial development and capital structure decision - Evidence from Chinese Listed Agricultural Companies [J]. Economic and Management Research， 2013，02：79-87.
Sven study foreign exchange derivatives to hedge exchange rate risk enterprise value Effect - Empirical Evidence from Chinese Listed Companies [J] Journal of Zhongnan University， 2013，03：80-87 + 160.
Zheng Guojian， Lin Dongjie， Zhang Fei of major shareholders of financial difficulties， the effectiveness of tunneling and Corporate Governance - Evidence from the major shareholders of financial data [J] Management World， 2013，05：157-168.
Sun Jinjun， KU Nai cash holdings decisions have strategic effect - Studies and the average effect of cash holdings range effect of [J] Based Business Economics and Management， 2012，03：？. 85-96. Wenhao， Liu Chunjiang， Chen Xiaoyi changes in interest rates and the company's capital structure under dynamic adjustment deregulation background - Analysis of experience in manufacturing [J]. ECONOMICS， 2012，12：63-73.
Estela Relationship Between Corporate Governance Structure of the financial risks affect the business - oil and gas industry in China based in Shanghai and Shenzhen A-share listed companies [J] Xi'an Shiyou University （Social Science Edition）， 2016，02：44-. 51.
Task Force Macroeconomic Analysis and Forecast of Renmin University of China， Liu Yuanchun， Yan Yan 2014—— 2015. Macroeconomic Analysis and Forecast of China - into the "new normal，" crucial period of China's macroeconomic [J] Economic Theory. and Business management， 2015，03：5-33.
Cai Yulan， Cui Yi Merton Capacity of corporate financial distress from the model prediction of default - An Empirical Analysis Based on Discrete Time Risk Model [J] forecast，2015，06：33-38.
Luozheng Ying， Zhou Zhongsheng， Wang Zhibin financial ecological environment， the effects of bank loans and bank-firm relationship structure - An Empirical Study of SMEs [J] Financial Review，2011，02：64-81 + 125.