At present, the uncertainty of China’s macroeconomic policy is increasing and the risks of the enterprise supply chain are increasing. Theoretical studies have shown that higher macroeconomic policy uncertainty will have a greater impact on the normal operation and investment behaviors of enterprises. However, at present, there is little literature to investigate the changes of enterprises’ trading behaviors and their risk-coping strategies under the influence of macroeconomic policy uncertainty. In view of this, based on the background of China’s system, this paper investigates the behavior characteristics of related party transactions among enterprises from the perspective of macroeconomic policy uncertainty, so as to explore the adaptability of enterprises to macroeconomic policy uncertainty. At the same time, the related party of the listed company may play the role of supporting hand through related party transactions based on information advantages; it is also possible to take advantage of the noise environment caused by the high uncertainty of macroeconomic policies and use related party transactions as the hand to gain benefits.

Based on this, this paper takes Chinese A-share listed companies from 2007 to 2017 as samples and adopts the econometrics analysis method. It finds that with the increase of macroeconomic policy uncertainty, the level of related party transactions of enterprises increases significantly. The conclusion of this paper is still stable after using the method of instrumental variables and considering the impact of exogenous environmental changes. Through the impact mechanism test, it is found that the listed companies try to overcome the adverse impact caused by macroeconomic policy uncertainty with the help of related party transactions, so as to achieve stable development. Through the exclusive interpretation, it is found that related parties do not make use of the specific external environment caused by macroeconomic policy uncertainty to make related parties exist as the " grasping hand” of interests. Further research shows that with the increase of macroeconomic policy uncertainty, beneficial related party transactions increase significantly. Finally, it is found that a good legal environment and the political connection background of managers can help to reduce the dependence of enterprises on related party transactions.

This paper not only provides a new theoretical basis and empirical evidence for exploring how macroeconomic policy uncertainty affects the micro-transaction behaviors of enterprises. Moreover, it is also helpful to recognize the potential value and possible risks of related party transactions in a specific business environment, so as to help the regulatory authorities develop more effective regulatory models for related party transactions.