摘要
经济政策不确定性对企业投资活动的影响存在“约束限制”和“高效决策”的理论分歧。本文考察了经济政策不确定性对民营企业投资效率的影响,研究发现经济政策不确定性对民营企业投资效率的影响体现为“约束限制”,且主要表现为投资不足。民营企业的信息不对称和政策敏感度加强了经济政策不确定性对投资效率的负面效应;但其政治关联可以弱化这一影响。此外,融资约束恶化是潜在的作用渠道;而由经济政策不确定性引发的投资不足提高了民营企业未来收益的波动性,但降低了未来平均收益和企业价值。
There are different opinions of“decision constraints”and“decision high-efficiency”on the impact of economic policy uncertainty on corporate investment.This article studies the effect of economic policy uncertainty on investment efficiency in private enterprises,and finds that the influence of economic policy uncertainty is reflected in constraints on the investment efficiency in private enterprises,and mainly manifested as underinvestment.The information asymmetry and policy sensitivity of private enterprises strengthen the negative effect of economic policy uncertainty;but political connection of private enterprises weakens this effect.In addition,the deterioration of financing constraints is a potential channel;however,the underinvestment caused by economic policy uncertainty increases the volatility of future earnings,but reduces the future average earnings and corporate value in private enterprises.
作者
雷新途
姜君如
LEI Xin-tu;JIANG Jun-ru(School of Management,Zhejiang University of Technology,Hangzhou 310023,China;School of Economics and Management,Whenzhou University of Technology,Whenzhou 325035,China)
出处
《商业研究》
北大核心
2023年第1期108-119,共12页
Commercial Research
基金
浙江省社会科学规划重点项目,项目编号:23NDJC005Z
浙江省哲学社会科学重点研究基地(技术创新与企业国际化研究中心)资助项目。
关键词
经济政策不确定性
高效决策
约束限制
投资效率
economic policy uncertainty
decision high-efficiency
decision constraints
investment efficiency
