| 3,578 | 186 | 24 |
| Downloads | Citas | Reads |
With the purpose of stabilizing economic development and enhancing market entities vitality,a series of policies have been implemented by the government to cope with changeable world situation during the post financial crisis era,and to suit reformatory domestic economy under the transitional phase.However,downward trend of total investment rate in China has not been stopped by frequent government intervention and regulation.Meanwhile,financial friction has not been mitigated either.Under this background,a theoretical model is built to illustrate the relationship between the economic policy uncertainty,financial friction and firm investment.Then,quarterly data of listed companies in Chinese A-Share Market during the period of 2009-2018 is used to test the impact of economic policy uncertainty on firm investment level and efficiency.Several conclusions have been found:firm investment will be reduced due to higher degree of economic policy uncertainty through both direct channel and indirect channel,including the direct effect on firms' intertemporal decision making and indirect effect on firms' financing constraint.In addition,different influences of the economic policy uncertainty on heterogeneous firms have been further studied,showing that the firm investments of firms who invest over reasonable level and firms who invest below reasonable level have been influenced by the increase of economic policy uncertainty differently.
[1] Abel A B.Optimal Investment Under Uncertainty[J].The American Economic Review,1983,73(1).
[2] Bernanke B S.Irreversibility,Uncertainty,and Cyclical Investment[J].The Quarterly Journal of Economics,1983,98(1).
[3] 贾倩,孔祥,孙铮.政策不确定性与企业投资行为——基于省级地方官员变更的实证检验[J].财经研究,2013,39(2).
[4] Gulen H,Ion M.Policy Uncertainty and Corporate Investment[J].The Review of Financial Studies,2016,29(3).
[5] 李凤羽,杨墨竹.经济政策不确定性会抑制企业投资吗?——基于中国经济政策不确定指数的实证研究[J].金融研究,2015(4).
[6] Fazzari S M,Hubbard R G,Petersen B C,et al.Financing Constraints and Corporate Investment[J].Brookings Papers on Economic Activity,1988(1).
[7] Talavera O,Tsapin A,Zholud O.Macroeconomic Uncertainty and Bank Lending:The Case of Ukraine[J].Economic systems,2012,36(2).
[8] 周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007(7).
[9] 孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构——来自我国上市公司的经验证据[J].经济研究,2005(5).
[10] Brandt L,Li H.Bank Discrimination in Transition Economies:Ideology,Information or Incentives?[J].Journal of Comparative Economics,2003,31(3).
[11] 饶品贵,岳衡,姜国华.经济政策不确定性与企业投资行为研究[J].世界经济,2017,40(2).
[12] 罗琦,肖文翀,夏新平.融资约束抑或过度投资——中国上市企业投资—现金流敏感度的经验证据[J].中国工业经济,2007(9).
[13] Vogt S C.The Cash Flow and Investment Relationship:Evidence From US Manufacturing Firms[J].Financial Management,1994,23(2).
[14] Verdi R S.Financial Reporting Quality and Investment Efficiency[J].Social Science Electronic Publishing,2006(2).
[15] Richardson S.Over-Investment of Free Cash Flow[J].Review of accounting studies,2006,11(2).
[16] 辛清泉,林斌,王彦超.政府控制、经理薪酬与资本投资[J].经济研究,2007(8).
[17] 周伟贤.投资过度还是投资不足——基于A股上市公司的经验证据[J].中国工业经济,2010(9).
[18] 喻坤,李治国,张晓蓉,徐剑刚.企业投资效率之谜:融资约束假说与货币政策冲击[J].经济研究,2014,49(5).
[19] Baker S R,Bloom N,Davis S J.Measuring Economic Policy Uncertainty[J].The Quarterly Journal of Economics,2016,131(4).
[20] 杨铭,干杏娣.经济政策不确定性对货币政策有效性影响研究——基于就业的视角[J].统计与信息论坛,2018,33(7).
(1)经济政策相对稳定时期,企业投资可能享受到更好的政策优惠,比如产业政策扶持,相对优惠的信贷政策等(黎文靖和李耀淘,2014)。
(2)对投资不足样本残差取绝对值并不影响对企业非效率投资程度的判断,即取绝对值后数值越大的企业仍然表明投资不足程度越严重。
Basic Information:
China Classification Code:F275;F832.51;F124
Citation Information:
[1]LI Jia-lin,DONG Jia-chang,ZHANG Qian-xiao ,et al.Economic Policy Uncertainty,Financing Constraint and Firm Investment[J].Journal of Statistics and Information,2019,34(10):73-83.
Fund Information:
国家社会科学基金项目《产业共生视角下中国对“一带一路”国家产业转移模式及演化路径研究》(18BJY002);; 国家留学基金委员会建设高水平大学分派研究生项目(201806280371)
2019-10-10
2019-10-10