经济政策不确定性、实体投资资产专用性与企业价值——来自中国上市公司的经验证据

Economic Policy Uncertainty,Asset Specificity of Real Investment and Corporate value——Empirical Evidence from Chinese Listed Companies

本文以A股非金融上市公司为样本,从经济政策不确定性和资产专用性角度,宏微观结合揭示实体投资企业价值增长缓慢的原因与内在机理。研究发现,经济政策不确定性通过抑制企业实体投资的资产专用性而损害企业价值,即存在以资产专用性为中介变量的“经济政策不确定性—企业实体投资的资产专用性—企业价值”传递路径。同时在考察宏中观因素对此路径的调节作用发现:相较于经济下行期,当企业处于经济上行期时,经济政策不确定性对企业实体投资的资产专用性抑制作用更大,因而对企业价值的损害也更大;而相较于区域契约环境好、行业竞争程度高的企业,经济政策不确定性对企业实体投资的资产专用性的抑制作用在区域契约环境差、行业竞争程度低的企业更显著,因此其对企业价值的损害效应也更大。进一步研究发现,相较于国有企业,实体投资的资产专用性在经济政策不确定性和企业价值之间的中介效应在民营企业中更显著;而在国有企业中,资产专用性的中介效应远小于代理问题产生的代理成本对损害国有企业价值的渠道效应。

From the perspective of economic policy uncertainty and asset specificity,this research explores and reveals the reasons and internal mechanisms of the inefficiency of real investment with a combination of macro and micro aspects for a sample of China non-financial listed companies.We investigate that economic policy uncertainty destroys firm value by reducing the asset specificity of firm real investment.Meanwhile,considering the moderate effects of macro factors,meso environment and enterprise characteristics,the results show that:compared with the economic downtrend period,the inhibitory effect of economic policy uncertainty on asset specificity of real investment is strengthened in the economic uptrend period,and correspondingly,the destroying effect on firm value will also be strengthened;and compared with enterprises with good regional contract environment and high degree of industry competition,the inhibitory effect of economic policy uncertainty on the asset specificity of real investment is strengthened in the enterprises with poor regional contract environment and low degree of industry competition,and correspondingly,the destroying effect on firm value will also be strengthened.Finally,in further research,it is found that,compared with state-owned enterprises,the mediating effect of the asset specificity of real investment between economic policy uncertainty and firm value is more significant in non-state-owned enterprises;while in state-owned enterprises,the mediating effect of asset specificity is much smaller than the mediating effect of agency costs on the destroy of the firm value.