经济政策不确定性对企业投资的影响——企业家信心的中介效应及代理成本的调节作用

The Effects of Economic Policy Uncertainty on Corporate Investment——the Mediating Effect of Entrepreneurs’ Confidence and the Moderating Effect of Agency Cost

近年来,经济政策不确定性如何影响企业投资成为学界关注的热点,其微观传导机制尚待进一步探索。本文构建了中介效应模型及静态和动态面板数据模型,检验了经济政策不确定性对企业投资的影响以及该影响与企业家信心和代理成本的关系。结果表明,经济政策不确定性对企业投资产生抑制作用。在经济政策不确定性影响企业投资时,企业家信心发挥了部分中介效应,代理成本有显著的调节作用,且高代理成本能弱化经济政策不确定性对企业投资的抑制作用。

In recent years,how economic policy uncertainty affects corporate investment has become a hotspot and focus in academic circles,and its micro-transmission mechanism needs further exploration.This paper constructs a mediating effect model and static&dynamic panel data models to test the impact of economic policy uncertainty on corporate investment and the relationship between this impact and entrepreneurs’confidence and agency cost.The empirical results indicate that economic policy uncertainty has a negative impact on corporate investment.In the process where economic policy uncertainty affects corporate investment,entrepreneurs’confidence plays a partial mediating effect,and agency cost has a significant moderating effect and high agency cost can weaken the inhibiting action of economic policy uncertainty on corporate investment.