基于融资约束的环境不确定性对投资效率的影响分析——以电子信息制造业上市公司为例

Impact Analysis of the Environmental Uncertainty on the Investment Efficiency Based on Financing Constraints:With Listed Companies in Electronic Information Manufacturing Industry as an Example

基于我国2013-2020年206家电子信息制造业A股上市公司相关数据,从融资约束视角,分析环境不确定性对投资效率的影响及影响的路径,并进行了检验。研究表明,环境不确定性会对企业投资效率产生负向影响,且环境不确定性程度每提高1%,投资效率则下降0.51%;融资约束在二者之间发挥着中介作用,并且放大了不确定性对投资效率的消极影响。

Based on the data of 206 A-share listed companies in electronic information manufacturing industry from 2013 to 2020,this paper analyzes and tests the impact of environmental uncertainty on investment efficiency and the impact path from the viewpoint of financing constraints.The research shows that environmental uncertainty will have a negative impact on the investment efficiency of enterprises,and the efficiency will decrease by 0.5%with the uncertainty increasing by 1%;Financing constraints play an intermediary role between them,and has amplified the negative impact.