经济政策不确定性、非效率投资与企业全要素生产率

Economic Policy Uncertainty,Inefficient Investment and Total Factor Productivity of Enterprises

提高企业全要素生产率(TFP)是实现经济高质量发展的重要抓手,经济政策不确定性能在一定程度上影响企业的投资决策,进而影响企业TFP的提升。本文以2009-2019年中国沪深非金融类A股上市公司为样本,结合Huang和Luk(2020)编制的中国经济政策不确定性指数,分析我国经济政策不确定性变动对企业TFP的影响。研究结果表明:经济政策不确定性上升会使得企业投资决策偏误,造成非效率投资,进而对企业TFP产生显著的负向影响;但企业内部控制和政府补贴能有效缓解这种负向影响。进一步将非效率投资区分为投资不足和投资过度后分析发现,投资过度是经济政策不确定性带来的主要影响,并且这种非效率投资程度会进一步降低企业TFP。另外,不同类型经济政策不确定性对企业TFP的影响具有差异性。同时,经济政策不确定性对不同性质企业的影响也存在一定差异。

Improving the total factor productivity of enterprises is an important starting point for realizing high-quality economic development,and the uncertain performance of economic policies affects the investment decisions of enterprises to a certain extent,which in turn affects the improvement of total factor productivity of enterprises.In this paper,the non-financial A-share listed companies in Shanghai and Shenzhen from 2009 to 2019 are taken as samples,and the uncertainty index of China’s economic policy compiled by Huang and Luk(2020)is used to analyze the impact of economic policy uncertainty on total factor productivity of enterprises.It is found that the uncertainty of economic policy will aggravate the inefficient investment of enterprises,and then have a significant negative impact on the total factor productivity of enterprises;However,internal control and government subsidies can effectively alleviate this negative impact.Further dividing inefficient investment into underinvestment and over-investment,we find that over-investment is the main influence brought by economic policy uncertainty,and this inefficient investment will further reduce the total factor productivity of enterprises.In addition,different types of economic policy uncertainties have different impacts on the total factor productivity of enterprises.At the same time,the impact of economic policy uncertainty on enterprises of different nature is also different.