经济政策不确定性与企业成本结构决策

Economic Policy Uncertainty and Firm Cost Structure Decision

以1995-2019年沪深A股上市公司为样本,对经济政策不确定性与企业成本结构决策之间的关系进行实证检验。结果发现:经济政策不确定性显著地提高了企业成本弹性;在我国特殊的制度背景下,上述关系受到产权性质和行业管制因素的调节作用,在最终控制人为非国有、未受到行业管制的企业中表现更为显著。

Taking A-share listed companies in Shanghai and Shenzhen from 1995 to 2019 as samples,this paper empirically tests the relationship between economic policy uncertainty and enterprise cost structure decision.Results show that,economic policy uncertainty significantly improves cost elasticity.In the context of China,the above relationship is moderated by property right and industry regulation,and is more significant in private and unregulated firms.