摘要
基于2008—2019年上市非金融企业财务数据,研究经济政策不确定性对融资约束异质性企业投资影响的差异性。经济政策不确定性与企业投资呈负相关关系,经济政策不确定性越高,企业投资行为愈发谨慎。从企业融资约束来看,经济政策不确定性对融资约束强的企业投资的抑制作用高于融资约束弱的企业。内部控制越好、地区市场化程度高在经济政策不确定性与融资约束异质性企业投资之间会产生缓冲作用,它对于融资约束强的非国有企业的影响高于融资约束弱的国有企业。
Based on the financial data of listed non-financial enterprises from 2008 to 2019,this paper studies the difference of the impact of economic policy uncertainty on the investment of heterogeneous enterprises with financing constraints.There is a negative correlation between the uncertainty of economic policy and enterprise investment.The higher the uncertainty of economic policy, the more cautious the enterprise investment behavior.From the perspective of enterprise financing constraints, the inhibition of economic policy uncertainty on investment of enterprises with strong financing constraints is higher than that of enterprises with weak financing constraints.The better internal control and the higher degree of regional marketization will have a buffering effect between the uncertainty of economic policy and the investment of heterogeneous enterprises with financing constraints.It will have a greater impact on non-state-owned enterprises with strong financing constraints than on state-owned enterprises with weak financing constraints.
作者
刘兴华
洪攀
LIU Xing-hua;HONG Pan(School of Financial,Jiangxi University of Finance and Economics,Nanchang 330013,China)
出处
《南昌大学学报（人文社会科学版）》
CSSCI
2022年第5期36-45,共10页
Journal of Nanchang University(Humanities and Social Sciences)
基金
国家社会科学基金项目“基于MS-DSGE和商业银行压力测试模型的我国系统性风险防范研究”(18BJY246)
江西省教育厅科学技术研究项目“经济政策不确定性与企业投资决策优化:生命周期视角”(GJJ210525)
江西省教育科学规划项目“高校一流学科建设发展规划研究”(19YB047)
江西省社会科学“十四五”(2022)基金项目“南昌元宇宙试验区发展方向、突破重点和重大举措研究”(22ST01)。
关键词
经济政策不确定性
企业投资
内部控制
市场化程度
融资约束
uncertainty of economic policy
enterprise investment
internal control
degree of marketization
constraints of financing
