经济政策不确定性与企业投资

The Uncertainty of Economic Policies and Enterprise Investment

本文从企业治理的角度研究了宏观经济政策不确定性对我国企业投资的影响。研究结果显示,经济政策的不确定性在总体上能抑制企业投资,同时代理问题在企业中不可避免,资本结构和股权的集中情况会在一定程度上调节企业投资对经济政策不确定性的敏感程度,体现为企业资产负债率增加可以降低经济政策不确定性对企业投资的影响,而股权集中度则表现为增强企业投资对政策不确定性的敏感程度。

This paper investigates the impact of the uncertainty of macroeconomic policies on enterprise investment in China from the perspective of enterprise governance.The findings show that the uncertainty of economic policies can inhibit enterprise investment in general,while agency problems are inevitable in firms,and that capital structure and equity concentration moderate the sensitivity of enterprise investment to the uncertainty of economic policies to some extent,as reflected by the fact that an increase in corporate gearing ratio can reduce the impact of the uncertainty of economic policies on corporate investment,while equity concentration is manifested in enhancing the sensitivity of corporate investment to policy uncertainty.