迎难而上或静待时机:经济政策不确定性对能源企业的投资决策分析

Facing Up or Waiting for Opportunity:Analysis of Economic Policy Uncertainty InfluencesInvestment Decision of Energy Enterprises

本文以2007~2019年中国能源企业数据为样本,探讨经济政策不确定性对能源企业实体投资与虚拟投资的影响,并进一步检验实体投资成本与虚拟投资收益的中介效应。研究发现:经济政策不确定性对能源企业实体投资具有负向效应,对虚拟投资则为促进作用。同时,验证了实体投资成本与虚拟投资收益的中介效应,并进行了稳健性检验。研究丰富了经济政策不确定性与能源企业投资的理论,同时也为能源企业应对外界高不确定性冲击提供了参考。

We discuss the influence of economic policy uncertainty on the physical investment and virtual investment of energy enterprises,with Chinese energy enterprises sample from 2007 to 2019,and further tests the intermediary effect of physical investment cost and virtual investment income.We find that economic policy uncertainty has a negative effect on physical investment,while uncertainty plays a role in promoting virtual investment.Furthermore,we verify the intermediary effect of physical investment cost and virtual investment income.Moreover,robust analysis provides more evidence for our research.Our research enriches the theory of economic policy uncertainty and energy enterprise investment,and also provides a reference for energy enterprises to deal with external high uncertainty.