经济政策不确定性会损害企业技术效率吗?——基于我国制造业上市企业的实证研究  

Does Economic Policy Uncertainty Hurt Firm Technical Efficiency?——An Empirical Study Based on the Data of Chinese Listed Manufacturing Companies

作　　者：张超林 ZHANG Chao-lin(School of Finance,Hunan University of Technology and Business,Changsha,Hunan 410205)

机构地区：[1]湖南工商大学财政金融学院,湖南长沙410205

出　　处：《商学研究》2020年第4期12-22,共11页Commercial Science Research

基　　金：湖南省教育厅优秀青年项目“经济转型期信贷政策调整对企业技术创新的异质性影响研究”(18B330)的资助。

摘　　要：利用2006—2018年中国经济政策不确定性指数和A股制造业上市企业数据,分析和检验了经济政策不确定性对企业技术效率的影响及异质性。研究结果表明,经济政策不确定性显著降低了制造业企业技术效率,并且对于调整成本更高的国有企业、大规模企业和高多元化企业而言,该负向影响更为显著。进一步的分析表明,经济政策不确定性提高了企业风险、降低了企业经营绩效和企业价值。本文的研究结果表明经济政策不确定性会损害微观经济效率,因此政府在制定经济政策的时候,应尽量保持政策未来指向和强度的明确性,从而提高企业对经济政策的稳定预期。Using the China economic policy uncertainty index and the sample data of Chinese manufacturing listed companies from 2006 to 2018,this paper analyzes and tests the impact and heterogeneity of economic policy uncertainty on firm technical efficiency.The study finds that economic policy uncertainty significantly reduces technical efficiency of manufacturing firms,and for higher adjustment cost firms like state-owned firms,large-scale firms and highly diversified firms,the negative impact of economic policy uncertainty on firm technical efficiency is more significant.Further analysis shows that the uncertainty of economic policy increases the risk of firms and reduces the performance and value of firms.The results show that economic policy uncertainty will damage firm microscopic efficiency,so the government should try to maintain clarity of future direction and intensity in formulating economic policy,so as to improve the stability of firms’expectations for economic policy.

关 键 词：经济政策不确定性 企业技术效率 调整成本 

分 类 号：F272[经济管理—企业管理] F276.6[经济管理—国民经济]