经济政策不确定性与企业投资  

The Uncertainty of Economic Policies and Enterprise Investment

作　　者：周鑫 霍艳丽 刘家鹏[1] ZHOU Xin;HUO Yanli;LIU Jiapeng(China Jiliang University,Hangzhou,Zhejiang 310018)

机构地区：[1]中国计量大学,浙江杭州310018

出　　处：《中国商论》2022年第22期113-115,共3页China Journal of Commerce

基　　金：国家社科基金项目“基于多源信息融合技术的精准扶贫与防贫机制研究”(18BGL224)。

摘　　要：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.

关 键 词：企业投资 经济政策不确定性 代理问题 资本结构 股权集中度 

分 类 号：F120[经济管理—世界经济]