摘要
文章以2003-2017年A股非金融类上市公司为研究样本,考察经济政策不确定性对企业投资趋同行为的影响。研究发现,经济政策不确定性的升高会显著增强企业投资趋同行为,该影响效应在信息优势企业有所减弱,在资产不可逆程度较高企业有所增强。分行业检验发现,在管制性行业以及景气度较低行业中,经济政策不确定性对企业投资趋同行为的影响减弱。进一步研究发现,在经济政策不确定性不断攀升的背景下,实体投资趋同性会带来更为严重的金融化,特别是在行业实体投资总体趋于放缓的情况下,企业金融化现象更加严重。该研究为宏观经济波动下企业投资趋同行为提供了经验证据。
Selecting the A-share listed companies in Shanghai and Shenzhen stock markets from 2003 to 2017 as a research sample,this paper empirically tests the impact of economic policy uncertainty on corporate investment convergence behavior.The result shows that rising economic policy uncertainty will significantly increase corporate investment convergence behavior.Further study finds that this phenomenon will be alleviated in information-dominant corporates,but it will be enhanced in corporates with a high degree of asset irreversibility.In terms of different industries,the positive impact of economic policy uncertainty on investment convergence behavior will be weakened in regulated industries and industries with lower prosperity.Further research shows that under the background of rising economic policy uncertainty,the trend of corporate entity investment will lead to more serious financial investment.The internal resource allocation test finds that in the capital increase group,the increase in economic policy uncertainty weakened the impact of investment convergence on corporate financialization and in the capital reduction group,the increase in economic policy uncertainty increased the impact of investment convergence on corporate financialization.This shows that under the circumstance that real investment tends to slow down,it has stimulated the development of virtual investment activities of enterprises,which has triggered the behavior of"shifting from real to fictitious".Real investment is the main driving force of a country’s economic growth.By identifying the relationship between economic policy uncertainty and corporate convergence behavior,this study not only helps to understand the characteristics of corporate investment behavior in an environment of economic policy uncertainty,but also provides the necessary micro-foundation for sustainable development and industrial structure transformation and upgrading of enterprises in economic transition period.
作者
黄琼宇
姚琼
黄晓珊
王斌
Huang Qiongyu;Yao Qiong;Huang Xiaoshan;Wang Bin
出处
《南方经济》
CSSCI
北大核心
2021年第5期69-90,共22页
South China Journal of Economics
基金
广东省自然科学基金面上项目“粤港澳大湾区家族企业传承与创新研究”(2020A1515011231)
广州市哲学社会科学发展一般项目“粤港澳大湾区全球创新网络演化机理研究”(项目编号2019GZYB5)的资助
关键词
经济政策不确定性
信息优势
资产不可逆程度
行业特征
投资趋同行为
Economic Policy Uncertainty
Information Advantages
Degree of Asset Irreversibility
Industry Characteristics
Investment Convergence Behavior
