摘要
以2008-2018年A股上市公司数据为样本,采用门槛回归模型,探讨经济政策不确定性、董事网络与企业投资的影响关系。研究结果发现:经济政策不确定性对企业投资呈现非线性关系。在经济政策不确定性低水平阶段,经济政策不确定性对企业投资有显著促进作用;而在高水平阶段,经济政策不确定性对企业投资存在显著抑制作用,说明经济政策不确定性在不同水平阶段对企业投资的影响是非对称的。进一步研究发现,董事网络能够发挥信息供给及治理作用,能缓解经济政策不确定性所带来的信息模糊风险,促使企业主动适应经济政策不确定性所带来的风险冲击。文章为政府制定政策和企业治理决策提供经验证据。
Chinese A-share listed companies’data from 2008-2018 is used to test the impact of economic policy uncertainty on corporate investment through panel threshold model.Several conclusions have been found:non-linear relation exists between economic policy uncertainty and corporate investment;a positive relationship emerges between economic policy uncertainty and corporate investment in the first regime,a negative relationship is between economic policy uncertainty and corporate investment in the second regime.In addition,director network can play a corresponding role through information supply,thus alleviating the information fluctuation and ambiguity caused by uncertainties in economic policy,and thus promoting enterprises to actively adapt to economic policy.The results of this study provide the evidence that there is obvious relationship between policy making for government and corporate governance decision.
作者
邵林
韩传兵
陈富永
SHAO Lin;HAN Chuan-bing;CHEN Fu-yong(School of Finance,Qilu University of Technology(Shandong Academy of Sciences),Jinan 250353,China;School of Management,Qilu University of Technology(Shandong Academy of Sciences),Jinan 250353,China;School of Accounting,The Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2020年第5期184-192,共9页
China Soft Science
关键词
经济政策不确定性
企业投资
董事网络
门槛回归模型
economic policy uncertainty
enterprise investment
director network
panel threshold model
