| At present,China is in the special period-the three period superimposed,during which the central government utilizes various macro-control policies frequently to guide the economic operation from different aspects.However,such frequenrtly macro-control policies cause China’s overall economic situation uncertainty and unstable at a relatively high level.Recently years,China economic systems have a tendency to leave investment from real economy,including production and product circulation,to virtual economy.A large number of non-financial companies’ funds flow to the financial sector which causes a series of shocks to the real economy.Based on that,it is very worth researching on how to influences the selection on industrial investment and financial investment.Learning from the process of measuring the Economic Policy Uncertainty(EPU)index in Baker’s paper,based on premise that the uncertainty of economic policy can be reflected well by the news index,which has advantages on favorable continuity and time variation,this paper use Naive Bayes Classification to classify all the news that published in authoritative newspapers from 2006 to 2015,in order to measure a more comprehensive,advanced and functional EPU index automatically.It is the new EPU index and the non-financial public companies data from the first season of 2007 to the fourth season of 2015,try to consider the impact of economic policy uncertainty on the investment based on the perspective of nature of property rights.The study founds that compared to non-state-owned enterprises,even if the uncertainty of economic policy has little effect on the financing of state-owned enterprises,state-owned enterprises neither conduct more industrial investment nor undertake the maintenance of the national economy under relatively abundant capital conditions.Instead of stabilizing political tasks,the funds will be turned into financial assets and cash holdings.It is management incentive and restraint mechanisms diverisities that cause such results.As the assessment cycle of state-owned enterprises is short,it causes management to be short-sighted to a certain extent and the reluctant of carrying out long-term investment.Uncertainty of economic policies further pushes up investment risks,which makes the agency problem more prominent and causes generate revenue damage to long-term development of the company.The conclusions of this paper have important implications for the formulation of China’s economic policies as well as the supervision and management of state-owned enterprises. |
