Macroeconomic Uncertainty,Entrepreneurial Confidence And Investment In Fixed Assets

At present,China’s economy is in the critical period of structural adjustment,and the international "black swan" events are continuing,and trade protectionism led by the United States has started to rise.In this context,the confidence of domestic entrepreneurs is declining and the willingness of social capital investment is generally not strong.In 2017,China’s total social fixed asset investment growth rate is only 7.2%,which is the lowest growth rate in 20 years.This paper selects the macro-economic uncertainty and entrepreneurial confidence that have a significant impact on domestic enterprise fixed asset investment as the research object,and analyzes the influence of macroeconomic uncertainty,entrepreneurial confidence and the interaction of the two on the fixed assets investment of listed companies from the micro level.This article selects the before January 1,2007 through 740 non-financial a-share listed companies and public utilities,sample interval is 2007-2007,using GMM regression method,empirical found:(1)macro-economic uncertainty has A negative effect on the investment of the enterprise,and when the macroeconomic uncertainty increases,it tends to be cautious and the investment will be reduced;(2)the influence of entrepreneur confidence on the fixed asset investment behavior of the enterprise is positive.When the confidence of entrepreneurs is increased,the investment of the fixed assets will be more positive and the investment will increase.(3)under the condition of same macroeconomic uncertainty,after joining the influence factors of entrepreneurs’ confidence,macroeconomic uncertainty marginal negative impact on firms’ investment in fixed assets is reduced,the entrepreneurs’ confidence can weaken the macroeconomic uncertainty negative impact on the investment of enterprise fixed assets.(4)based on the analysis of sub-samples,this paper finds that the above conclusions are found in manufacturing and private enterprises.In non-manufacturing and state-owned enterprises,the confidence of entrepreneurs does not significantly restrain the negative impact of macroeconomic uncertainty on enterprise fixed asset investment.Finally,this paper puts forward some policy Suggestions such as deepening economic reform,reducing government intervention and improving policy transparency and consistency.