Research On Policy Uncertainty And Firm Performance Based On Typical Countries In Asia Pacific

The asia-pacific economy has a special place in the world economy and is one of the important engines driving global economic recovery.Especially since the subprime mortgage crisis in 2007,no matter developed economies or emerging and developing economies in the asia-pacific region,they have adopted various policies to promote economic recovery.The frequent operation and capriciousness of policies make all countries bear the impact of economic policy uncertainty.Rising tensions in recent years,with the trade and financial market volatility,the uncertainty of regional economic growth prospects face is on the rise,the asiapacific countries still face many challenges,both in developed economies such as Japan,Korea,Singapore and emerging and developing economies such as China and India,are significantly affected by the trade dispute,protectionism,fiscal,monetary,trade and currency policies and capital project superposition of uncertainty and economic policy uncertainty,affects the macroeconomic environment and micro enterprise sustainable development.Combined with the previous literature,this paper found that the economy not only affect the macroeconomic and financial policy uncertainty,such as the impact of economic cycle,economic growth and stock market volatility,etc.,at the same time,to the enterprise microscopic behavior also can produce significant effect,such as economic policy uncertainty affect enterprise investment and financing decision,cash flow,and research and development of science and technology innovation activities,etc.In addition,enterprises' overseas mergers and acquisitions,ofdi and other activities are subject to different effects of macroeconomic policy uncertainty.In this paper,the economic policy uncertainty index compiled by Baker et al in 2017 is used as the proxy variable of the core explanatory variable of this paper,and the multiple regression model is used to study the economic policy uncertainty on corporate performance and development of six asia-pacific economies including China,and to carry out heterogeneity analysis.The empirical results show that the uncertainty of economic policy has a negative impact on the economic benefits of enterprises,which is related to the characteristics of enterprises such as size,age and development ability,as well as the financial status of enterprises.Meanwhile,there are national and regional differences in the effects of economic policy uncertainty on corporate performance.In addition,the operating efficiency of asia-pacific enterprises is negatively affected by the uncertainty of global economic policies.Further research finds that,in the context of rising global uncertainty and increasing economic policy uncertainty of various countries,scientific and technological innovation activities are conducive to improving corporate performance.Finally,the results of the theoretical and empirical analysis from national governments should maintain the stability of the economic policy,transparency and coordination,enterprises should strengthen their awareness and increase human capital investment and development put forward the policy recommendations,to maintain the stability of the asia-pacific market and strong,to promote enterprise investment and trade cooperation,regional and enterprise's long-term development goals.