Research On Economic Policy Uncertainty And Private Enterprise Investment Behavior

Since the financial crisis in 2008,in order to prevent a severe economic recession,the government has implemented a series of macroeconomic policies such as the "4 trillion plan","reduced quasi-interest rate cuts","revenue reforms" and "supply-side reforms" to alleviate the economic crisis and promote economic stability Development,the promulgation of this series of policies quickly and effectively reduced the impact of the economic depression of various countries on our economy in a short period of time,and also greatly increased the uncertainty of our economic policy.The formulation of economic policies is an important means of the government's "tangible hand" to ensure the smooth operation of the market,and protects the investment environment of enterprises through a series of economic policies.Enterprises are the economic main body that pursues the greatest interests,and investment is the most critical economic activity for enterprises.The impact of uncertainty caused by macroeconomic fluctuations has a great negative effect on the investment projects of enterprises.Therefore,whether the government issues or adjusts economic policies Therefore,the managers of enterprises will make adjustments to the previous investment decisions according to the new economic policy and make more accurate expectations for the future.Private enterprises have become more and more important in our economy,and private enterprises have also become the most dynamic part of the national economy.They play an irreplaceable role in promoting the transformation of economic growth and development methods,implementing national strategies for independent innovation,and promoting employment.They are also an important driving force for scientific and technological progress.In this situation,the Chinese economy will face a lot of uncertainties,and studying economic policy uncertainties is of great significance to private enterprise investment.Based on the perspective of economic policy uncertainty,this article uses real option theory,financial friction theory and expected savings theory as the theoretical basis for the study to analyze the impact of economic policy uncertainty on the investment of private listed companies in China.This article uses the Shanghai-Shenzhen A-share private listed companies as research objects from 2007 to 2017.The investment expenditure of the company is set as the explanatory variable,and the uncertainty index of China's economic policy is set as the core explanatory variable.Index variables such as rate,cash flow,and adding adjustment variables such as investment irreversibility,business age and business size,construct a multiple regression modelto analyze the impact of economic policy uncertainty on private enterprises 'investment behavior,and finally test the robustness of the main explanatory variables.After empirical testing and analysis,this paper finds that economic policy uncertainty will significantly inhibit the investment level of private enterprises;the higher the degree of irreversible investment of private enterprises,the stronger the inhibitory effect of economic policy uncertainty on the investment level of private enterprises;economic policy The greater the impact of uncertainty,the more cash private companies will hold to avoid risks;the higher the degree of financial friction,the greater the negative effect of private companies on economic policy uncertainty;economic policy uncertainty When it is higher,private enterprises tend to hold more cash to cope with possible investment difficulties in the future;when economic policy uncertainty increases,the most important factor affecting the decision-making of private enterprises' R & D investment is the real option channel they face The higher the degree of irreversible investment received by private enterprises,the smaller the scale of their investment.Based on the above conclusions,this article puts forward relevant suggestions from both the government and enterprise perspectives.