The Impact Of Economic Policy Uncertainty On The Investment Behavior Of Cultural Tourism Enterprises

In recent years,"black swan events" have occurred frequently,the global economy is facing unprecedented challenges,and the operating environment of cultural and tourism enterprises has suffered a huge impact.In order to alleviate the dificulties faced by enterprises,the government has actively introduced a series of policies.The investment of cultural tourism enterprises has the characteristics of large amount of invested funds,long investment cycle,slow return on investment,etc.,and the uncertainty of economic policies leads to the inability of cultural tourism enterprises to make correct investment decisions in a timely manner,which has a great impact on the investment behavior of cultural tourism enterprises.After the outbreak of the new crown epidemic,the cultural tourism industry has been hit hard,in order to accelerate the recovery of the cultural tourism industry,the Ministry of Finance and the Ministry of Culture and Tourism have actively issued economic policies,but cultural tourism enterprises have shown different performances,some cultural tourism enterprises are facing bankruptcy,and some cultural tourism enterprises are actively expanding.In order to solve this dilemma,this paper analyzes the impact of cultural policies on the investment behavior of listed companies in China’s traditional tourism industry.In addition,in the context of China’s special system,whether there are differences in investment behavior in the face of the macro environment of frequent policy changes in enterprises with different property rights is also a concern in this paper.Taking into account the above points,the problem of research in this article,like the impact of economic policy on the behaviour of investments of companies listed in cultural tourism,is proposed.In this paper,a systematic review of the previous relevant literature is conducted,the basic logic of the relationship between economic policy uncertainty and the investment behavior of cultural and tourism enterprises is sorted out,and hypotheses are put forward to construct a theoretical model.Based on this,the influence of economic policy uncertainty on the investment behavior of cultural tourism enterprises will be examined using panel data as a research subject,and the influence mechanism of economic policy uncertainty on the investment behavior of cultural tourism enterprises will be further discussed.The empirical analysis draws the following conclusions:First,based on the characteristics of large investment and long investment cycle of cultural and tourism enterprises,frequent changes in economic policies will lead to increased financing constraints of enterprises,increase investment risks,and impact the operation of cultural and tourism enterprises,thereby inhibiting the investment behavior of cultural and tourism enterprises.Further analysis of the nature of property rights shows that compared with state-owned enterprises,economic policy uncertainty has a greater impact on the investment behavior of private enterprises.The reason for this phenomenon may be that state-owned enterprises have close ties with the government,and political connections make it easier for state-owned enterprises to have social capital and reputation that private enterprises do not have,making it easier for state-owned enterprises to obtain financing opportunities from banks and other credit institutions.Second,with the gradual development of China’s cultural tourism industry from high-speed development to high-quality development of the demand for change,the asset-light operation model characterized by the use of light assets such as brands,technology,resources and other light resources to leverage external resources has become the best choice for the transformation of cultural tourism enterprises and the solution of obstacles to the development of cultural tourism enterprises;In addition,the comprehensiveness and industrial relevance of cultural tourism activities are also conducive to improving resource utilization,so this paper introduces two variables of asset-light operation and business diversification to further analyze the impact mechanism of economic policy uncertainty on the investment behavior of cultural and tourism enterprises.Empirical analysis found that enterprises with a high degree of asset-light can identify opportunities in the market faster,capture or even lead market demand by increasing innovation output,improve the investment efficiency of enterprises,and then alleviate the inhibitory effect of economic policy uncertainty on enterprise investment behavior.Enterprises that implement diversified business strategies have diversified business operations,and investment opportunities and cash flows are different between different businesses,which is conducive to the construction of internal capital markets,thereby alleviating the financing constraints caused by frequent changes in economic policies and further alleviating the inhibitory effect of economic policy uncertainty on the investment behavior of enterprises.Third,the uncertainty of economic policies has a differentiated impact on the investment behavior of different types of cultural and tourism enterprises,among which frequent changes in economic policies have the greatest negative impact on the investment behavior of aerospace enterprises,followed by the degree of impact on the investment behavior of cultural communication enterprises,and the negative impact on the investment behavior of film and television enterprises is the smallest.The innovation points of this paper are manifested in the following aspects:First,based on the actual background of the large differences in the investment behavior of cultural tourism enterprises after the epidemic,this paper discusses the different impacts of economic policy uncertainty on the investment behavior of cultural tourism enterprises from the characteristics of the cultural tourism industry,and expands the research background of economic policy uncertainty.Secondly,in the past,the research mostly used qualitative analysis methods to briefly expound the influence mechanism of economic policy uncertainty on the investment behavior of enterprises,this paper adopts the method of quantitative analysis,takes China’s A-share cultural tourism listed enterprises as the research object,further sorts out the relevant literature and theory,and finally concludes that economic policy uncertainty has a significant negative correlation with the investment behavior of cultural and tourism enterprises.Finally,by analyzing the annual reports of cultural tourism enterprises,combined with the particularity of the cultural tourism industry,this paper introduces the two variables of asset-light operation and business diversification,explores the regulatory effect of the degree of asset-light and business diversification of cultural tourism enterprises on the relationship between economic policy uncertainty and investment behavior,and expands the theoretical framework of strategic management of cultural tourism enterprises.The research significance of this paper is helpful to further understand the mechanism of macroeconomic policy and investment behavior of micro enterprises,and provides a certain reference basis for the government to formulate macroeconomic policies and evaluate the effects of issuance policies.