Research On The Impact Of Economic Policy Uncertainty On The Business Performance Of Listed Manufacturing Small And Medium-sized Enterprises

Since 2010,China’s manufacturing industry has achieved rapid development.By 2020,it has become the first country in the world in terms of total manufacturing output for 11 consecutive years.During this period,small and medium-sized manufacturing enterprises developed rapidly and played an important role in macroeconomic development.However,in recent years,the uncertainty of economic policy.has increased significantly,which has a substantial impact on the business performance of small and medium-sized manufacturing enterprises.This paper makes an empirical study on this issue.This paper introduces the relevant business background,research status at home and abroad,basic concepts and theories,data selection,research assumptions,research design and empirical analysis.In terms of data selection,taking 674 manufacturing small and medium-sized enterprises from 2004 to 2020 as the main research object,5264 business data were collected to form a data sample.Because the data is typical unbalanced panel data,the least square analysis method of mixed effect is used to carry out multi-level regression analysis from four aspects:full data samples,enterprise asset nature,enterprise location and enterprise scientific and technological characteristics.Finally,it summarizes the research situation of the full text,and makes a preliminary outlook on the business development trend and targeted research direction of small and medium-sized enterprises in the future.The main conclusions of this paper are as follows:first,economic policy uncertainty has a negative impact on the operating performance of manufacturing enterprises.Government departments should try to increase policy transparency and reduce policy fluctuations;Second,economic policy uncertainty has different impact on different types of manufacturing small and medium-sized enterprises,and the impact on stateowned enterprises is greater than that on non-state-owned enterprises;The impact on enterprises in the central and western regions is greater than that on enterprises in the eastern region;The impact on non high-tech enterprises is greater than that on individual high-tech enterprises.Third,in the operation process of small and mediumsized manufacturing enterprises,we should pay attention to the existence of uncertain factors of economic policies and their negative effects on enterprise business performance,so as to improve the risk response ability.