| Since the outbreak of the COVID-19 in early 2020,a series of events in the world have led to huge political and economic turbulence,inevitably affecting the process of China’s development and reform.As the primary industry,agriculture is the source of our food and clothing,the foundation of our survival,and the foundation of our national economy.Its development and upgrading cannot be separated from agricultural listed enterprises as a bridge between productivity and capital elements.Therefore,in the current period of high economic policy uncertainty,studying its impact on the investment efficiency of agricultural listed enterprises has a very important role in optimizing the investment of agricultural listed enterprises in China,promoting the upgrading of agricultural industry,and implementing the rural revitalization strategy.First of all,this paper summarizes the domestic and foreign research on economic policy uncertainty,corporate investment efficiency and the relationship between economic policy uncertainty and corporate investment efficiency.It also defines concepts such as economic policy uncertainty,corporate investment efficiency,and expounds the theoretical basis for integrating real options,financial friction,and agency theory;Secondly,this paper analyzes the current situation of economic policy uncertainty and agricultural listed companies’ investment,and conducts research design on this basis,including strict sample selection principles,improvement of quarterly frequency Richardson investment size estimation model,selection of independent variables,conducting comprehensive discussion first,then heterogeneity analysis(property rights,investment irreversibility,investment return),and constructing hypothesis and models to study the impact of economic policy uncertainty on the investment efficiency of agricultural listed companies;Thirdly,in the empirical part,this paper uses the quarterly sample data of 47 agricultural A-share listed companies in the Shanghai and Shenzhen stock markets from the fourth quarter of 2010 to the third quarter of 2022 to analyse of the impact of economic policy uncertainty on the investment efficiency of agricultural listed companies,and conducts a robustness test.Finally,according to the empirical analysis results,suggestions are made on how to improve the investment efficiency of agricultural listed companies under the uncertainty of economic policy.The main conclusions of the research are:(1)the economic policy uncertainty significantly improves the investment efficiency of China’s agricultural listed companies,and can also curb the over-investment problem while improving their under-investment;(2)The economic policy uncertainty significantly improves the investment efficiency of state-owned companies,reducing under-investment problem;(3)The improvement of economic policy uncertainty on investment efficiency is more obvious in companies with higher investment irreversibility;(4)Only when the company has a moderate return on investment,its investment efficiency will be improved significantly due to the uncertainty of economic policy.According to the results of empirical analysis,this paper puts forward relevant countermeasures and suggestions on how to improve the investment efficiency of agricultural listed companies in China and promote the high-quality development of companies,including companies should strengthen the education and training of managers and improve their own investment decision-making restriction mechanism,and the government should fully consider the micro-characteristics of agricultural listed companies when formulating policies,giving more policy guidance and financial support to companies with non-state property rights,low investment irreversibility,and low return on investment. |
