Economic Uncertainty, Equity Pledge Andinvestment Efficiency

The 18 th National Congress of the Communist Party of China clearly stated that "my country’s economy has shifted from a stage of high-speed growth to a stage of high-quality development,and the development mode must gradually shift from a scale and speed type to a quality and efficiency type." As one of the "troikas" driving my country’s economic growth,investment is an important driving force for my country’s economic development.How to improve the quality and efficiency of investment is a key issue that needs to be solved in my country’s current development stage.In 2018,the central government proposed the "six stability" policy including "stabilizing investment",further pointing out that investment should meet the requirements of economic transformation and upgrading,reduce ineffective and inefficient investment in the form of "flooding",and increase investment through more efficient investment.Total factor productivity,improve the level of economic development.As the micro main body of the macro economy,the investment decision and investment efficiency of enterprises are not only the prerequisites for the creation and realization of enterprise value,but also an important guarantee for the transformation and upgrading of my country’s economy and the realization of high-quality economic growth.Investment efficiency is a hotspot of academic research.In the past ten years,the Chinese government has frequently launched economic policies to guide the healthy development of the economy,resulting in increased economic policy uncertainty.Economic policy uncertainty is an important factor that cannot be ignored.factor.The existing literature on the impact of economic policy uncertainty on investment scale is abundant,but there are few studies on the impact of economic policy uncertainty on investment efficiency and no consistent conclusions have been drawn.Investment activities are inseparable from the support of funds,and corporate investment behavior is inseparable from financing activities.Equity pledge is a common financing method in the capital market,which affects corporate investment behavior.This paper links the macro-level economic policy with the micro-level corporate investment behavior,studies the impact of economic policy uncertainty on investment efficiency,and incorporates equity pledge into the research framework.Taking the company as the research sample,we empirically test the impact of economic policy uncertainty on corporate investment efficiency and the moderating effect of controlling shareholder equity pledge on the relationship between the two.The main conclusions of the paper are as follows:(1)Economic policy uncertainty has a significant role in promoting enterprise investment efficiency,that is,economic policy uncertainty improves the investment efficiency of Chinese enterprises.(2)The controlling shareholder’s equity pledge can enhance the promotion effect of economic policy uncertainty on investment efficiency.The research conclusion shows that the economic policies issued by the government have guided the healthy development of the real economy.my country should continue to play the key role of macro-control in economic development,and use economic policies to improve the investment and financing environment of enterprises,so as to help enterprises better grasp investment opportunities and improve their performance.investment efficiency.