Economic Policy Uncertainty For Listed Companies Study On The Influence Of Investment Behavior

Since the financial crisis in 2008,the government has formulated a series of economic policies for the smooth operation of the market and the active investment atmosphere.It can effectively alleviate the impact of global economic turbulence on China’s economy at high speed and effectively,but also promote the uncertainty of China’s economic policy greatly.In the process of gradual depression,the low mood and the sudden confidence spread rapidly to the whole market,and the confidence plays an important role in financial crisis and the economic development.First,through a large number of literature,the relationship between economic policy uncertainty and investment behavior is sorted out.After mastering the relevant investment theory,the paper combs out the internal factors of the enterprise investment behavior and the influence of the uncertainty of economic policy on it.After obtaining the inhibition effect of the uncertainty of the economic policy to the investment behavior of the enterprise,the entrepreneur confidence is introduced.The results tell we that the influence of the uncertainty of the enterprise confidence on the investment behavior of the company is founded.Then,based on the relationship between economic policy uncertainty and investment behavior,the paper analyzes the channel of real option influence,financial friction channel and entrepreneur confidence influence channel.The first two are traditional influence channels,and the analysis of entrepreneur confidence influence channels is the theme of this paper.Through the analysis,we can see that the real option influence channel influences investment behavior through opportunity cost and option value,financial friction affects channel by information asymmetry and collateral value,while entrepreneur confidence influence channel is economic policy uncertainty,which affects entrepreneur confidence and ultimately affects enterprise investment behavior.Finally,empirical research shows that the increase of uncertainty of economic policy will reduce the investment scale of the company.Entrepreneur confidence will significantly improve the phenomenon of investment scale reduction caused by economic policy uncertainty,and it is more obvious in non-state-owned companies,low marketization areas,labor-intensive and high growth companies.Entrepreneur confidence has a significant regulatory effect on the uncertainty of economic policy and the scale of corporate investment.On the other hand,entrepreneur confidence can significantly improve the inhibition of economic policy uncertainty on excessive investment,and the performance of companies with low marketization,weak profitability and strong liquidity is more obvious.Meanwhile,the entrepreneur confidence will improve the phenomenon of insufficient investment caused by the uncertainty of economic policy,and the effect is more obvious in non-state-owned enterprises,companies with strong profitability and weak liquidity.Entrepreneur confidence plays a role in the process of economic policy uncertainty affecting investment efficiency.In order to reduce the impact of economic policy uncertainty on the investment behavior of the company,a relatively stable economic development environment is needed.Therefore,the government should improve the transparency of economic policy making to maintain the stability of the policy.The company should strengthen the confidence of entrepreneurs to stimulate investment vitality,pay attention to market value management and profitability,strengthen its core capacity construction,and strengthen the prediction of policy adjustment direction to prevent financial risks.I hope this paper can provide some reference and reference for the companies facing uncertain economic environment when they invest.