The Influence Of Policy Uncertainty On The Investment Of New Energy Enterprises Based On Limited Rationality

The development of China’s new energy industry faces with greater policy uncertainty,mainly reflected in the policy changes too frequently.According to statistics,from 2013 to 2017,the photovoltaic industry issued 152 policies,more than five times the number from 2008 to 2012.In actual investment,enterprise management is limited rational.Under the condition of policy uncertainty,irrational factors have an increasingly obvious impact on enterprise investment.Therefore,when we study the investment of new energy enterprises,we need to consider the impact of limited rationality on investment.New energy represents the future direction of energy development,so it is of great practical significance for us to explore the investment of new energy enterprises.This paper first analyzes the investment of new energy industry around the investment theory under uncertain conditions,and finds that the existing theory cannot explain the subject of this paper reasonably.It is necessary to combine the characteristics of new energy industry investment for specific analysis.In addition to the objective impact of policy uncertainty,this paper also considers the subjective impact of new energy enterprise management under policy uncertainty.Combined with the characteristics of limited rationality,this paper analyzes the investment problems of new energy enterprises from a new perspective and puts forward research hypotheses.This paper uses the panel data of new energy companies listed on the Shanghai and Shenzhen stock markets from 2012 to 2016.According to the existing research,the policy uncertainty index and the limited rationality index of enterprise management in the new energy industry are reconstructed.The fixed effect model is used to test the hypothesis.The results show that in the new energy industry,both state-owned enterprises and private enterprises show investment expansion when policy uncertainty rises.Further,when we consider the characteristics of limited rationality,we find that the degree of limited rationality of private enterprises is significantly positively correlated with corporate investment,and has a positive mediating effect between policy uncertainty and enterprise investment.We conclude that in the new energy industry,the increase in investment by state-owned enterprises is mainly due to the achievement of political goals,while private enterprises are affected by management’s excessive expectation of investment opportunities.