The Influence Of Policy Uncertainty On Company Investment

Since China's reform and opening up,the government has continuously adjusted its political and economic policies in order to rapidly develop its economy and meet the needs of different market environments.In particular,affected by the financial crisis in 2008,the government introduced a series of new political and economic policies.Because of the changes in policies,the country's economic direction is constantly changing,and some companies' investment is in confusion.Recently,in the report of the 19th National Congress,we pointed out that the main contradiction in our country's society has turned into a contradiction between the people's ever-growing need for a better life and imbalanced and inadequate development.The main social contradictions have changed,and the future political and economic policies of the country are also bound to Changes will occur.Under this background,it is particularly important to study the impact of political and economic policy changes on corporate investment.This article mainly studies the influence of policy uncertainty on company investment under the condition of some irreversible factors of investment in some manufacturing listed companies.The study finds that the current policy uncertainty has no significant impact on the company's investment,and the change of policy requires a certain amount of Time and market effects will have an impact on the company's investment;the uncertainty of the previous year's policy is significantly negatively related to the company's investment in the following year.the study finds that in a relatively stable year of policy uncertainty,the effect of policy uncertainty on company investment is not significant,and in the years when policy uncertainty is volatile,the influence of policy uncertainty on company investment will be significantly strengthened.In addition,the existence of anti-Tobin Q phenomenon was found.The greater the Tobin Q value,the less the company's investment.The innovations in this paper:use the policy uncertainty of the current year and the policy uncertainty of the previous year to analyze the impact on the company's investment,and perform a regression analysis on the relative stability and relative fluctuations of the policy uncertainty index.