Macroeconomic Uncertainty, Property Rights And Corporate Investment

Financial globalization has increased the volatility of the global economy,in the 1990 s,several emerging market economies experienced macroeconomic crisis,and the dramatic collapse of investment,so the company investment behavior is necessary.Dixit(1994)emphasizes the enterprise environment facing the uncertainty hinders the investment,each enterprise in the specific macroeconomic environment background,the adaptation of the macroeconomic environment at the same time,the behavior of the enterprise always benefit maximization,and minimize the loss,so the macroeconomic environment to a certain extent affect the investment behavior of the enterprise.Due to our country enterprise exists particularity,which exists in our country enterprise property rights nature difference,different property rights make the enterprise faced with financing constraints,which companies have different investment behavior,thus to macroeconomic uncertainty as the background,research different property nature of the enterprise investment behavior appears very necessary.Based on information asymmetry theory,principal-agent theory and financing constraint theory,this paper subdivides the different channels of macro-economic uncertainty and the influence of property rights on corporate investment behavior.On the basis of the analysis of other scholars research results concluded that: macroeconomic uncertainty mainly through management expected capital requirements,the allocation of resources,external demand and impact on the company's investment behavior,specific as follows: high macroeconomic uncertainty makes errors occurring in enterprise management,management of enterprise investment and conservative caution;High macroeconomic uncertainty makes resource allocation distortion,especially the distortion of bank credit resource allocation,thus affecting enterprise investment behavior;Macroeconomic uncertainty is higher,the enterprise the operating risk of an expected increase,the enterprise will through short-term borrowing or direct financing added liquidity,improve the financial flexibility to maintain investment spending is changeless,vice enterprises will reduce the investment spending.From the perspective of property rights,property rights mainly through channels of financing and government subsidies to influence corporate investment,specific as follows: the local government intervention in the state-owned bank credit,loans to state-owned enterprises for the local favorable,state-owned Banks is dominated by the government's political goals the direction of lending,have the political relationship of state-owned enterprises easier access to credit resources.Of a-share market in China,1092 companies in 2011-2016,6552 samples of regression analysis,the impact of macroeconomic uncertainty on the company's investment behavior,on this basis to join the influence of the nature of property rights,the state holding listed companies and private listed companies in the face of the macro economy is uncertain investment behavior.Affect channels through theoretical research and analysis,this article through empirical analysis found that the macroeconomic uncertainty,investment into a negative relationship with the company that is in high uncertain macroeconomic situation,enterprises generally cautious about investment spending.Under the background of macroeconomic uncertainty,state-owned enterprises have the advantages of financing and financial subsidies,so as to increase their investment expenditure.So state-owned enterprises under the condition of high macroeconomic uncertainty,the state-owned property right nature of macroeconomic uncertainty on investment spending will weaken the negative effect of,namely macroeconomic uncertainty and nature of property right by item have significant positive effects on investment spending.Furthermore,from the perspective of enterprises that have never been in the same industry,the impact on non-manufacturing industry is more significant than the impact on non-manufacturing industry.From the perspective of enterprises in different regions,the negative impact of macroeconomic uncertainty on enterprises is the most significant in the eastern region.The positive effects of macroeconomic uncertainty and property ownership are most pronounced in the east,but not in the central and northeastern regions.At the same time,this article through to our country's macroeconomic uncertainty present situation,the different nature of the property enterprise present situation and the company investment present situation analysis,found that the macro economic uncertainty has a downward trend year by year;The new investment expenditure of private enterprises is obviously higher than that of state-owned enterprises.The five major state-owned commercial Banks have a higher deposit and loan ratio in the banking sector as a whole.Based on the analysis of the research on the basis of previous scholars research,combined with the theory analysis and present situation analysis,the macro economic uncertainty and the influence of the nature of property rights to the company investment behavior,to make theoretical assumptions,and through the 2011-2016 a-share listed companies data for empirical research to prove that the theoretical analysis,according to the status quo of feasible countermeasures and Suggestions are put forward.