Economic Policy Uncertainty?executives' Overseas Experience And Corporate Investment Efficiency

This paper mainly studies the uncertainty of economic policy,the overseas experience of executives and the impact of the interaction between the two on the efficiency of corporate investment.The investment efficiency of enterprises is divided into under-investment and over-investment.The uncertainty of economic policy,the overseas experience of executives and the interaction between the two are the mechanisms through which the investment efficiency of enterprises is affected.According to the nature of property rights of enterprises,enterprises are divided into two categories: state-owned enterprises and non-state-owned enterprises,which respectively study the uncertainty of economic policy,the overseas experience of executives and the influence of the interaction items of the two on the investment efficiency of enterprises with different property rights.This paper takes the 2010-2017 Shanghai and Shenzhen A-share non-financial listed companies as research samples and uses annual data for empirical analysis.Through two kinds of measurement models to measure the efficiency of enterprise investment to ensure the robustness of the data,and use the lag phase variable of the explanatory variables to re-examine the empirical test to solve the possible endogenous problems.The findings from the two methods were found to be consistent.When the uncertainty of economic policy rises,the investment efficiency of enterprises has increased significantly.The main manifestation is that when economic policy uncertainty rises,it will inhibit excessive investment by enterprises and increase investment shortage.In reality,the phenomenon of over-investment in enterprises in real life is far greater than the phenomenon of under-investment.Therefore,in general,the uncertainty of economic policies has increased the efficiency of investment in enterprises.When the uncertainty of economic policy rises,the investment efficiency of enterprises has increased significantly.The main manifestation is that when economic policy uncertainty rises,it will inhibit excessive investment by enterprises and increase investment shortage.In reality,the phenomenon of over-investment in enterprises in real life is far greater than the phenomenon of under-investment.Therefore,in general,the uncertainty of economic policies has increased the efficiency of investment in enterprises.Executives with overseas learning experience can significantly improve the investment efficiency of enterprises,while overseas work experience has no obvious effect on the improvement of corporate investment efficiency.Executives with overseas learning experience are mainly able to significantly alleviate the excessive investment behavior of enterprises,thereby improving the investment efficiency of enterprises,but the impact on the lack of investment in enterprises is not significant.After all,"the clever woman is difficult to be without rice." Further,by considering the property rights of enterprises,it is found that the overseas study experience of executives has a more significant effect on the investment efficiency of state-owned enterprises.Executives with overseas learning experiences can exacerbate the impact of economic policy uncertainty on corporate investment efficiency.Executives with overseas study experience have strengthened the role of economic policy uncertainty in easing corporate over-investment behavior;executives with overseas learning experiences cannot solve the problem of under-investment caused by high economic policy uncertainty.Further research on the property rights nature of enterprises found that the interaction between economic policy uncertainty and executives' overseas learning experiences has a more significant impact on state-owned enterprises.The innovation of this paper lies in(1)adding the interaction items of enterprise investment efficiency and executives' overseas experience to study how to influence the investment efficiency of enterprises.(2)Considering the nature of property rights for the three main models,and looking for the differences in the impact of explanatory variables on the investment efficiency of state-owned enterprises and non-state-owned enterprises.(3)Adopt the latest data.Based on the data of Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2017 for 8 years,the empirical research is carried out to compare the current situation.