Research On The Influence Of Economic Policy Uncertainty On Investment And Financing Behavior Of Stated-owned Listed Companies

The 2008 international financial crisis marked the "oversold period" of us-led globalization,the emergence of protectionism and populism,and the further increase of economic uncertainty.After trump became the new President of the United States,he introduced a series of policy measures,including the "trade war" against China.The trade war between China and the United States will intensify in 2018,which further increases the uncertainty of economic policies of the two countries and has an impact on the development of enterprises in the two countries.Economic policy uncertainty is one of the external risks faced by enterprises,which has an important impact on the decision-making of production and operation.When the uncertainty increases,the external risks faced by enterprises will increase.In order to reduce such risks,the formulation of macroeconomic policies should strive to adapt to the development needs of enterprises on the basis of grasping the objectives of macro-control.Finally,economic uncertainty also has an important impact on the input and output of the national economy.In this paper,the newly released uncertainty index of China’s economic policy by Lu Shangqin and Huang Yun is used as the explanatory variable to measure the uncertainty of China’s economic policy.Taking the a-share state-owned listed companies in Shanghai and shenzhen from 2009 to 2017 as the research sample,this paper systematically studied the influence of economic policy uncertainty on the investment and financing decisions of enterprises.First,the influence relation between uncertainty and corporate finance,corporate finance is as explained variable,to economic policy uncertainty index as the explanatory variables,using fixed effect panel regression model analysis,inspection,and on the basis of further analysis of the effects of uncertainty on corporate investment,enterprise investment to be explained variable,with uncertainty index,corporate finance and its interaction as the explained variable,and through the sample regression methods to identify uncertainty indirect influence on enterprises investment in the differences between different enterprises.This paper finds that the higher the uncertainty of economic policy,the lower the level of corporate debt financing and equity financing,and the reduction of debt financing is greater than equity financing.Economic policy impact on business investment exist two channels,one is raised to a direct impact on investment by reducing the enterprise,the second is by lowering the conversion coefficient of financing for investment indirectly affect investment,namely,the higher economic policy uncertainty,enterprise financing,the smaller the conversion ratio of investment will be the mechanism of action effects were different in the different enterprises,the investment in a business with low levels of irreversible more obvious.Accordingly,first of all,the government should maintain the long-term effectiveness of policies and reduce the uncertainty caused by frequent changes in economic policies;Secondly,the capital market mechanism should be improved to reduce th e disturbance caused by policy changes to the capital market,so as to avoid excessive restraints on enterprise financing.Finally,enterprises should establish an effective internal risk response mechanism and broaden financing channels,so that their investment and financing decisions will not be affected when the uncertainty of economic policies increases.