The Impact Of Economic Policy Uncertainty On Corporate Investment Efficiency

At present,China is in the period of economic shift.While maintaining steady development,more attention should be payed to optimizing development quality and improving efficiency.However,facing the complex domestic and foreign environment,the frequent adjustment of economic policies is inevitable,which is bound to affect the investment efficiency of enterprises.It is of practical significance to find the path of the impact of economic policy uncertainty on the investment efficiency of enterprises and take certain measures to reduce the decline of investment efficiency caused by policy uncertainty.Studies have shown that economic policy uncertainty has a negative effect on the investment efficiency of enterprises and trade credit,while trade credit has a positive effect on the investment efficiency of enterprises.Is the negative impact of economic policy uncertainty on the investment efficiency of enterprises transmitted through the channel of commercial credit?Based on the panel data of A-share mainboard listed companies from 2007 to 2017 in this paper,and the mediating effect test methodwas used to verify the mediating effect of trade credit.The result shows that commercial credit plays a mediating role in the negative impact of economic policy uncertainty on the investment efficiency ofenterprises,and the mediating role is partially mediating.Through further analysis,it is found that the mediating role played by trade credit is not significant in state-owned enterprises,while it plays a partial mediating role in non-state-owned enterprises.Trade credit plays a part of mediating role in regions with higher degree of marketization.On the contrary,it does not play a mediating role in regions with lower degree of marketization.Finally,the paper puts forward corresponding policy suggestions.