Economic Policy Uncertainty,investor Emotion And Enterprise Investment

After the 2016 Brexit event ferment,a series of black swans and a continuing Sino-US trade war all indicate that the global economic situation is oscillating.At the same time,China is currently in the critical period of economic restructuring and upgrading,emphasizing the strengthening of supply-side structural reform,which shows that China's macroeconomic environment is also undergoing major changes.In order to deal with the complex international situation and meet the needs of domestic economic transformation,the government has increased the intensity of macroeconomic regulation and control,and the economic policy has been adjusted frequently.While regulating the economy,frequent changes in economic policies will affect enterprise investment.In addition,the study found that investor sentiment can also affect corporate investment.This paper takes the annual data of gem enterprises from 2014 to 2018 as a sample,based on the perspective of enterprise heterogeneity,to explore the impact of economic policy uncertainty and investor sentiment on enterprise investment respectively.And through the Sobel test method to study whether the investor sentiment has the intermediary effect in the economic policy uncertainty affecting the enterprise investment process.The study found that economic policy uncertainty in the current and lag period will significantly inhibit corporate investment,and in non-state-owned,small-scale enterprises more significant impact;investor sentiment to promote corporate investment,non-state-owned,high volatility and small-scale enterprises are more vulnerable to investor sentiment Investor sentiment has an intermediary effect,and this intermediary effect is more significant in enterprises that are more susceptible to investor sentiment,as well as in low volatility groups that are not directly affected by investor sentiment.Therefore,for the government,the policy should not only focus on the positive impact of the policy itself on enterprises,but also understand the negative impact of policy volatility.Rationalizing economic policies,particularly in view of the impact on non-State-owned,small-scale enterprises.In addition,we should speed up the reform of financial market liberalization,strengthen market supervision and improve market order to reduce the impact of investor sentiment on enterprises.For enterprises,they should understand their own characteristics,strengthen their own governancestructure,improve the ability of managers,correctly deal with the uncertainty of economic policy and the influence of investors' emotions,and make reasonable investment decisions.For market investors,they should strengthen their own investment professional knowledge,improve their own quality,and invest more rationally.