Research On The Impact Of Product Marketed Competition And Economic Policy Uncertainty On Investment Efficiency Of Companies

Investment activities are the core of corporate financial activities and the top priority of corporate financial management.Therefore,the investment decision of an enterprise is related to its survival and long-term development.However,due to principal-agent problem and information asymmetry,the current investment decisions of listed companies in our country generally have non-efficient investment behaviors,mainly manifested as over-investment and under-investment.Different industries have different product market competition situations,due to the accessibility,risk,etc.These differences alleviate agency problems and information asymmetry through the role of market mechanisms,which in turn affects the company's inefficient investment behavior.Uncertainty in economic policy will ease the hand of the government and strengthen the effect of product market competition on company investment behavior.This article takes China A-share non-financial listed companies as a research sample,combining theoretical analysis and empirical research.This article reviews the relevant theories,establishes a logical analysis framework,derives empirical implications,and uses the relevant financial data of China A-share listed companies for statistical analysis and testing,and finally draws the following conclusions:(1)The more intense the product market competition,the higher the company's investment efficiency;a product market with a good competitive atmosphere will significantly improve the company's investment efficiency.(2)The higher the uncertainty of economic policy,the higher the investment efficiency of the company.This shows that macroeconomic policies will affect the company's investment behavior at the micro level.(3)The higher the uncertainty of economic policy,the stronger the promotion effect of product market competition on investment efficiency.The above research conclusion elaborates the impact of product market competition on investment efficiency,the impact of economic policy uncertainty on investment efficiency,and the role of these two effects.The research conclusions of this paper have important enlightenment significance for my country's product market construction,economic policy formulation and company investment strategy selection.