Research On The Correlation Between Uncertainty,Financing Constraint And Enterprise Investment Efficiency

The development of enterprises needs a stable environment,but China has entered the VUCA era,and "black swan" events and multiple risks have exacerbated the uncertainty of the development of the electronic information manufacturing industry and affected its investment and financing decisions.The current epidemic is not yet over,and China’s real economy will face new tests.Taking the industry as an example to explore uncertainty and investment financing and make suggestions for its development is not only an initiative to implement the manufacturing power strategy,but also conducive to promoting the transformation of the manufacturing industry.The research hypotheses and mechanisms of uncertainty,financing constraints and investment efficiency are sorted out by reviewing existing research results.Based on the financial data of 168 electronic information manufacturing companies from 2011 to 2020,firstly measured by Deap2.1,followed by Stata multiple regression analysis,the impact of macro and micro uncertainty on the investment efficiency of micro enterprises is studied at multiple levels from two perspectives respectively;in view of the important impact of financing constraints on the investment efficiency of enterprises,it is introduced as a mediating variable to further examine The role it plays and the path of influence.Finally,recommendations are made for the industry.The study shows that: the investment efficiency of the industry shows a fluctuating trend with a mean value of 0.75;macro uncertainty is positively correlated with investment efficiency,and micro is negatively correlated;financing constraints all play a part of the mediating role.Therefore,the government should balance the intervention of economic policies,after the economy recovers to a certain level,to reduce the company’s dependence on policies,and continuously optimize the financing channels and financing environment of the company;companies should improve the evaluation and information of senior management,to reduce the impact of uncertainty on investment efficiency.Figure 5;Table 11;Reference 60...