| At present,domestic and international economic situation is complicated,in order to promote the development of the high quality of socialist market economy,the government have issued a package of macroeconomic regulation and control policy,to cope with the uncertainty factors at home and abroad to increase the risks and challenges,the implementation of these policies and stable economic and social development overall situation,to promote the positive macroeconomic stability.However,frequent fluctuations,lagging implementation and insufficient communication of economic policies have led to the rise in uncertainty of economic policies,which has a great impact on the micro behavior of enterprises and affects their business performance.Enterprise operating performance is the basis to test enterprise operating capacity and management efficiency.Therefore,it is of great significance to study the change of enterprise operating performance under the circumstance of increasing uncertainty of economic policy.This paper firstly reviews relevant literature,deduces the relationship between economic policy uncertainty and firm performance based on production function and demand function,and analyzes the moderating effect of the pay gap between executives and staffs based on tournament theory and behavior theory.Secondly,taking A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as research samples,this paper adopts the fixed effect model to study whether and how economic policy uncertainty affects the long-term and short-term business performance of enterprises,and then introduces the pay gap between executives and staffs to test its moderating effect between the two.Finally,in the further study,grouping regression method is adopted to refine and analyze the impact of economic policy uncertainty on firm performance under the heterogeneity of property rights,firm size and region.The results show that :(1)economic policy uncertainty is significantly negatively correlated with short-term business performance,and significantly positively correlated with long-term business performance.(2)Through the moderating effect analysis,it is found that the pay gap between executives and staffs has a moderating effect on the relationship between economic policy uncertainty and long-term and short-term business performance,and the moderating effect is positive.(3)In the further study,it is found that the negative impact of economic policy uncertainty on short-term business performance is stronger in the group of non-state-owned enterprises,large enterprises and enterprises in central and western regions,and the incentive effect on long-term business performance is stronger in the group of non-state-owned enterprises,small enterprises and enterprises in eastern regions.The possible contribution and innovation of this paper are as follows: from the research perspective,this paper introduces the salary gap between executive and employee,and deeply analyzes its moderating effect between economic policy uncertainty and enterprise business performance,thus enriching the research on the economic consequences of economic policy uncertainty.The research content,this paper distinguishes between enterprise long-term business performance and short-term business performance,comparison and analysis the economic policy uncertainty on the two different influence,broaden the study of the influence factors of enterprise operating performance,and at the same time from two aspects: business and government regulating macro economic advice,improve enterprise management performance. |
