The Impact Of Monetary Policy Uncertainty On Inefficient Investment Of Enterprises In Health Emergencies

The outbreak of major public health emergencies often has a sustained negative impact on the normal operation of the entire economic system and enhances the uncertainty in the internal and external environment of financial markets.The COVID-19,which was judged to be a major public health emergency,broke out in2020,and the resulting increased uncertainty impacted our economy.The government actively adjusted its monetary policy to achieve the goal of stimulating economic recovery and stabilizing society.At the same time,for the investment of Chinese enterprises,although the external market environment has significantly improved,there are still problems such as low investment efficiency and lack of vitality in enterprises,which cannot meet the current requirements for high-quality development.Therefore,studying how monetary policy uncertainty affects inefficient investment by enterprises in the context of major public health emergencies is of great significance.Based on the background of the COVID-19,this paper studies the impact of monetary policy uncertainty on enterprise investment efficiency from the perspective of entrepreneurial confidence.After the new monetary policy is promulgated,entrepreneurs will quickly adjust their judgments about future expectations.At the same time,based on Keynesian expectation theory,investment decisions are influenced by the investors’ expectations for the future.From this,it can be seen that monetary policy will change the level of entrepreneurial confidence,which in turn will be further reflected in the investment decision-making behavior of enterprises.Real time monetary policy adjustments often come with increased uncertainty.Faced with this change,corporate investors will make predictions about the future economic situation based on their own experience,thereby affecting inefficient investment by enterprises.This article takes A-share listed companies from 2016 to 2021 as the research object and empirically tests the above inference.The main conclusions are as follows:(1)Monetary policy uncertainty will exacerbate inefficient investment by enterprises;(2)Entrepreneur confidence has a significant mesomeric effect on the impact of monetary policy uncertainty on enterprises’ inefficient investment;(3)The impact of the epidemic has a positive moderating effect on the relationship between monetary policy uncertainty and inefficient investment by enterprises.