Research On The Impact Of Economic Policy Uncertainty On Enterprise Investment Efficiency

At present,the downward pressure on China’s economy is intensifying,and the government has made a series of economic policy adjustments to maintain a stable macroeconomic environment.Enterprises’ financing channels,financing costs,risk management,etc.will be affected by the uncertainty caused by economic policy adjustments,which in turn will affect the investment decisions of enterprises.In this context,studying the specific transmission channels of economic policy uncertainty to enterprise investment can provide suggestions for alleviating the investment inefficiency brought about by the increase of economic policy uncertainty.This paper selects A-share listed enterprises from 2010 to 2019 as a research sample,analyzes the transmission mechanism between economic policy uncertainty and enterprise investment efficiency,and empirically tests it as follows: the impact of economic policy uncertainty on enterprise investment efficiency;Intermediary mechanism test of enterprise risk-taking level;Intermediary mechanism test for corporate tax avoidance;Furthermore,heterogeneity analysis was carried out from three aspects: gender differences in directors,differences in enterprise size and differences in corporate nature.In order to verify whether the empirical results are robust,the substitution variable method is used to test the robustness.Through empirical analysis,the following conclusions are drawn:(1)as economic policy uncertainty increases,the efficiency of corporate investment decreases;(2)The level of enterprise risk taking plays a partial role in the mediating role between economic policy uncertainty and enterprise investment efficiency,and further research finds that the transmission channel of enterprise risk taking is: "economic policy uncertainty-enterprise risk bearing level-overinvestment-enterprise investment efficiency";(3)Corporate tax avoidance plays a part-mediating role between economic policy uncertainty and enterprise investment efficiency,and further research finds that the transmission channel of corporate tax avoidance is: "economic policy uncertainty-corporate tax avoidance-underinvestment-enterprise investment efficiency".(4)In enterprises with female directors and large scale and state-owned nature,economic policy uncertainty has a relatively stronger impact on the investment efficiency of enterprises.At the same time,the following recommendations are made: for the government,the main thing is to ensure a smooth transition of policies;For enterprises,it is necessary to pay attention to the level of risk taking and reasonable tax avoidance.The innovation of this paper is to explore a new intermediary mechanism,discuss the impact of economic policy uncertainty on enterprise investment efficiency by taking corporate risk-taking level and corporate tax avoidance as intermediary variables,and identify the mechanism of intermediary variables affecting enterprise investment efficiency by influencing overinvestment or underinvestment,which enriches the research on the impact of economic policy uncertainty on enterprise investment efficiency.