Chengdu-Chongqing Region Double City Economic Circle Construction Research Institute, Chongqing Technology and Business University, Chongqing, China.
School of Accounting, Chongqing Technology and Business University, Chongqing, China.
PLoS One. 2024 Jun 12;19(6):e0304667. doi: 10.1371/journal.pone.0304667. eCollection 2024.
The impact of macroeconomic policy uncertainty (EPU) on micro-level entities has garnered increasing attention in economic circles. This study examines the influence of EPU on the efficiency of investments made by China's A-share listed companies between 2016 and 2021. Using a panel fixed effect model for analysis, the research reveals that EPU has a notable adverse effect on the investment efficiency of enterprises. Furthermore, it suggests that advancements in digital finance, strong ESG performance, and enhanced entrepreneurial confidence can mitigate this negative impact effectively. The study also highlights that enterprises with lower valuation, shareholder control, limited audit reputation, and no bank connections are more vulnerable to the impact of EPU on investment efficiency compared to those with higher valuation, manager control, strong audit reputation, and bank connections. Consequently, future efforts should be directed towards enhancing the stability and relevance of economic policies, promoting digital finance, and enhancing corporate governance structures.
宏观经济政策不确定性（EPU）对微观实体的影响在经济领域受到越来越多的关注。本研究考察了 EPU 对 2016 年至 2021 年中国 A 股上市公司投资效率的影响。研究采用面板固定效应模型进行分析，结果表明 EPU 对企业投资效率有显著的负面影响。此外，研究还表明，数字金融的发展、强大的 ESG 表现和增强的创业信心可以有效减轻这种负面影响。研究还指出，与具有较高估值、管理层控制、强大审计声誉和银行关系的企业相比，估值较低、股东控制、审计声誉有限且没有银行关系的企业更容易受到 EPU 对投资效率的影响。因此，未来应努力提高经济政策的稳定性和相关性，促进数字金融发展，加强公司治理结构。
