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| 文章编号：1672-3104(2022)04-0107-12 |
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经济政策不确定性、政治关联与企业投资效率——基于门槛效应的检验结果 |
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王雄，苏冰倩，任晓航 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 以我国2004—2017年沪深A股上市公司为研究对象，运用面板门槛回归模型，实证分析经济政策不确定性对投资效率的门槛效应，并探讨政治关联对前述二者关系的影响。研究表明：经济政策不确定性对投资效率的影响呈现先促进后抑制的倒U型门槛效应；基于地区制度环境和产权性质的异质性分组检验发现，经济政策不确定性与投资效率之间仍存在门槛效应，且组间差异较大。进一步分析发现，在经济政策不确定性低门槛值区间内，存在政治关联的企业，经济政策不确定性对其投资效率的抑制作用更为突出；在高门槛值区间内，政治关联的作用则不显著。 |
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| 关键词： 经济政策不确定性；政治关联；投资效率；门槛特征 |
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Economic policy uncertainty, political connection and enterprise investment efficiency: Test results based on threshold effect |
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WANG Xiong, SU Bingqian, REN Xiaohang |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: Taking China's A-share listed companies in Shanghai and Shenzhen from 2004 to 2017 as the research object, and adopting the panel threshold regression model, the study empirically analyzes the threshold effect of economic policy uncertainty on investment efficiency, and discusses the impact of political connections on the above-mentioned relationship. The results show that the impact of economic policy uncertainty on investment efficiency presents an inverted U-shaped threshold effect of promoting first and inhibiting then. The heterogeneity group test based on the regional institutional environment and the nature of enterprise property rights finds that there is still a threshold effect between economic policy uncertainty and investment efficiency, and that there is relatively huge difference between groups. Further analysis finds that, within the low threshold range of economic policy uncertainty, there exist enterprises with political connections, on whose investment efficiency the economic policy uncertainty exerts a more striking effect, while within the high threshold range, the effect of political connections is not significant. |
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Key words: economic policy uncertainty; political connections; investment efficiency; threshold characteristics |
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