投资(军事)
多元化(营销策略)
投资决策
业务
经济
库存(枪支)
宏
产业组织
生产(经济)
宏观经济学
政治
营销
政治学
法学
工程类
机械工程
计算机科学
程序设计语言
作者
Yixin Dai,Yixiao Wang,Rongrong Li
标识
DOI:10.1016/j.iref.2024.01.024
摘要
Existing research generally regards economic policy uncertainty (EPU) as a type of macro-shock and fails to distinguish the perception of policy uncertainty among different enterprises. We use a text mining tool to extract a measure of the EPU perceived by individual firms listed on Chinese stock markets from their annual reports between 2007 and 2020 to investigate the policy uncertainty's impact on enterprises' cross-regional investment and innovation. Our findings reveal the following. First, increased policy uncertainty will inhibit innovation in enterprises. Second, policy uncertainty reduces cross-regional investment, and the influence is time-dynamic and different under the heterogeneous enterprise characteristics. Third, the negative impact of policy uncertainty on cross-regional investment by enterprises is primarily reflected in investments unrelated to the enterprise's technology. Policy uncertainty will promote investment in technology-related areas. Finally, the impact of policy uncertainty and an increase in technology-related cross-regional investment will help (1) lower financing costs via the signal effect, (2) broaden knowledge, and (3) strengthen enterprise resilience and thus promote innovation.
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