Economic Policy Uncertainty,Asset Specificity of Real Investment and Corporate value——Empirical Evidence from Chinese Listed Companies
From the perspective of economic policy uncertainty and asset specificity,this research explores and reveals the reasons and internal mechanisms of the inefficiency of real investment with a combination of macro and micro aspects for a sample of China non-financial listed companies.We investigate that economic policy uncertainty destroys firm value by reducing the asset specificity of firm real investment.Meanwhile,considering the moder-ate effects of macro factors,meso environment and enterprise characteristics,the results show that:compared with the economic downtrend period,the in-hibitory effect of economic policy uncertainty on asset specificity of real investment is strengthened in the economic uptrend period,and correspondingly,the destroying effect on firm value will also be strengthened;and compared with enterprises with good regional contract environment and high degree of in-dustry competition,the inhibitory effect of economic policy uncertainty on the asset specificity of real investment is strengthened in the enterprises with poor regional contract environment and low degree of industry competition,and correspondingly,the destroying effect on firm value will also be strength-ened.Finally,in further research,it is found that,compared with state-owned enterprises,the mediating effect of the asset specificity of real investment between economic policy uncertainty and firm value is more significant in non-state-owned enterprises;while in state-owned enterprises,the mediating effect of asset specificity is much smaller than the mediating effect of agency costs on the destroy of the firm value.
Economic Policy UncertaintyAsset SpecificityFirm Value
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