Economic Policy Uncertainty and Enterprise Risk:Based on Double Mediating Effect and Double Moderating Effect
Based on the data of listed enterprises in Shanghai and Shenzhen from 2008 to 2021,this paper empirically tests the risk impact of economic policy uncertainty on enterprises.It is found that economic policy uncertainty will increase en-terprises'risk levels.Mechanism analysis shows that the intensification of internal moral hazard(management self-inter-ested+major shareholders tunneling behavior)and the tightening of external financing conditions(financing constraints+loan costs)are the intermediary channels of the above effects.The perfect governance mechanism and information disclosure level can effectively alleviate the positive relationship between the two.Heterogeneity analysis shows that economic policy uncertainty has a greater impact on the risk of private enterprises with weak market position,high degree of industry competi-tion,and private enterprises.
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万方数据
