Economic Policy Uncertainty,Firm Life Cycle and Enterprise Investment"Shifting from Real to Virtual"
Economic policy uncertainty primarily affects corporate investment through"incentive effect"and"constraint effect".By using the firm life cycle theory,this paper empirically tests the impact of economic policy uncertainty on the total investment and financial investment.The results show that economic policy uncertainty has a restraining effect on the total investment and a stimulating effect on financial investment,which indicating that economic policy uncertainty is an important cause of the"from the real to the virtual"of corporate investment.When economic policy uncertainty rises,the total investment of growth-stage firms decrease the most,followed by mature-stage firms,and then declining-stage firms.For financial investment,when economic policy uncertainty rises,the declining-stage firms increase the most,followed by growth-stage firms,and then mature-stage firms.
economic policy uncertaintyfirm life cycleinvestmentshifting from real to virtual
万方数据
