Environmental uncertainty, financing constraints and corporate investment: Evidence from China

被引：77
|
作者：
Li, Kaifeng [1 ]
Xia, Bobo [1 ]
Chen, Yun [1 ]
Ding, Ning [2 ]
Wang, Jie [3 ]
机构：
[1] China Univ Min & Technol, Xuzhou 221000, Jiangsu, Peoples R China
[2] Jiangsu Vocat Coll Business, Nantong 226011, Jiangsu, Peoples R China
[3] Jiangsu Normal Univ, Kewen Coll, Xuzhou 221000, Jiangsu, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 70卷
关键词：
Environmental uncertainty; Financing constraints; Corporate investment level; Corporate investment efficiency; POLITICAL UNCERTAINTY; MACROECONOMIC UNCERTAINTY; AGENCY COSTS; POLICY; RISK; IMPACT;
D O I：
10.1016/j.pacfin.2021.101665
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study uses A-share listed companies' financial data in China's Shanghai Stock Exchange from 2010 to 2019 to examine the impact of environmental uncertainty and financing constraints on corporate investment. It is found that environmental uncertainty not only restrains corporate investment directly but also reduces corporate investment through increased financing constraints indirectly. This negative effect is even more obvious in small-scale enterprises. Further research finds that environmental uncertainty has a heterogeneous impact on corporate investment efficiency. While inhibiting overinvested corporate investment behaviour and improving their investment efficiency, higher environmental uncertainty will reduce underinvested corporate investment and worsen their investment efficiency.
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页数：11
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