When to go abroad: economic policy uncertainty and Chinese firms' overseas investment

被引：49

作者：

Wu, Ji ^{[1
]}

Zhang, Jian ^{[2
]}

Wu, Yiwen ^{[1
]}

Kong, Dongmin ^{[3
]}

机构：

[1] Massey Univ, Sch Econ & Finance, Massey Business Sch, North Shore Mail Ctr, Albany Campus, Auckland, New Zealand

[2] Shanghai Int Studies Univ, Sch Business & Management, Shanghai, Peoples R China

[3] Zhongnan Univ Econ & Law, Sch Finance, Wuhan, Hubei, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2020年 / 60卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Economic policy uncertainty; Overseas investment; China; POLITICAL UNCERTAINTY; OUTWARD FDI; RISK; PRICE;

D O I：

10.1111/acfi.12474

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study how economic policy uncertainty (EPU) influences firms' overseas investments for Chinese listed companies. We find a significant negative relationship between EPU and firms' overseas investments after controlling for firm characteristics and macroeconomic variables. Chinese firms seem to reduce their overseas investments on fixed income securities when facing domestic policy uncertainty. The negative relationship is pronounced for financially constrained firms, firms relying on government subsidies and with low overseas revenues, and SOEs. Firms operating in high marketisation regions can mitigate the negative effect of EPU on firms' overseas investments. Our results remain significant when considering endogeneity problems.

引用

页码：1435 / 1470

页数：36

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