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本文结合中国特殊的制度背景,从管理层风险异质性这一视角来考察政治不确定性对公司投资的影响。研究发现,在中央政府进行政治选举的年份,风险规避型管理层更倾向于降低投资。本研究的政策启示在于:政府应该完善现有的制度,减少政治选举对企业投资带来的外部风险,从而保证稳定的公司投资水平;对于企业而言,应加快完善公司治理机制,制定合理的投资战略从而促使管理层在面对外部不确定性时保持应有的谨慎性。
Based on the special institutional background of China, this article examines the impact of political uncertainty on the company’s investment from the perspective of management risk heterogeneity. The study found that in the years when the central government conducted the political election, the risk-averse management tended to reduce its investment. The policy implications of this study lie in: The government should perfect the existing system and reduce the external risks brought by the political election to the enterprise investment so as to ensure the stable investment of the company. For the enterprise, the corporate governance mechanism should be perfected and the reasonable The investment strategy thus motivates management to maintain its due diligence in the face of external uncertainties.