| Uncertainty and Corporate investment： An Empirical Analysis of China＇s Manufacturing Firms |
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| 作者姓名： | Feng Wei Yu Kong |
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| 作者单位： | [1]Ph,D, of Management, lecturer of School of Trade and Public Administration, Chongqing University; Main research filed： Finance; Address： College of Trade and Public Administration, Chongqing University, Chongqing, China [2]Ph.D. candidate of Faculty of Construction Management and Real Estate, Chongqing University, Chongqing, China,400045 |
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| 摘 要： | With the measurement of volatility of a firm＇s stock returns uncertainty, the paper examines the investment behavior of China＇s manufacturing firms over the period of 1998-2003, and studies the relationship between uncertainty and corporate investment by using the 2SLS re, gression method. The empirical results indicate that there are significantly positive relationships between total uncertainty and investment, and market uncertainty and investment, but the relationship between firm-specific uncertainty and investment is not significantly positive.
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