宏观经济不确定性对企业资产配置影响研究

资产配置能力是企业生产经营能力和资产管理能力的重要组成部分,受全球经济放缓、国内经济转向高质量发展阶段的动能转换以及突发新型冠状病毒肺炎疫情的影响,我国经济下行压力不断加大,宏观经济充满不确定性,这对企业资产配置能力提出了巨大考验。宏观经济不确定性会通过市场需求渠道、融资渠道、预期渠道、资产可逆性渠道等向企业资产配置传导,进一步对企业经营资产配置和金融资产配置的动机和结果产生不同的影响。应从确保宏观经济政策稳定性以降低企业不确定性预期、预防企业经营资产投资不足、防止企业过度金融化、提升企业资产配置能力等方面降低企业经营风险,优化企业资产配置。

Research on the Impact of Macroeconomic Uncertainty on Enterprise Asset Allocation

Asset allocation capability is an important part of an enterprise’s production and operation capabilities and asset management capabilities. Affected by the global economic slowdown, the domestic economy’s transition to a high-quality development stage, and the sudden outbreak of new coronavirus infections, the downward pressure on China’s economy is constantly increasing, and the macroeconomy is full of uncertainty, which has put a huge test on the ability of enterprises to allocate assets. Macroeconomic uncertainty will be transmitted to corporate asset allocation through channels such as market demand channels, financing channels, anticipation channels and asset reversibility channels, which will further affect the motivation and results of corporate asset allocation and financial asset allocation. It is necessary to reduce corporate operating risks and optimize corporate asset allocation by ensuring the stability of macroeconomic policies to reduce corporate uncertainty expectations, preventing underinvestment in operating assets, preventing excessive financialization, and improving corporate asset allocation capabilities.