voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-2-141-159voprecotest-2347Research ArticleЭКОНОМИКА ПРЕДПРИЯТИЙENTERPRISE ECONOMICSВлияние неопределенности экономической политики на инвестиции российских компанийEconomic policy uncertainty and investment of Russian companieshttps://orcid.org/0000-0002-5838-1331НайденоваЮ. Н.NaidenovaIuliia N.

Найденова Юлия Николаевна, к. э. н., доцент департамента экономики и финансов НИУ ВШЭ

Пермь

Perm

yunaydenova@hse.ruhttps://orcid.org/0000-0002-2837-9978ЛеонтьеваВ. В.LeontevaVeronika V.

Леонтьева Вероника Владиславовна, студентка магистерской программы «Финансы» НИУ ВШЭ

Пермь

Perm

v.v.leonteva@yandex.ruНациональный исследовательский университет «Высшая школа экономики»РоссияHSE UniversityRussian Federation20200702202002141159Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2347

В статье анализируется влияние неопределенности экономической политики на корпоративные инвестиции российских производственных компаний. С помощью оценки моделей на панельных данных с фиксированными эффектами выявлено, что при росте уровня неопределенности экономической политики компании снижают инвестиционную активность. Наиболее сильно эффект проявляется для крупных компаний. Публичные компании не подвержены влиянию неопределенности российской экономической политики, однако соответствующая неопределенность в странах Европы и остального мира оказывает негативное влияние на их инвестиции. Тестирование устойчивости с помощью метода инструментальных переменных подтверждает полученные результаты. Сделан вывод о том, что сохранение прозрачности и стабильности экономической политики может повысить уровень корпоративных инвестиций.

This paper is devoted to determining the impact of economic policy uncertainty on corporate investment of Russian manufacturing companies. By applying fixed effects models on panel data, it was found that under increasing level of economic policy uncertainty, the companies reduce their investment activity. The effect is most pronounced for large companies. It is important to note that public companies are not affected by the uncertainty of Russian economic policy, however, the European and global economic policy uncertainty has a negative impact on their investments. Testing the robustness by applying the methods of instrumental variables confirms the results. The study suggests that maintaining transparency and stability of economic policy can increase the level of corporate investment.

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The authors declare that there are no conflicts of interest present.