演讲题目：
Does Policy Uncertainty Travel across Borders: Evidence from Corporate Overseas Investment
演讲者：
周茜，北京大学光华澳门永利yl6776会计系博士
演讲时间：
5月17日（周五）上午10:00-11:30
演讲地点：嘉庚二203
主持人：游家兴 教授
参加者：对会计、财务研究有兴趣的师生
摘要：This study examines the effect of policy-related uncertainty of home countries of MNCs on investment of their foreign affiliates in China. The level of policy uncertainty in the economy is measured by a news-based index. Consistent with the spillover effect hypothesis prediction, our results show a negative relation between home country policy uncertainty and corporate investment overseas, suggesting that policy uncertainty does travel across borders. Our results also show that bilateral relation, indicated by information flow and psychic closeness between the home and host country, is an important channel that moderates the degree of the dampening effect of uncertainty on investment. Our further analysis indicates that policy uncertainty leads to investment inefficiency through aggravating underinvestment problems. Collectively, this study provides strong evidence that policy uncertainty negatively affects investment amount as well as investment efficiency.
