| Issue |
E3S Web Conf.
Volume 275, 2021
2021 International Conference on Economic Innovation and Low-carbon Development (EILCD 2021)
|
|
|---|---|---|
| Article Number | 01043 | |
| Number of page(s) | 7 | |
| Section | Energy Application and Ecological Resource Sustainability | |
| DOI | https://doi.org/10.1051/e3sconf/202127501043 | |
| Published online | 21 June 2021 | |
The impact of firms’ inflation perceptions on investment: Evidence from listed manufacturing enterprises in China
School of Economics and Management, Beihang University, Beijing, China
* Corresponding author: lvlei@buaa.edu.cn
This article investigates the extent to which inflation perceptions affect firms’ innovation input and investment expenditure. We adopt dummy variables data to quantify the firm inflation perceptions of China’s listed manufacturing companies from corporate annual reports during the period from 2008–2018. Results reveal that inflation perceptions have a positive Tobin effect on investment spending decisions of the firms whose inflation perceive risen, vice versa. Besides, the investment expenditure of large manufacturing/ SOEs enterprises are more sensitive than small/non-SOEs firms when inflation perceptions have risen, and small/non-SOEs companies tend to reduce much more investment spending when inflation perceptions decline. Our results have significant implications for policymakers and firm managers.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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