企业经济

外部环境深刻塑造着企业的生存形态与发展路径。以2008—2023年中国A股民营企业为样本,实证检验经济政策不确定性对民营企业战略激进度的影响。研究发现：经济政策不确定性显著抑制民营企业的战略激进度；加剧金融资源错配、诱发高管道德风险和加速人力资本流失是重要传导机制；组织韧性、经营期望落差和高管团队稳定性均正向调节基准关系；异质性研究发现，基准关系仅在财政政策、货币政策，以及小规模、进攻型、技术密集型企业中显著。研究建议：一方面，政府要稳定预期与精准扶持，缓解不确定性的抑制效应；另一方面，企业要依托内部能力与动态调整，主动应对不确定性冲击。

External environment profoundly shapes the survival form and development path of enterprises. Taking China's A-share private enterprises from 2008 to 2023 as samples, this study empirically examines the impact of economic policy uncertainty(EPU) on the strategic aggressiveness of private enterprises.The study shows that EPU significantly inhibits the strategic aggressiveness of private enterprises.Exacerbating the misallocation of financial resources, inducing moral hazards among senior management, and accelerating the outflow of human capital constitute important transmission mechanisms.Organizational resilience, business expectation gap, and top management team stability all positively moderate the baseline relationship. Heterogeneity analysis reveals that the baseline relationship is only significant among fiscal policy, monetary policy, as well as small-scale, aggressive, and technology-intensive enterprises. It is suggested that, on the one hand,governments should stabilize expectations and provide targeted support to alleviate the inhibitory effect of uncertainty; on the other hand, enterprises should rely on their internal capabilities and dynamic adjustments to proactively respond to uncertainty shocks.