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Global contingencies and economic climate risks create uncertainty for firms. To explore the impact of uncertainty on business decisions and investment behavior of firms, economic policy uncertainty, trade policy uncertainty, geopolitical risk, and climate policy uncertainty were combined and analyzed to explore the characteristics and mechanisms of their impact on corporate investment with a sample of A-share listed companies in China from 2013 to 2022, and to further analyze the heterogeneity of the three dimensions of the type of corporate investment, the nature of the ownership system, and the type of industry. It is found that, firstly, all four types of uncertainty inhibit business investment, but the degree of inhibition varies. Secondly, economic policy uncertainty and geopolitical risk discourage business investment in fixed assets and financial assets but promote investment in R&D, while trade policy uncertainty does the opposite, and climate policy uncertainty discourages the three types of business investment. Thirdly, the impacts of trade and climate policy uncertainty on business investment are more variable than the other two. Finally, uncertainty can affect business investment through the financing constraint channel and the business external demand channel, and business growth opportunities can mitigate the relationship between uncertainty and business investment.
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| 科 Family | 属数 Number of genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) | 属 Genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) |
|---|---|---|---|---|---|---|
| 鹅膏菌科Amanitaceae | 2 | 11 | 5.26 | 鹅膏菌属 Amanita | 10 | 4.78 |
| 小菇科 Mycenaceae | 2 | 12 | 5.74 | 丝盖伞属 Inocybe | 5 | 2.39 |
| 多孔菌科 Polyporaceae | 8 | 14 | 6.70 | 蜡蘑属 Laccaria | 5 | 2.39 |
| 红菇科 Russulaceae | 3 | 23 | 11.00 | 小皮伞属 Marasmius | 6 | 2.87 |
| 小菇属 Mycena | 11 | 5.26 | ||||
| 光柄菇属 Pluteus | 5 | 2.39 | ||||
| 红菇属 Russula | 17 | 8.13 | ||||
| 栓菌属 Trametes | 5 | 2.39 |
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