Economic policy uncertainty and Chinese companies' overseas investment

Overseas investment by Chinese enterprises is one of the critical trends in China's economic development in recent years, and more and more Chinese enterprises have begun to look at overseas markets to seek broader development space and resources. The study chooses publicly traded firms on the Shanghai and Shenzhen stock exchanges from 2011 to 2022 as its primary investigation pool, and confirms a series of findings:economic policy uncertainty negatively affects enterprises' overseas investment; good bank-enterprise relationship helps to improve Chinese enterprises' overseas investment. A good bank-enterprise relationship can help enterprises obtain financial support better, thus expanding overseas investment; government subsidies can drive Chinese enterprises to increase overseas investment. Government subsidies can mitigate the risk of Chinese enterprises' overseas investment to a certain extent, thus promoting the increase of Chinese enterprises' overseas investment; the impact of policy uncertainty on non-state-owned enterprises' overseas investment is more significant than that of state-owned enterprises.