中文摘要：

经济政策不确定性会通过银行信贷渠道影响企业投资，并且对不同企业有差异性影响。本文采用门限面板回归模型，通过数据驱动的方式来识别银行信贷渠道的存在，并且从企业异质性的视角来研究不确定性通过银行信贷渠道对企业投资的影响。通过中国上市公司数据的实证分析，银行信贷渠道的传导是客观存在的，且企业的异质性的表现为不确定性通过银行信贷渠道对成长机会小、融资约束程度高、外部需求低以及股权集中度低的企业的投资影响更加显著。

英文摘要：

The uncertainty of economic policy usually influences the corporate investment through the channel of bank credit and different companies may be affected differently. By the threshold panel model we identify the existence of the channel ef- fect and the heterogeneous effects caused by the firm＇s heterogeneity, and investigate how economic policy uncertainty influ- ences the corporate investment through the channel of bank credit. By using the data of the Chinese listed companies from 2004 to 2013, the research shows that the effect of economic policy uncertainty on the corporate investment through the chan- nel of bank credit does exist and have the heterogeneity. Specifically, the effects of economic policy uncertainty on the corpo- rate investment through the channel of hank credit are more significant for firms which have small growth opportunity, high fi- nancing constraints, little external demand, and high ownership concentration.