经济政策不确定性冲击下企业研发的“风险”与“机遇”——基于传统产业与先进制造业对比

基于先进制造业与传统产业对比,本文考察了经济政策不确定性对企业研发的影响,以及股权性质和资金流的作用。结果表明:经济政策不确定性与研发投入呈倒U型关系,并显著体现在先进制造业中;随着经济政策不确定性的增加,民营先进制造企业相比国有先进制造企业表现出更高的研发热情;而相比资金匮乏的企业,资金充裕的企业在经济政策不确定性较高的环境下具有更高的研发活力,国有企业表现尤为突出。本文的研究对完善我国创新驱动战略和标准化改革创新有如下启示:政府在进行政策引导时须注意适度性,过度的政策调控不利于企业研发;而且国家要加大对民营企业尤其是民营先进制造企业的政策支持,同时加强对企业资金使用的监管。

Based on the comparison between advanced manufacturing industries and traditional industries,we examine the impact of economic policy uncertainty on corporate R&D,and further study property rights and cash flow.The results show that there is an inverted U-shaped relationship between economic policy uncertainty and R&D investment,and the phenomenon is especially reflected in the advanced manufacturing industries.As economic policy uncertainty increases,private enterprises in the advanced manufacturing industries are more active than the state-owned enterprises in R&D.Compared to the enterprises with lack of cash flow,the enterprises with abundant cash flow have higher R&D investment in the environment with higher economic policy uncertainty,especially in state-owned enterprises.These results provide implications for perfecting Chinese innovation-driven strategy and standardization reform and innovation as follows:the government should pay attention to moderation when conducting policy guidance,and excessive policy regulation is not conducive to corporate R&D;and the state should give the private enterprises more policy supports,especially private advanced manufacturing enterprises,and strengthen the regulation of the use of enterprise funds.