经济政策不确定性对企业研发投资的影响

The Impact of Economic Policy Uncertainty on Enterprises’ R&D Investment

本文以中国上市公司2007-2017年数据为样本,采用Baker等构建的中国经济政策不确定性指数,研究经济政策不确定性对企业研发投资的影响。结果表明,经济政策不确定性提升能够促使企业增加研发投资。进一步分析发现,经济政策不确定性与研发投资的关系受到融资约束、产权性质和是否为高新技术产业等因素的调节作用而表现出异质性。本文拓展了经济政策不确定性与微观企业行为及创新等方面的相关研究,为政策的调整与优化提供了启示。

Based on the data of listed companies in China from 2007 to 2017,this paper studies the impact of economic policy uncertainty on enterprise R&D investment by using China economic policy uncertainty index constructed by Baker.The results show that the promotion of economic policy uncertainty can encourage enterprises to increase R&D investment.Further analysis shows that the relationship between economic policy uncertainty and R&D investment is heterogeneous due to the adjustment of financing constraints,property rights and whether it is a high-tech industry or not.This paper expands the relevant research on economic policy uncertainty,micro-enterprise behavior and innovation,and provides enlightenment for policy adjustment and optimization.