经济政策不确定性、产业政策与企业创新

Economic Policy Uncertainty,Industrial Policy and Corporate Innovation

中国经济政策不确定性持续上升对微观企业创新决策造成巨大冲击,在此背景下,产业政策是促进企业创新的重要手段之一。基于2007-2019年中国A股上市公司数据,实证分析产业政策对经济政策不确定性影响企业创新的调节作用。结果表明:(1)产业政策对经济政策不确定性影响企业创新具有正向调节作用,且当经济政策不确性指数高于样本中位数时,产业政策的正向调节作用更为显著;(2)异质性分析表明产业政策的正向调节作用在高新技术行业和非国有企业中更为显著;(3)进一步的机制分析发现,产业政策主要通过增加政府补贴和提升行业竞争程度发挥正向调节作用。研究结论为政府在经济政策不确定性上升时促进企业创新的政策制定与施政时机选择提供了思路。

China's rising economic policy uncertainty has caused a huge shock to firms'innovation decisions,and industrial policy is an essential means to promote firms'innovation activities in this context.This article uses the data of China's A-share listed companies from 2007 to 2019 to empirically analyze the moderating effect of industrial policy on the impact of economic policy uncertainty on corporate innovation.The major conclusions are as follows:(1)Industrial policy has a positive moderating effect on the impact of economic policy uncertainty on corporate innovation,and the positive moderating effect is more significant when the economic policy uncertainty index is higher than the sample median;(2)Heterogeneity analyses show that the positive moderating effect of industrial policy is more significant in hi-tech industries and non-state-owned enterprises;(3)Further mechanism analyses reveal that industrial policy mainly plays its positive moderating effect by increasing government subsidies and increasing the degree of industry competition.This research provides ideas for the government to promote corporate innovation when the economic policy uncertainty rises.