经济政策不确定性与企业技术创新:经验证据与机制分析

Economic Policy of Uncertainty and Enterprise Technological Innovation:Mechanism Analysis and Empirical Evidence

基于中国经济政策不确定性环境基本特征,本文利用2007-2019年我国A股上市公司微观数据,实证考察了经济政策不确定性对企业技术创新的影响及其机制。研究发现:经济政策不确定性通过企业规避风险的内部融资行为、适应环境的研发决策权力配置两种途径,显著促进了企业技术创新,且这种正向作用在国有企业、高技术行业及创新研发调整成本更高的样本中更为明显。最后,本文针对企业技术创新管理决策及经济政策制定提出相关建议。

Based on the uncertainty of Chinese economic policy,this paper uses the micro-data of Chinese A-share listed companies from 2007 to 2019 to carry on an empirical examination ofthe impact of economic policy uncertainty on corporate technological innovation and its mechanism.The study finds that economic policy uncertainty has significantly promoted the technological innovation of enterprises through the internal financing to avoid risks and the power allocation of R&D decision-making adapted to the environment.Moreover,it finds that the positive effect of economic policy uncertainty in promoting technological innovation is more remarkable in samples of state-owned enterprises,enterprises with high-tech and high adjustment costs of R&D.At last,this paper provides empirical evidence and reference for enterprises'decision-making on technological innovation management and government's economic policy-making.