经济政策不确定性与能源企业创新投资

Economic policy uncertainty and innovation investment of energy enterprises

能源企业是经济发展中的重要组成,能源企业创新投资不仅关系到国家能源供给安全问题,更是对碳中和起着至关重要的作用。基于2013—2020年深沪A股能源行业上市公司的数据,实证分析了经济政策不确定性对能源企业创新投资的影响。研究发现,经济政策不确定性对能源企业创新投资具有促进作用,而政府补贴能强化这一促进作用。进一步研究发现,经济政策不确定性对能源企业创新投资的促进作用在非国有企业和新能源行业更为明显;但当企业获得政府补贴后,经济政策不确定性对能源企业创新投资的促进作用则在传统能源行业中更为明显,在此基础上提出相关优化能源企业创新投资的政策建议。

Energy enterprises are an important part of economic development.The innovation investment of energy enterprises is not only related to the energy supply security in China, but also plays a crucial role in carbon neutrality.Based on the data of listed companies in Shenzhen and Shanghai A-share energy industry from 2013 to 2020,this paper empirically analyzes the impact of economic policy uncertainty on energy enterprises’ innovation investment.It is found that economic policy uncertainty has a positive effect on energy firms’ innovation investment, and government subsidies can strengthen the positive effect.Furthermore, the impact of economic policy uncertainty on energy firms’ innovation investment is more obvious in non-state-owned enterprises and new energy industry.However, when the enterprises receive government subsidies, the promotion effect of economic policy uncertainty on innovation investment of energy enterprises is more obvious in the traditional energy industry.The policy suggestions, accordingly, have been put forward to optimize energy enterprises’ innovation investment.