经济政策不确定性与企业创新——兼论要素价格扭曲和融资约束的调节效应

Economic Policy Uncertainty and Enterprise Innovation:the Moderating Effects of Factor Price Distortion and Financing Constraints

本文从嵌入性的角度出发,引入中国经济政策不确定性指数以及微观数据构建多层线性模型,考察经济政策不确定性与企业创新的关系以及要素价格扭曲和融资约束的调节作用,研究发现:(1)经济政策不确定性会显著抑制企业研发投入强度以及创新产出,稳健性检验结果亦证实了这一结论;(2)调节效应检验表明,要素价格扭曲缓解了经济政策不确定性对专利总数、发明专利、外观专利产出和研发投入的抑制效果,而融资约束则扩大了这一效应;(3)进一步分析发现,经济政策不确定性对研发投入和创新产出的作用效果会受到企业性质、负债率等因素的影响。

From the perspective of embeddedness,this paper introduces China's economic policy uncertainty index and micro data to construct a multi-layer linear model,and investigates the relationship between economic policy uncertainty and firm innovation,as well as the moderating effects of factor price distortions and financing constraints.It is found that:(1)economic policy uncertainty significantly inhibits firms'R&D investment intensity and innovation output,and the robustness test results also confirm this finding;(2)tests of the moderating effect suggest that factor price distortions mitigate the dampening effect of economic policy uncertainty on total patents,invention patents,patent output and R&D inputs,while financing constraints amplify this effect;(3)further analysis reveals that the effect of economic policy uncertainty on R&D input and innovation output is affected by factors such as the nature of the firm and the debt ratio.