财政政策不确定性与企业研发投资:“抑制”还是“促进”?——基于中国上市公司的经验证据

The Uncertainty of Fiscal Policy and Enterprise R&D Investment:“Inhibition”or “Promotion”?——Empirical Evidence Based Listed Companies of China

笔者以上市公司为样本,探讨了财政政策不确定性与企业研发投资之间的关系。研究发现,财政政策不确定性对企业研发投资有一定的促进作用,并且财政政策不确定性对探索式创新的促进作用大于开发式创新。一系列稳健性检验均支持上述结论。机制检验发现,政府补贴和政府采购是连接财政政策不确定性与企业研发投资的桥梁,即财政政策不确定性通过提高政府补贴、政府采购来促进企业研发投资。

The paper uses listed companies as a sample to discuss the relationship between the uncertainty of fiscal policy and enterprise R&D investment. The study found that fiscal policy uncertainty has a certain promotion effect on enterprise R&D investment, and the promotion effect of fiscal policy uncertainty on exploratory innovation is greater than that of development innovation. A series of robustness tests support the above conclusion. The mechanism test found that government subsidies and government procurement are the bridges linking fiscal policy uncertainty and enterprise R&D investment, that is, fiscal policy uncertainty promotes enterprise R&D investment by increasing government subsidies and government procurement.