经济政策不确定性与科技企业生产性活动配置——基于企业生命周期视角

Economic Policy Uncertainty and Productive Activity Allocation of Sci-tech Enterprises:From a Perspective of Enterprise Life Cycle

文章基于企业家活动配置理论及科技企业的独特性,将科技企业生产性活动划分为技术导向和市场导向两类,实证检验经济政策不确定性对上述活动配置的影响,并考察该影响随企业生命周期演变而呈现的动态规律。结果表明:经济政策不确定性对两种导向型活动都有正向影响,其中,经济政策不确定性上升时,成长期的科技企业会显著增加技术导向型活动,成熟期的科技企业在两类活动上都会加大投入,而衰退期的企业则更倾向于增加市场导向型活动投入;进一步研究发现,该规律显著存在于非国有企业,国有企业对经济政策不确定性则反应不灵敏。

Based on the theory of entrepreneurial activity allocation and the uniqueness of science and technology enterprises,this paper divides the productive activities of science and technology enterprises into two categories:technology oriented and market oriented,empirically tests the impact of economic policy uncertainty on the above activity allocation,and examines the dynamic law of the impact as the enterprise life cycle evolves.The results show that the uncertainty of economic policy has a positive impact on both types of oriented activities.When the uncertainty of economic policy rises,the growing technology enterprises significantly increase their technology oriented activities.The mature technology enterprises increase their investment in both types of activities,while the enterprises in the recession are more inclined to increase their market oriented activities;further research shows that this law exists significantly in non-state-owned enterprises,while state-owned enterprises are insensitive to the uncertainty of economic policies.