经济政策不确定性冲击对企业创新投入调整的影响研究

Economic Policy Uncertainty Shock and Firms'Innovation Investment Adjustment

经济政策不确定性上升对企业动态创新决策提出极大挑战。本文利用沪深A股非金融业上市公司经验数据,考察了经济政策不确定性冲击对企业创新投入调整的影响以及高管风险感知的调节作用。研究发现:(1)经济政策不确定性冲击抑制了企业创新投入调整幅度;(2)高管风险感知反向调节经济政策不确定性冲击对创新投入调整幅度的抑制效应;(3)进一步研究发现,经济政策不确定性冲击对创新投入调整幅度的抑制效应在强财务压力企业和国有企业中相对较小。高管风险感知的调节效应则在强财务压力企业和非国有企业中表现得更为充分。本文拓展了经济政策不确定性微观经济后果和企业创新的研究视阈,深化了对经济政策不确定性变动背景下企业创新投入调整行为的理解。

Heightened economic policy uncertainty pose unrivalled challenges to firms'dynamic innovation decisions.Using panel data of non-financial listed companies in China,this paper empirically tested the impact of economic policy uncertainty shock on firms'innovation investment adjustment and moderating role of manager risk perception.The empirical results show that:firstly,economic policy uncertainty shock significantly weaken the firms'innovation investment adjustment.Secondly,manager risk perception negatively moderate the weaken effect of economic policy uncertainty shock on firms'innovation investment adjustment.Thirdly,the weakening effect of economic policy uncertainty shock is more obvious in firms with high financial pressure and state-owned firms,and the moderating effect of manager risk perception is relatively stronger in firms with high financial pressure and non-stateowned firms.The paper contributes to the research literature related to economic policy uncertainty consequences and influencing factor of dynamic innovation behavior,and provide empirical evidence for understanding of firms'innovation investment adjustment behavior in the context of economic policy uncertainty shock.