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作 者:刘柳[1] 屈小娥[1] LIU Liu;QU Xiao’e(School of Economics and Finance,Xi'an Jiaotong University,Xi4an710061,China)
机构地区:[1]西安交通大学经济与金融学院
出 处:《当代经济科学》2019年第6期120-130,共11页Modern Economic Science
基 金:陕西省社会科学基金项目“陕西省雾霾污染损失评估、影响因素及综合防治对策研究”(2018D22)
摘 要:本文尝试构建包含宏观层面经济政策不确定性指标、上市企业所属地区省级层面控制变量和企业特征变量的"宏观-中观-微观"相结合的面板数据,在理论分析经济政策不确定性对企业研发投入作用机理基础上,实证检验经济不确定性、金融结构与企业研发投入之间的相互关系。研究发现:经济政策不确定性对企业研发投入存在正向激励作用(直接效应),同时地区金融结构强化经济政策不确定性对企业研发投入的激励作用(强化效应);将经济政策不确定性对企业研发投入的综合效应定义为直接效应和强化效应的总和,综合效应能够更好的诠释经济政策不确定性对企业研发投入的异质性影响,且强化效应占据主导地位。This paper constructs a theoretical framework for analyzing the effects that economic policy uncertainty has on enterprise R&D investment. Using the uncertainty index of Chinese economic policy constructed by Baker, and combining the characteristic variables of listed companies at the regional level and the enterprise’s characteristic variables, this paper constructs a panel data including "macro-meso-micro" overall level. The study finds that the uncertainty of economic policy has a positive incentive effect on enterprise R&D investment(direct effect), while regional financial structure strengthens the incentive effect of economic policy uncertainty on enterprise R&D investment(enhanced effect). The comprehensive effect of economic policy uncertainty on R&D investment of enterprises is defined as the sum of direct effect and enhanced effect. This paper finds that the comprehensive effect can better explain the heterogeneous effect of economic policy uncertainty on R&D investment of enterprises, and the enhanced effect plays a dominant role.
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