经济政策不确定性与企业创新投资  

Economic Policy Uncertainty and Innovation Investment of Enterprises

作　　者：邓江花[1] 张中华[1] DENG Jiang-hua;ZHANG Zhong-hua(School of Finance,Zhongnan University of Economics and Law,WuHan 430073)

机构地区：[1]中南财经政法大学金融学院,武汉430073

出　　处：《软科学》2021年第6期23-28,共6页Soft Science

基　　金：国家社会科学基金一般项目(15BJY172);中南财经政法大学金融学院2018年研究生创新教育计划“研究生科研创新项目”(201810504)。

摘　　要：基于1999-2018年A股上市公司面板数据,考察了经济政策不确定性对企业创新投资的作用与影响机制,并探i寸了政府补助对这一影响发挥的调节作用。结果表明,经济政策不确定性抑制了企业创新投资,而政府补助能减缓这一抑制作用;经济政策不确定性影响企业创新投资的渠道是通过企业融资约束。进一步基于企业异质性进行研究,结果发现经济政策不确定性对企业创新投资的抑制作用对非国有企业和中小企业更为明显,政府补助对非国有企业和中小企业发挥的调节作用也更为明显。Based on the panel data of A-share list companies from 1999 to 2018,this paper examines the effect of economic policy uncertainty on corporate innovation investment and its influencing mechanism,and discusses the moderating effect of government subsidies on this effect.The results show that the uncertainty of economic policy restrains the innovation investment of enterprises,and the government subsidy can alleviate the inhibition.The uncertainty of economic policy impact enterprises through financial constraints.Further,based on the study of enterprise heterogeneity,the results show that the inhibi-tion effect of economic policy uncertainty on enterprise innovation investment is more obvious for non-state-owned enterprises and small and medium enterprises(SMEs),and the regulatory effect of government subsidy on non-state-owned enterprises and SMEs is more obvious.

关 键 词：经济政策不确定性 融资约束 政府补助 创新投资 

分 类 号：F272.5[经济管理—企业管理] F273.1[经济管理—国民经济]