经济政策不确定性、金融资产配置与企业R&D投资  

Economic Policy Uncertainty,Financial Asset Allocation,and Corporate R&D Investment

作　　者：刘胜强[1] 肖梦珍 黄琳芮 LIU Shengqiang;XIAO Mengzhen;HUANG Linrui(School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China)

机构地区：[1]重庆工商大学会计学院,重庆400067

出　　处：《华东经济管理》2022年第10期90-99,共10页East China Economic Management

基　　金：重庆市社会科学规划项目“长江经济带企业会计信息质量评价研究”(2019WT53);重庆工商大学研究生创新科研项目“金融资产配置、数字化转型与企业R&D投资”(yjscxx2022-112-46)、“经济政策不确定性与企业R&D投资:促进或抑制——基于金融资产配置视角”(yjscxx2022-112-47)。

摘　　要：文章基于金融资产配置视角,以2010—2020年沪深A股非金融类上市公司为样本,实证研究经济政策不确定性对企业R&D投资的影响。结果发现:企业R&D投资与经济政策不确定性正相关,即经济政策不确定性上升时,企业会加大R&D投资;金融资产配置对经济政策不确定性与企业R&D投资的关系具有正向调节作用,进一步研究发现,这种正向调节作用存在一定的异质性,在非国有企业、东中部地区和高新技术企业表现得更为明显。结论不仅丰富了企业R&D投资的相关研究,同时为我国企业坚持创新发展道路、大力发展资本市场提供有益借鉴。Based on the perspective of financial asset allocation,this paper empirically studies the impact of economic policy uncertainty on corporate R&D investment by taking Shanghai and Shenzhen A-share non-financial listed companies as samples from 2010 to 2020.The results show that corporate R&D investment is positively related to economic policy uncertainty,that is,when the uncertainty of economic policy rises,enterprises will increase R&D investment;financial asset allocation has a positive moderating effect on the relationship between economic policy uncertainty and corporate R&D investment.Further research shows that there is a certain heterogeneity in this positive moderating effect,which is more obvious in non-state-owned enterprises,eastern and central regions,and high-tech enterprises.The conclusion not only enriches the relevant research on corporate R&D investment,but also provides a useful reference for Chinese enterprises to adhere to innovative development and vigorously develop the capital market.

关 键 词：经济政策不确定性 企业R&D投资 金融资产配置 

分 类 号：F120[经济管理—世界经济] F832F273.1