Font Size: a A A

Trade Openness,Fiscal Policy Volatility And Enterprise Innovation

Posted on:2022-03-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z Q YuanFull Text:PDF
GTID:1489306494470364Subject:Quantitative Economics
Abstract/Summary:PDF Full Text Request
This article aims to study the impact of trade opening on enterprise innovation through the perspective of fiscal policy volatility.Since my country formally joined the WTO at the end of 2001,the process of globalization has been greatly accelerated.Taking the number of patent applications and authorizations for enterprises as an example,the innovation capabilities of most countries in the world have been significantly improved.With the continuous improvement of world trade openness and the continuous deepening of trade liberalization among countries,the competition among countries has intensified,especially in terms of technological innovation and the increasingly fierce competition in the high-end manufacturing field.How to quickly improve my country's innovation capabilities? It has become a serious problem that needs to be solved urgently.At the same time,as countries in the world continue to increase their degree of openness,fiscal policies are becoming more and more vulnerable to shocks from the external environment,and guidance and support at the level of fiscal policies are important means to promote enterprise innovation.Therefore,combining fiscal policy factors to examine the impact of trade openness on corporate innovation capabilities is becoming more and more important,and solid research is also needed to provide a basis.Based on country-level and industry-level data,and from the perspective of fiscal policy volatility,this paper conducts an empirical test on the effectiveness and impact mechanism of trade openness affecting corporate innovation capabilities.Specifically,the research purpose of this article is mainly reflected in the following aspects: First,to examine the implementation effect of my country's trade opening policy.At present,there are many literatures that have studied the effect of trade opening on innovation based on micro-enterprise level data,but few literatures have studied the causal relationship and influence mechanism between the two from the perspective of country level and fiscal policy characteristics.Second,with the gradual advancement of the globalization process,the characteristics of fiscal policy are closely related to external factors,that is,trade opening can affect fiscal policy and its related characteristics.Whether there is a causal relationship between a country's trade openness and fiscal policy volatility,the solution of this problem is an important aspect of evaluating the effect of China's fiscal policy implementation and an important basis for avoiding the potential costs behind fiscal policy regulation.Third,examine the impact of the volatility characteristics of fiscal policy on corporate innovation behavior.The current fiscal practices of various countries have different fiscal rules based on the national conditions of each country.The implementation of fiscal policies can affect and change the expectations of enterprises,thereby affecting their behavior.This article attempts to answer this question by constructing expected variables based on stock indexes.Based on the above research objectives,this article mainly includes 7 chapters:Chapter 1,introduces the research background and significance of this article,gives the necessity and importance of the issue of trade opening affecting enterprise innovation,and introduces the research content of this article,Research framework and research methods and innovation points.Chapter 2,systematically reviewed the domestic and foreign related literature on trade opening,fiscal policy volatility and corporate innovation,and summarized the research status to clarify the innovation and focus of this article.Chapter 3 describes the status of our country's trade opening,fiscal policy volatility and enterprise innovation.Chapter 4 studies the causal effect of trade opening on enterprise innovation,and analyzes the heterogeneity of the effect from the perspective of industry intensity.Chapter 5 examines the impact of trade liberalization on the volatility of fiscal policy.First,rationally measure the volatility of fiscal policy,and then use regression synthesis and machine learning methods to test the causal effect of trade opening on the volatility of fiscal policy,and explain from the perspective of government size as an influencing mechanism.Chapter 6examines the impact of fiscal policy volatility on corporate innovation by establishing expected variables.First of all,based on my country's actual national conditions,use stock indexes to construct expected variables,use panel data to examine the impact of fiscal policy volatility on corporate innovation,and explain the impact from the perspective of expectations.Chapter 7 summarizes the research conclusions of this article,gives corresponding policy recommendations,and explains the direction in which the research issues of this article can be studied in more detail in the future.Based on the country-specific panel data and the counterfactual framework of Hsiao et al.(2012),this paper uses the event of my country's formal accession to the WTO in 2001 as an exogenous shock to study the impact of trade opening on the innovation level of enterprises at the national and industry levels.The impact of the impact and the heterogeneity of the impact at the industry level,on the basis of investigating the causal effect,use machine learning methods,changing the time and region of event impacts,and panel data models for robustness testing and mechanism analysis.At the same time,drawing on cutting-edge measurement methods,using the time-varying variance model to reasonably measure the volatility of fiscal policies in various countries,and from the perspective of trade opening affects fiscal policy volatility,fiscal policy volatility affects corporate innovation,two parts demonstrate the impact of trade opening on corporate innovation And in the two parts,the transmission mechanism is verified and analyzed from the perspective of government scale and expectations.The research results show that: trade opening has a significant causal effect on enterprise innovation,and the increase in trade openness will increase the level of enterprise innovation;China's specific economic practices in the last century have relatively large fiscal policy volatility,but at the end of 2001 After joining the WTO,the volatility of fiscal policy has been reduced;this positive impact is heterogeneous,and for companies in the industry that are more technology-intensive and financially dependent,the role of trade opening in promoting corporate innovation is more obvious;trade The impact of openness on corporate innovation capabilities can be generated through the channel of fiscal policy volatility.This article uses the excess returns of infrastructure stock indexes to construct expected variables,which proves that fiscal policy volatility reflects the changes in public expectations for the future.The increase in openness will reduce the volatility of fiscal policy,and the certainty of future policy levels is expected to improve the ability and level of corporate innovation.The research conclusions of this article provide evidence support for the effectiveness of open trade policies,and provide policy recommendations for the further improvement and improvement of open trade policies.On the one hand,the overall impact of the trade opening policy on the innovation capability of enterprises is positive.Among them,the impact of the policy on the innovation capability of enterprises in different industries is different.While comprehensively improving the level and quality of openness,it should be based on the industry.Develop different opening-up strategies;on the other hand,while expanding opening-up,we must also pay attention to the volatility of fiscal policy.While maintaining policy stability,reduce policy volatility,stabilize enterprises' expectations for the future,encourage enterprises to actively invest in R&D and innovation,and improve the level of innovation.The innovation of this article lies in the reasonable estimation of fiscal policy volatility,which can effectively distinguish fiscal shocks and fiscal volatility shocks;this article uses the counterfactual research design of Hsiao et al.(2012)to better solve the endogenous problem At the same time,the use of machine learning methods such as "Matrix Completion" provides more robust empirical evidence for the existing conclusions;through the reasonable construction of expected variables,the impact of trade opening on the level of innovation of enterprises is studied from the perspective of fiscal policy volatility.The impact of opening up on enterprise innovation provides a new mechanism explanation,that is,to understand the relationship between trade and innovation from the perspective of policy volatility.
Keywords/Search Tags:Opening Policy, Corporate Innovation, Fiscal Policy Volatility, Counterfactual framework, Machine Learning
PDF Full Text Request
Related items