The Influence Of Economic Policy Uncertainty And Firm Heterogeneity On Firm's Innovation Performance

Our country's economic development is driven by innovation;innovation also provides important support for the construction of China's economic system.Innovation is a key factor for companies' success in global competition.Under the background of economic globalization,domestic enterprises are facing the complicated economic environment at home and abroad.Our country is in the era of economic transition,and the economic development of our country is changing from high speed to pursuing high quality development.When enterprises increase their investment in innovation,the rate of replacement of enterprise products is further accelerated,and they can more satisfy the needs of the competitive market.The fluctuation of economic policies changes the economic environment in which companies are located,change the demand for innovation returns,and then influence the decision for innovative investment of enterprises.Therefore,an important factor affecting innovation investment is the volatility of the economic policy environment in which the company is located.At present,under the circumstances of China's economic transition,it is very important to study the influence of uncertainty economic policies uncertainty on the innovation performance of enterprises.With regard to how the impact of economic policy uncertainty on corporate innovation performance,this article mainly explores from theoretical analysis and empirical testing.From Theoretical angel,using the perspective of real option theory,principal-agent theory and financing premium theory,this paper elaborates the mechanism of the influence of economic policy uncertainty on the enterprise's innovation performance.From the empirical angel,on the basic model of the impact of economic policy uncertainty on corporate innovation performance,the interaction of internal financial support and economic policy uncertainty,the interaction of profitability and economic policy uncertainty are added.According to the nature of the company and the index of marketization,the samples are grouped separately,and the interactions between the dummy variables corresponding to the nature of the company and the marketization index and the uncertainties of the economic policy are added,to illustrate the influence of economic policy uncertainty on the innovation comparatively.The sample used in this paper is an A-share listed manufacturing company.The sample period is from 2007 to 2015.The statistical analysis software used by the empirical test department is stata12.0.The empirical regression results show that,first of all,an increase in the uncertainty of economic policies will inhibit the innovation performance of companies.Second,the regression results also show that different characteristics that the company have will have an impact on the relationship between economic policy uncertainty and corporate innovation performance.In detail,Shareholding concentration makes the uncertainty of economic policy uncertainty more effective in inhibiting the innovation performance of the company.However,the improvement of the company's profitability and internal financial support ease the inhibition of economic policy uncertainty on the company's innovation performance influence.Compared with state-owned enterprises,economic policy uncertainty has a bigger impact on the innovation performance of non-state-owned enterprises.Economic policy uncertainty has a stronger inhibitory effect on companies' innovation performance in regions with higher marketization.