Will Exchange Rate Policy Affect Corporate Innovation?

In the early days of reform and opening up,relying on huge demographic dividends,China's economic aggregates developed at a relatively high rate,and the economic development situation was good.However,in the period after 30 years of reform and opening up,China's demographic dividend advantage no longer exists.The problems of the deterioration of the natural environment,the waste of resources,the imbalance of the three industries,and the low development efficiency brought by the previous development model have become increasingly serious.In this context,according to the new situation of economic development and the historical development experience of other countries,the central government has proposed that China's economic development stage has entered the new economic normal,and the economy has undergone supply-side structural reforms during this period,and has formulated "Made in China 2025" Action Plan.In order to realize the successful transformation of China's economic development model in the new era and promote the successful upgrading of industrial structure,it is necessary to improve the independent innovation capabilities of Chinese enterprises,enhance the autonomy and development potential of China's economic development,and realize the transformation to an innovative country.This paper selects the countries with higher total factor productivity than China as the research sample,and selects the volatility of the nominal exchange rate,the rate of change of the nominal exchange rate volatility and the volatility of the international reserve according to the actual performance of the sample countries in the foreign exchange market.The indicator is a classification standard.The LYS classification method is used to divide the real exchange rate system of each country into four types:fixed exchange rate system,crawling pegged exchange rate system,managed floating exchange rate system,and floating exchange rate system.On this basis,the article combines the data of patent applications and the actual exchange rate system data of each country in each year,and makes a scatter plot and frequency-weighted scatter plot of the exchange rate system and enterprise innovation and fits the curve to make a qualitative analysis of the correlation.In addition,the article also uses the econometric model to quantitatively analyze the correlation between the two and use the B&K intermediary variable test method to study the transmission mechanism to study the mechanism of the exchange rate system on enterprise innovation.Finally,the paper divides the sample data into different groups according to the degree of capital account opening in different countries and the degree of development of the country for heterogeneity analysis,and observes the exchange rate system to enterprise innovation under different conditions of capital account opening degree and different national development degree.We observe whether the impact will make a difference.The study found that compared with other exchange rate systems,the managed floating exchange rate system has the strongest positive effect on the independent innovation capability of enterprises.The research results of the influence mechanism between them found that different exchange rate systems mainly affect the innovation ability of the country's enterprises through the influence of the business strategy.Further research shows that the degree of openness of the country's capital account and the degree of economic development are important external conditions that restrict the impact of the exchange rate system on enterprise innovation.In countries with high capital account openness and high degree of economic development,the advantages of promoting innovation will be more pronounced.The conclusions of this paper can provide suggestions for the reform of the country's exchange rate system and the promotion of the independent innovation capability of Chinese enterprises:the reform of the exchange rate system should continue to move toward a managed floating exchange rate system;enterprises should focus on improving the management level and management experience of managers.Improve the country's capital openness while paying attention to the positive role of the exchange rate system in promoting enterprise innovation;stabilizing the total amount of foreign direct investment of the state,formulating long-term plans for foreign direct investment;giving full play to the positive incentives of the exchange rate system for enterprise innovation,building an innovative country.