Research On The Influence Of Uncertainty Of Economic Policy On R&D Investment Of Agricultural Enterprises

In light of China's national conditions,the role of the Chinese government in the economy is relatively large,the implementation of economic policies as the main channel for regulating the economy.This makes the managers of listed companies in China not only subject to market regulation,but also to the influence of economic policies implemented by the government.At the same time,because the market itself is uncertain,the government cannot fully control the economy.Therefore,it is often impossible to make a correct judgment on the situation in the market economy.Decisions are not only lagging behind,but more likely to be inadequately regulated and over-regulated.As a big agricultural country,agriculture is the foundation of China's economic development.Its development and stability have a major role and influence on China's economy.The Chinese government has long issued a document No.1 for the purpose of stabilizing and encouraging production for agriculture,and has implemented policies to promote agricultural development.This paper collects the data of agricultural listed companies from 2012 to 2017,including the peak of economic policy uncertainty in 2016,combined with the characteristics of agricultural enterprise R&D investment,establishes GMM model,and deeply studies the fit of theory from the theory of real options.The analysis shows that the growth option effect is greater than the waiting option,and the economic policy uncertainty is more important for the agricultural enterprise R&D investment than the "inhibition effect".After empirical analysis,it is proved that the economic policy uncertainty shown in the existing literature inhibits the investment of enterprises,and the uncertainty of economic policy will promote the R&D investment of agricultural enterprises,that is,the uncertainty of economic policy on the R&D investment of agricultural enterprises.The driving role is more obvious.In order to further analyze the impact of different environmental agribusinesses,this paper proposes further hypotheses to study the manifestations of regulatory variables with distinct distinguishing characteristics under the "promoting effect" of economic policy uncertainty.After empirical research,it is found that the nature of different enterprises,the changes in the concentration of internal equity of enterprises,the degree of market monopoly,and the degree of government subsidies will have different degrees of influence on their "promotional role".The nature of state-owned enterprises will weaken the "promoting effect" of economic policy uncertainty on R&D investment of agricultural enterprises;the re-growth of controlling the concentration of equity above will weaken the promoting effect" of economic policy uncertainty on R&D investment of agricultural enterprises;The increase of monopoly power will reduce the "promotional effect" of economic policy uncertainty on R&D investment of agricultural enterprises;and the increase of government subsidies will strengthen the "promoting effect" of economic policy uncertainty on R&D investment of agricultural enterprises.This means that although the uncertainty of economic policy inhibits the short-term investment of enterprises and affects the development of enterprises,it will also promote investment in R&D of enterprises and thus form corporate value.Therefore,the uncertainty of economic policy cannot be regarded as one of the reasons for the slow economic development.The uncertainty of economic policy brings about the increase of R&D investment of enterprises,which is closely related to the long-term development of enterprises.