Economic Policy Uncertainty,Organizational Slack And Firm Innovation

The report of the 19 th National Congress pointed out that innovation drives economic transformation and strives to become an innovative country.The famous Solow economic growth model also shows the long-term economic growth rate is determined by labor force increase and technological progress.The importance of innovation can be seen.As the micro-main body,enterprises are the main source of innovation.According to the China Statistical Yearbook,the R&D investment of enterprises in 2017 accounted for 77.6%.Due to the long cycle,high uncertainty and spillover characteristics of innovative R&D activities,the problem of information asymmetry in R&D activities is particularly serious,so it is difficult to get full support from external financing resources,and internal organizational slack may be one of the sources of resources needed for innovation.The internal resources allocation of the enterprise is very important,and the influence of the external environment cannot be underestimated.With the economic transformation of China,a series of macroeconomic policies have been introduced,including“Industrial 4.0”,“Internet+”,“Declined in Exchange Rate,Bank Reserves and Interest Rate” and “Made in China 2025” and so on.The introduction of macroeconomic policies has increased the uncertainty of economic policies while mitigating China's economic difficulties,which has a significant impact on corporate innovation activities.In view of this,this article combines the unique economic background of China,and divides organizational slack into unabsorbed slack and absorbed slack to studies the relationship between organizational slack and enterprise innovation,and the adjustment role of economic policy uncertainty.This paper studies the correlation between organizational slack and enterprise R&D investment,innovation output,and the adjustment role of economic policy uncertainty.In order to analyze the above problems,this paper adopts a methods that combines normative research and empirical research.Firstly,it summarizes the domestic and foreign literatures on the factors affecting enterprise innovation,organizational slack and enterprise innovation,economic policy uncertainty and corporate investment.With the background of China's institutional and economic,using Theory of Enterprise Innovation,Resource-based Theory,Principal-agent Theory and Organizational Inertia Theory to launch research hypotheses,and then using the data of 2007-2017 of Shanghai and Shenzhen A-share listed companies as samples to test the impact of organizational slack on corporate R&D Investment and innovation output,and the adjustment role of economic policy uncertainty.In addition,in order to analyze the relationship between organizational slack and enterprise innovation more systematically,this paper further analyzes the correlation between organizational slack and innovation efficiency by using DEA-Tobit twostep method.Finally,the research conclusions and policy recommendations are put forward,and the shortcomings of this paper and the prospects of subsequent research are analyzed.The main conclusions of this paper are as follows:(1)Organizational slack can promote innovation enterprise R&D investment,and Organizational slack and enterprise innovation output results are inverted U-shaped.(2)Economic policy uncertainty can negatively adjust the relationship between organizational slack and enterprise R&D investment.(3)Economic policy uncertainty can negatively adjust the relationship between unabsorbed slack and enterprise innovation output,but it cannot significantly adjust the relationship between absorbed slack and enterprise innovation output.(4)Organizational slack and innovation efficiency are inverted U-shaped,which has one of the most advantages,making the enterprise's innovation efficiency the highest.