Policy Uncertainty And Enterprise Technological Innovation

General Secretary Xi Jinping proposed in 2013: Innovation is the soul of a nation's progress and an inexhaustible motive force for a country's prosperity.Chinese companies are also affected by macroeconomic factors such as economics and politics in the process of technological innovation.Chinese officials have played an important role in the rapid development of China's economy.The government where the company is located has the power to formulate economic and political policies in its jurisdiction,and government officials as policy makers because of individual policy preferences and career goals.Different from the incentives,the policies formulated in the same region will also be heterogeneous,and the changes in local officials will trigger the external impact of policy uncertainty faced by local enterprises.China is in the period of economic transformation.Innovation is an important means for enterprises to gain advantages in the fierce global market competition.An important factor affecting enterprise innovation is the policy fluctuations of the enterprises.On this basis,this paper mainly studies the impact of policy uncertainty caused by the change of local officials on the level of technological innovation of enterprises.Based on the policy uncertainty caused by the change of the mayor of prefecture-level city and the change of the secretary of the prefecture-level city party committee,this paper uses the data of Chinese listed enterprises from 2006 to 2017,based on real option theory,politics-economic cycle theory,government.Intervention theory and public choice theory prove the relationship between policy uncertainty and technological innovation level caused by the change of local principal officials.Then,the official change is refined to explore the policy uncertainty caused by the change of officials in different ways of serving.The impact of sexuality on the level of technological innovation of enterprises,and horizontal comparison,the specific research conclusions are as follows:The policy uncertainty caused by the change of local principal officials and the level of technological innovation of enterprises: the policy uncertainty caused by the change of mayors in prefecture-level cities will significantly improve the technological innovation output and technological innovation quality of enterprises,but the investment in technological innovation There is no significant impact;the policy uncertainty caused by the change of the prefecture-level municipal party committee secretary will significantly reduce the enterprise's technological innovation investment,but has no significant impact on the technological innovation output and the quality of technological innovation.Policy uncertainty caused by different appointments of local officials and the level of technological innovation of enterprises: compared to the change of the mayor(flat adjustment),the policy uncertainty caused by the change of the mayor(promotion)for the technology of the enterprise The level of innovation has a deeper impact.Compared with the change of the municipal party committee secretary(promotion),the policy uncertainty caused by the change of the municipal party committee secretary(flat adjustment)has a deeper impact on the level of technological innovation of enterprises.