The Impact Of Environmental Uncertainty On Enterprise Technological Innovation

Technological innovation is not only the booster of enterprise development,but also the ladder of national progress.In the tide of market economy,enterprises are faced with many "internal worries" and "external troubles",and innovation activities are affected by uncertainties from macro,meso and micro levels.However,water can carry a boat,but also can capsize it.Environmental uncertainty is a double-edged sword for enterprises.Identifying opportunities in uncertainty and seizing opportunities can make enterprises develop to a higher level."Innovation" is an important chip for enterprises to seize the opportunity.Therefore,it is of great value for Chinese enterprises to explore the relationship between environmental uncertainty and technological innovation.This paper takes A-share listed companies in Shanghai and Shenzhen stock markets as the research object.Based on the disclosed data of each listed company during 2008-2018,using multiple linear regression model,this paper discusses the impact of economic policy uncertainty,industry environment uncertainty and corporate cash flow uncertainty on technological innovation input and output from the macro,meso and micro levels,and measures ownership.Finally,the following conclusions and implications can be drawn from the effects of quality,industry characteristics,financial constraints and government subsidies on the relationship between environmental uncertainty and technological innovation.(1)The uncertainty of economic policy positively promotes the input and output of technological innovation,but the influence coefficient is small.The uncertainty of industrial environment positively promotes the input of technological innovation and negatively affects the output of technological innovation.The uncertainty of cash flow has a positive impact on the input and output of technological innovation,but it has a smaller impact on the input and output of technological innovation.(2)In terms of the regulatory role of the nature of enterprise ownership,the uncertainty of economic policy and the uncertainty of corporate cash flow have a selective effect on both state-owned and non-state-owned enterprises.When the uncertainty of economic policy rises,the output of technological innovatio n of state-owned enterprises decreases significantly,and when the uncertainty of cash flow rises,the output of technological innovation of state-owned enterprises rises significantly.The uncertainty of industry environment has no selective effect on state-owned enterprises and non-state-owned enterprises.(3)The uncertainty of economic policy has no selective effect on high-tech enterprises and non-high-tech enterprises.The uncertainty of industry environment and cash flow has significant selection effect on high-tech enterprises and non-high-tech enterprises.With the increase of industry environment uncertainty,the input and output of technology innovation of high-tech enterprises are significantly reduced,and with the increase of cash flow uncertainty,the input and output of technology innovation of high-tech enterprises are significantly increased.(4)With the rise of economic policy uncertainty,enterprises with large financial constraints have higher innovation input and output.With the rise of industrial environment uncertainty,enterprises with large financial constraints have lower innovation input and output.With the increasing uncertainty of corporate cash flow,enterprises with large financial constraints have lower innovation input and higher innovation output.(5)The regulatory effect of government subsidies on the relationship between environmental uncertainty and technological innovation of enterprises is different from each other in macro,meso and micro levels.The effect of the uncertainty of economic policy on the input and output of technological innovation does not exist in the enterprises receiving government subsidies.The government subsidy negatively regulates the relationship between industrial environmental uncertainty and technological innovation input of enterprises,and improves the inhibition effect of industrial environmental uncertainty on innovation output.The uncertainty of corporate cash flow has more incentive effect on enterprises with more government subsidies.