Environmental Uncertainty,Ownership And Innovation Input

The government work report for 2020 mentions "encouraging enterprises to increase R&D investment",which indicates that the government not only pays attention to innovation,but also takes "encouraging enterprises to increase R&D investment" as a priority.So far,academics have done a lot of research on the influencing factors of innovation investment and obtained rich results.Although the research ideas are different,it can be generally summarized into internal factors and external factors that influence innovation investment,which act together on the innovation investment of enterprises.However,as a common problem faced by listed companies,the impact of environmental uncertainty on enterprise innovation investment has not received enough attention from existing research.In view of this,this paper will base on China's special basic economic system and incorporates environmental uncertainty,the nature of property character and innovation inputs into one research framework,and further studies will be put on the inhibitory effect of environmental uncertainty on innovation input.We will study whether there is a significant difference between the inhibitory effect of environmental uncertainty on state-owned listed companies input and non-state listed companies.Firstly,on the basis of literature review,this paper expounds the mechanism of environmental uncertainty affecting innovation input,and constructs a theoretical prototype of the relationship between environmental uncertainty and enterprise innovation input.Secondly,this prototype is connected with China's special basic economic system,and then a test model based on the relationship between environmental uncertainty,property right nature and innovation input of China's basic economic system is obtained.Finally,the theoretical deduction and empirical test are conducted on the above theoretical prototype and test model by using the financial data related to non-financial listed companies in China's a-share market during January 1,2007 and December 31,2017,and the research conclusion of this paper is finally formed.Overall,the research conclusions of theoretical analysis and empirical research in this paper mainly have two aspects:First,environmental uncertainty is negatively correlated with innovation inputs.This paper takes information mismatch as a breakthrough point to build an econometric model to empirically test the inhibiting effect of environmental uncertainty on innovation input.The empirical results show that :(1)The higher the degree of environmental uncertainty faced by enterprises,the smaller the logarithm of R&D expenditure in the current year;(2)The conclusions of the three robustness test methods of alternative measurement,one-stage lag and fixed effect test are consistent with the conclusions of the main test.Second,compared with non-state-owned listed companies,environmental uncertainty has a more serious impact on innovation input of state-owned listed companies.This article to environmental uncertainty and nature of property right into the same framework,theoretical analysis of environmental uncertainty on innovation investment mechanism in state-owned listed companies and the differences between the non-state-owned listed companies,further build econometric model empirically environment uncertainty and the nature of property rights of listed companies into the inhibiting effect of innovation.The empirical results show that :(1)Compared with non-state-owned listed companies,environmental uncertainty has a more serious impact on the innovation input of state-owned listed companies;(2)Three robustness test methods,namely alternative measurement,one-stage lag test and fixed effect test,were adopted,and the conclusions were found to be basically consistent with the main test results.To sum up,in this paper,theoretical analysis of the environmental uncertainty of enterprise innovation investment mechanism,then contact the special of the basic economic system in our country,analysis of the above two variables in the heterogeneity of different property rights in the nature of the enterprise mechanism,and build econometric model,collect related data of a-share non-financial listed companies in our country,using the collected data to the empirical test of econometric model,finally presents in detail the environment uncertainty inhibitory effect of enterprise innovation investment,for the relevant government departments to formulate policies to guide enterprises to increase innovation investment to provide A theoretical basis and empirical evidence,It is also helpful for investors to more accurately interpret the behavior that the innovation investment level of enterprises is lower than expected.To be specific,the research significance of this article is mainly reflected in three aspects: First,this paper constructed the theoretical framework for the inhibition of company innovation environment uncertainty,on the one hand,this helps expand and deepen the innovation theory from the enterprise innovation supply and demand,on the other hand can also help expand and deepen the corporate governance theory and contract theory from the perspective of the environment uncertainty and nature of property rights to innovation into the inhibiting effect,which enriched the Chinese A-share market non-financial listed companies innovation into the interpretation of the lower than expected;Secondly,this article combine environmental uncertainty and nature of property rights and innovation investment into the same framework,theoretical analyzes and discusses the environmental uncertainty and state-owned listed companies innovation investment,and non-state-owned listed companies into the logical relationship between,the enriched environment uncertainty,the nature of property rights and innovation in literature,is conducive to investors more accurately interpret different property right nature of innovation investment level of the listed company less than the expected behavior and make the right investment decisions;Third,by revealing the reasons for Chinese listed companies to reduce innovation input and the effect of environmental uncertainty in restraining innovation input,it provides a new direction for investors to strengthen supervision over management and enhance enterprise value,and also provides reference for relevant government departments to guide enterprises to increase innovation input.