Economic Police Uncertainty,Credit Resources And Enterprise Technology Innovation

Technological innovation is an important way for economic subjects to enhance competitive advantage and maintain long-term growth,our government attaches great importance to innovation activities,and the word "innovation" is mentioned as many as 59 times in the report of the 19 th National Congress of the Communist Party of China.However,the technological innovation activities of enterprises are easily affected by the internal and external environment of enterprises,such as changes in national economic policy will affect the innovation decision-making of enterprises.However,the current world economic situation is grim,some countries gradually implement unilateral trade protection policies,such as the Trump administration in China and other countries,but also undoubtedly increased the economic development and policy-making uncertainty.Economic policy uncertainty will have an impact on the technological innovation of enterprises.This paper discusses the mechanism of economic policy uncertainty,the mechanism of the function between credit resource channel and enterprise technological innovation,a theoretical analysis of the relationship between the three,and a corresponding research hypothesis.Using China’s 2010-2018 A-share enterprises as the research object,using intermediary effect,substitution effect and other methods for empirical analysis,the following conclusions are drawn: 1 the higher the uncertainty of economic policy,the more difficult it will be to technological innovation;The relationship between economic policy uncertainty and bank credit resources and commercial credit resources(3)The two credit resources of bank credit and commercial credit play an intermediary effect between economic policy uncertainty and enterprise technological innovation.The intermediary effect of commercial credit is obvious in both state-owned or non-state-owned enterprises,and(4)the current economic policy environment fluctuates greatly,and the relationship between bank credit and commercial credit has a substitution effect on the technological innovation activities of enterprises.Therefore,in order to alleviate the economic policy uncertainty of the inhibition of enterprise technology innovation and non-state-owned enterprises financing dilemma,government departments should speed up the reform of the financial system,provide enterprises with a variety of channels to finance,but also make economic policy become more transparent,stable and sustainable,and strengthen the construction of the enterprise credit rating system,to alleviate the information asymmetry between banks and enterprises.