The Impact Of Economic Policy Uncertainty On The Export Enterprises Technological Innovation

Export enterprises are not only affected by changes in foreign economic policies,but also affected by domestic policy adjustments,and are always exposed to the uncertainties of internal and external economic policies.Innovation,as an important way for enterprises to shape their competitive advantages and maintain long-term growth,is the main way to break the existing international division of labor led by developed countries.Under the background of frequent adjustment of economic policies in various countries,it is of great practical significance to study the relationship between domestic and foreign economic policy uncertainty(EPU)and the innovation technological ability of export enterprises.Most the existing literature examine the impact of EPU on the behavior of export enterprises from the unilateral perspective of domestic or foreign countries.They rarely put domestic EPU and foreign EPU in the same analytical framework and take into account the Non-linear EPU.At the same time,less scholars study the heterogeneity of influence from the perspective of innovation-driven.Considering the diversity of enterprise innovation-driven activities in reality,and the different innovation drivers are affected by the macroeconomic influence,which ultimately leads to differences in innovation results,this paper attempts to study the heterogeneity influences of EPU to enterprise innovation from the perspective of innovation-driven.In the theoretical part,this paper analyzes how EPU affects the innovation of export enterprises,and explains the possible nonlinear relationship between them;secondly,from the perspective of heterogeneity of export enterprises,it is divided into enterprise characteristics heterogeneity and innovation-driven activity to discuss the differences in the role of EPU in heterogeneous export enterprises,of which innovation-driven activity is mainly divided into government R&D subsidies,independent R&D,technology import and international R&D.This paper uses the 2007-2015 customs data,listed company data,and patent data in the Chinese Intellectual Property Office,based on EPU index measured by Baker et al.(2016).to conduct empirical analysis on EPU and innovation capabilities of export companies.The results show that(1)Both domestic and foreign EPU promote innovations of export enterprises,but there was an inverted "U" relationship between EPU and innovations of export enterprises.(2)The impact of uncertainties in internal and external economic policies has significant heterogeneity of corporate characteristics.Specifically,economic policy uncertainty has a greater effect on thepromotion of non-state-owned enterprises,high-tech enterprises and general trading enterprises;For heterogeneous innovation-driven activity,domestic EPU inhibit the innovation performance of government R&D subsidies but promote independent D innovation performance.Foreign EPU significantly promote international R&D and innovation.(3)In the expansion analysis,it is also found that there is a mediating effect between EPU,export enterprise technological innovation and quality of export products.Domestic EPU significantly inhibited the quality of exported products,but due to the concealing effect of the innovation ability of enterprises,which weaken the negative effect of domestic EPU on the quality of exported products.In the context of frequent changes in economic policies,this article identifies effective innovation-driven measures to improve export companies technological innovation and promote the quality of export products,which has important implications.