The Impact Of Economic Policy Uncertainty On R & D Investment Of Enterprises

Since the 2008 financial crisis,the global economic recovery has been slow,and most countries are facing the situation of economic growth decline or stagnation.The traditional mode of economic growth is difficult to sustain,and the main way to enhance the core competitiveness is to promote the transformation from the factor driven development mode to the innovation driven development mode.Governments around the world have formulated policies to adjust the industrial structure,such as the "re industrialization" strategy of the United States,the "industry 4.0" strategy of Germany and the "made in China 2025" plan of China.In order to smooth economic fluctuations and find new economic growth points,governments of all countries adjust their current economic policies frequently,which will increase the uncertainty of economic policies.More and more scholars begin to pay attention to the impact of economic policy uncertainty.For this reason,Baker and others constructed the economic policy uncertainty index,which opened a door for the research of uncertainty.Since the 18th National Congress of the People's Republic of China proposed innovation driven development,all walks of life are carrying out structural adjustment and innovation breakthroughs,eliminating backward production capacity and developing cutting-edge technology.Innovation is the key factor of China's economic growth at this stage.The fluctuation of economic policy will change the macroeconomic environment,thus affecting the innovation decision-making of enterprises.Therefore,it is of great theoretical and practical significance to study the impact of economic policy uncertainty on R&D investment of enterprises.Based on previous studies,this paper illustrates how the uncertainty of economic policy will affect the R&D investment of enterprises.Because of the real option theory,enterprises will regard the R&D achievements as an option,so as to increase the R&D investment when the economic uncertainty rises,and hope to gain competitive advantage through innovation.Therefore,the economic policy uncertainty has an incentive effect on the R&D investment of enterprises.In addition,due to the information asymmetry,financing constraints will adjust the impact of economic policy uncertainty,and economic policy uncertainty has different effects on enterprises receiving different government subsidies.On the basis of theoretical analysis,this study takes the data of Listed Companies in 2011-2018 as the research object,from the perspective of R&D investment of enterprises,analyzes the impact of economic policy uncertainty on enterprise innovation by using fixed effect model,andfurther tests the regulatory effect of financing constraints and government subsidies.This study finds that the uncertainty of economic policy has incentive effect on the R&D investment of enterprises,which will promote enterprises to increase the R&D investment;when the uncertainty of economic policy increases,the higher the R&D investment of enterprises with smaller financing constraints,the lower the R&D investment of enterprises with larger financing constraints;the higher the R&D investment of enterprises with more government subsidies,the less the R&D investment of enterprises with less government subsidies The lower the investment.