Economic Policy Uncertainty And Enterprise Innovation

Based on the annual data of China's A-share non-financial companies from 2007 to2018,this paper constructs a fixed effect model to study how the uncertainty of macroeconomic policy affects the specific theoretical mechanism and economic consequences of enterprise innovation.The results show that:(1)when the uncertainty of economic policy rises,enterprises will increase innovation investment and increase the number of patent applications;(2)The positive correlation between economic policy uncertainty and corporate innovation will increase with the decrease of ownership concentration,the decrease of financing constraint and the increase of government subsidies,and the innovation effect in non-state-owned enterprises is better than that in non-state-owned enterprises;(3)in addition,this paper also uses the analysis method of intermediary effect,and finds that when the uncertainty of economic policy increases,the entrepreneur confidence index will decrease,The promotion of enterprise innovation will decline.This paper verifies the realization path of "economic policy uncertainty-entrepreneur confidence index-enterprise innovation",which provides a new perspective for understanding the influencing factors of enterprise innovation under the new normal of economy.Based on this,the paper puts forward policy suggestions on promoting enterprise innovation at the government level and the enterprise level,in order to provide theoretical support for promoting enterprise innovation ability and promoting stable economic development in academic research.