Uncertainty Of Economic Policy And Green Innovation Of Enterprises

With the continuous development of China’s economy and society,the contradiction between ecological civilization construction and high-quality economic development is becoming increasingly prominent.In order to alleviate the contradiction between the two,the government has introduced a series of policies to promote high-quality and sustainable economic development.However,for enterprises,due to the lag in the promulgation and implementation of policies,it is difficult to accurately predict and evaluate the implementation of policies.Therefore,the decision-making of enterprises is often easily affected by changes in economic policies.During the critical period of promoting high-quality economic transformation and sustainable social development,implementing the green innovation development strategy is not only one of the important ways to promote China’s national economy and social development,but also an important indicator to measure the core competitiveness of enterprises.Based on this,on the one hand,this article studies and explores whether enterprises will adjust their green innovation strategies in the context of the continuous adjustment of macroeconomic policies by the government.On the other hand,considering that the implementation of fiscal subsidies by the government will affect the investment and innovation decision-making behavior of enterprises,based on the above research,the regulatory role of government subsidies has been considered.In addition,in order to study the impact path of economic policy uncertainty on enterprise green innovation,the stepwise analysis method is used to explore the mesomeric effect of R&D investment between economic policy uncertainty and enterprise green innovation.Finally,to examine the economic consequences of implementing green innovation in enterprises,it was verified whether the implementation of green innovation in enterprises has improved their environmental responsibility scores and financial performance.This article selects Chinese listed companies in the Shanghai and Shenzhen A-shares from 2009 to 2020 as research samples.Through empirical research,it is found that:(1)under other conditions that remain unchanged,economic policy uncertainty significantly promotes the level of green innovation in enterprises,and government subsidies and R&D investment play a moderating and mediating role in the relationship between economic policy uncertainty and green innovation in enterprises;(2)Economic policy uncertainty has a more obvious role in promoting green innovation activities of state-owned enterprises,heavily polluting enterprises and enterprises with high equity concentration ratio;(3)Green innovation in enterprises has significantly improved their environmental responsibility scores and financial performance.The innovation of this article lies in exploring the changes in green innovation decision-making of enterprises when the macroeconomic policy environment changes from the perspective of economic policy uncertainty,which enriches the corresponding research content;Secondly,government subsidies and R&D investment were introduced as moderating and mediating variables,and their impact on the relationship between economic policy uncertainty and green innovation in enterprises was analyzed in depth under the background of continuous macroeconomic policy adjustments;Finally,by introducing interaction terms,the impact of economic policy uncertainty on green innovation of enterprises under different property rights,industry attributes,and degree of equity concentration was further analyzed,making the research more targeted;At the same time,the impact of implementing green innovation decisions on corporate environmental responsibility scores and financial performance was analyzed,which is beneficial for decision-makers to implement corresponding innovation decisions based on their own actual situation.