Economic Policy Uncertainty,Peer Effect And Enterprise Innovation

Under the background of "great changes unseen in a century",promoting the innovatio n and development of strategic emerging industries represented by the new energy vehicle i ndustry is important.In order to understand the influence of economic policy uncertainty(E PU)on the R&D investment activities of enterprises in the industry,this paper is based on t he listed companies in the new energy vehicle industry from 2010 to 2021,by theoretical an alysis and empirical analysis,examine the impact of "good" and "bad" EPU on the R&D inv estment,the results show:(1)In the new energy vehicle industry,the total EPU faced by ent erprises is significantly positively correlated with R&D investment,"good" EPU is significa ntly is positively correlated with R&D investment,while "bad" EPU is significantly negativ ely correlated with R&D investment.(2)The peer effect of R&D investment has played a p ositive moderating role,and has played a multiplier role in amplifying EPU and affecting co rporate R&D investment decisions.(3)The analysis of ownership heterogeneity shows,co mpared with state-owned enterprises,the R&D investment activities of non-state-owned ent erprises are more sensitive to the "good" EPU;The analysis of subsidy pilot cities heterogen eity shows,compared with non-pilot city enterprises,the sensitivity of R&D investment act ivities of pilot city enterprises EPU is higher.According to the results,our policy recommen dations are:(1)Government should strengthen communication with enterprises when makin g policy adjustments,release the progress of policy formulation and help enterprises form p ositive R&D investment expectations;(2)In the process of developing strategic emerging i ndustries such as the new energy vehicle industry,government can regularly monitor the pe er effect of R&D investment in different sub-industries in the upper,middle and lower reach es of the industrial chain,and actively establish a communication with enterprises groups.