The Impact Of Economic Policy Uncertainty On Enterprise Innovation Performance

Under the background of economic globalization,enterprise development is facing a complex market economy policy environment at home and abroad.At present,China is in a critical period of transition in the development of market economy,and is changing from high-speed development to maintaining high-quality economic development mode.In today’s unstable social,political,economic and cultural environment,in order to effectively and reasonably regulate China’s economy,the competent policy departments continue to adjust and explore new monetary policy,fiscal policy and emerging industry policy.While effectively formulating policies to stimulate China’s rapid and high-quality economic growth,it inevitably indirectly improves the uncertainty of economic policies affecting China’s enterprises.These uncertainties of economic policies often directly change the market economic policy environment in which innovative enterprises are located,increase the investment risk of innovative enterprises,and then directly affect the innovative business performance management decisions of Chinese enterprises.This will also have a significant adverse impact on the innovative business behavior and innovative business performance of Chinese enterprises.Through the exploration of literature,starting from the theoretical guidance of analysis real option theory and principal-agent theory,this paper expounds in detail the mechanism of the impact of economic policy uncertainty on China’s enterprise innovation performance.The impact of economic policy uncertainty on enterprise innovation performance depends on the different characteristic variables of enterprises.The empirical data analysis of this paper also introduces the interactive term analysis of enterprise characteristic variables such as enterprise attributes and industry characteristics and economic policy uncertainty.In order to further study the transmission mechanism of economic policy uncertainty on enterprise innovation performance,this paper introduces intermediary variables for regression analysis.This paper uses the statistical analysis software stata16 to analyze the data,and selects the sample data as the governance characteristics data and management data of Chinese A-stock listed enterprises.The significance of empirical regression shows that:firstly,the innovation performance of enterprises will be restrained by the increase of economic policy uncertainty;Secondly,the relationship between enterprise innovation performance and economic policy uncertainty will be affected differently due to enterprise heterogeneity.For example,compared with state-owned enterprises,economic policy uncertainty has a greater impact on the innovation performance of non-state-owned enterprises;Finally,this paper analyzes that the shareholding ratio of enterprise management,salary incentive of senior executives,enterprise financing constraints and total asset turnover rate will have intermediary effects in the transmission of economic policy uncertainty on enterprise innovation performance.After the theoretical and empirical analysis of these economic variables,it’s clear that the governance scheme and management ability of enterprises can alleviate the inhibitory effect of economic policy uncertainty on enterprise innovation performance.