The Impact Of Trade Policy Uncertainty On Enterprise Innovation

As trade frictions and trade barriers between China and the United States gradually increase,the ACTIONS of the United States,such as imposing tariffs on Chinese goods,have greatly increased the uncertainty of trade policy.And this uncertainty will affect the future trend and development of Chinese enterprises,thus causing a shock to The Chinese economy.In order to deal with uncertainty and the possibility of trade policy,to promote the benign development of the economy in our country,to defend the international trade rules,embody a sense of responsibility of power,we must further enhance their consciousness,deal with trade policy uncertainty caused by the adverse effects,resist "inverse" globalization challenges.As the main body of China’s economic development,enterprises need to improve their ability to fight risks,face up to the impact,and continue to develop in adversity.Therefore,it is particularly important to study the impact of trade policy uncertainty on the development and innovation of Chinese enterprises.The purpose of this article is to analyze the trade policy uncertainty of enterprise innovation is,through the summary related literature of past scholars,on the basis of the uncertainty of trade policy may affect innovation way of theoretical analysis,proposed that the corresponding assumptions for empirical research,then according to the hypothesis to build a basic regression equation.In terms of empirical research,this paper firstly selected a total of 27708 data of China’s listed manufacturing companies from 1992 to 2019 as samples to carry out the following empirical analysis,and then constructed the average monthly data of trade policy uncertainty index as the annual statistical data as the core explanatory variable of this paper.And then select the listed company’s annual total r&d spending and the company every year the number of patent application,patent number of effective as a measure of a enterprise innovation input and output indicators,then select the other factors that may affect enterprise innovation for this paper studies the main control variable into the model,The results show that :(1)trade policy uncertainty has a significant positive effect on firm innovation;(2)Trade policy uncertainty on the influence of different property rights of enterprise innovation ability is different,and the trade policy uncertainty on the influence of the private enterprise innovation ability more obvious than state-owned enterprises.(3)The innovation capacity of enterprises with high trade dependence is more vulnerable to the impact of trade policy uncertainty than that of enterprises with low trade dependence.The following part of this paper also makes a supplementary analysis on trade policy uncertainty and enterprise innovation,and concludes that under the premise that other conditions remain unchanged,the impact of trade policy uncertainty on the innovation ability of a company will decrease as the proportion of independent directors increases.Finally,the robustness test of the empirical model in this paper is carried out in two aspects.First,the core explanatory variables are replaced and updated,and a new indicator calculation method is adopted to obtain the variables and apply them to the model.Then,considering the possible endogeneity in the model,the tpu index of Japan is selected as an instrumental variable for the two-stage least squares estimation of the model.After the above tests,the empirical results show that the model we use is robust.Finally,it is concluded that trade policy uncertainty can have a positive effect on enterprise innovation.According to this article conclusion,this paper puts forward some Suggestions at the last: to comprehensively consider the enterprise level this uncertainty on the impact of the enterprise trade policy,reasonably and efficiently use the uncertainty to stimulate their own innovation level,enhance their own vitality,improve the competition ability,make the enterprise faster and better development,enhance the overall strength of our country.