Economic Policy Uncertainty,Business Environment And Enterprise Technological Innovation

As China enters a new stage of development with an increasingly complex external environment,it is constantly enhancing its strategic scientific and technological strength and adhering to innovation-driven development.Under the current background of globalization,it has become an inevitable choice to accelerate technological innovation and realize the transformation of economic development from resource-driven to technology-driven.In the process of coping with external risks and challenges,how to enhance the strength of scientific and technological innovation to promote China’s economic growth is an important issue that the Chinese government and enterprises need to face.Therefore,the first major measure in the "Suggestions" of China’s "14th Five-Year Plan" is scientific and technological innovation.In order to speed up industrial upgrading transformation,our country continuously intensify and decentralization,perfect the relevant administrative rules and regulations,and deepening the reform of government service,which further exacerbated the uncertainty of economic policy in our country,to measure the influence of uncertainty on enterprise technology innovation in China is gradually become the focus of research,is also the core theme of this study.This paper uses theoretical analysis combined with empirical research to explore the relationship between economic policy uncertainty,business environment and enterprise technological innovation.In terms of theoretical analysis,this paper uses uncertainty theory and real option theory to carry out in-depth analysis.The impact of economic policy uncertainty on technological innovation of enterprises involves two aspects: first,economic policy uncertainty will increase investment risk,so it will discourage enterprises’ innovation enthusiasm and affect enterprises’ technological innovation;Second,uncertainty in economic policies may mean risks,but it can also bring opportunities and benefits.A correct assessment of risks and a proper grasp of opportunities will help enterprises improve their technological innovation capacity.In addition,the impact of economic policy uncertainty on enterprise technological innovation can also be moderated by other factors,such as the business environment.A good business environment can reduce the risks caused by economic policy uncertainty,guarantee the stable development of enterprises and promote enterprise technological innovation.Based on this,the business environment is considered as a moderating variable in this study.In terms of empirical inquiry,this paper use the Shanghai and shenzhen a-share listed companies from 2008 to 2018 data and the economic policy uncertainty index compiled by Baker,discussed from the perspective of research and development production enterprise technology innovation ability,and uses the fixed effect model to explore our country economic policy uncertainty and influence mechanism between the enterprise technology innovation.On this basis,this paper adds the interaction term of economic policy uncertainty and business environment to further explore the moderating effect of business environment on the relationship between economic policy uncertainty and enterprise technological innovation.Based on the heterogeneity of enterprises,enterprises with different property rights,degree of financing constraints and location are deeply analyzed.What is the difference in the impact of economic policy uncertainty on their technological innovation activities? In addition,this paper adopts the method of replacing the explained variables and delaying the core explanatory variables by one period to test the robustness.The results show that the uncertainty of economic policy can promote the technological innovation activities of enterprises.A good business environment will promote technological innovation of enterprises,and also strengthen the positive promoting effect of economic policy uncertainty on technological innovation of enterprises,that is,the business environment has a moderating effect.Economic policy uncertainty plays a greater role in stimulating technological innovation of state-owned enterprises with smaller financing constraints and enterprises located in the eastern and central regions.Based on the results,this paper proposes ways and paths to stimulate technological innovation of enterprises.On the basis of existing research,this paper explores the influence mechanism of economic policy uncertainty on enterprise technological innovation,under the background of accelerating the construction of business environment in China,the moderating variable of business environment is added to study the role of business environment in improving the technological innovation ability of Chinese enterprises,which enrichis the research content in this field to some extent.At the same time,the research of this paper can also provide reference suggestions and theoretical basis for policy makers and enterprise decision makers,and also provide new ideas for China’s future policy making and innovation development,which has a certain practical significance.