| In recent years,with the continuous deterioration of the economic situation,China’s economic policies have been frequently adjusted,and the uncertainty of economic policies has continued to rise.In this context,whether enterprises can accurately grasp the intention and guidance of policies and give full play to the role of policies is an important prerequisite for sustainable development.At the same time,enterprise innovation is a high-risk,high-investment,highly uncertain investment activity,requiring sufficient stable funds,and due to China’s unique economic and political environment,the most important financing method is still debt financing,debt funds with different term structures are bound to be different in cost and liquidity,and will also have different impacts on high-risk innovation activities.In most cases,the funds required for innovation require both current and non-current liabilities to be satisfied,and what type of debt term structure can effectively support the sustained and efficient development of innovation activities is also one of the urgent issues to be solved.In addition,as policy uncertainty continues to rise,information asymmetries intensify,the risk of long-term lending increases,and the confidence of other external investors in innovative activities begins to decline.Corporate financing is limited and innovation activities are difficult to develop and sustain.Therefore,it is important for governments and enterprises to explore whether economic policy uncertainty inhibits corporate innovation and whether it affects corporate innovation through debt maturity structure.In this context,this paper first analyzes the existing research results and relevant theories,puts forward three basic hypotheses,and then conducts regression analysis based on the relevant data of A-share listed enterprises from 2010 to 2020,first discusses the impact of economic policy uncertainty on enterprise innovation,and then considers the intermediary effect of debt term structure based on debt liquidity.Finally,further heterogeneity analysis is carried out for enterprises of different ages,natures and industries.The research conclusions include three aspects: first,rising economic policy uncertainty will inhibit firm innovation;Second,with the increase of economic policy uncertainty,the proportion of current liabilities of enterprises will increase,and the proportion of non-current liabilities will decrease,which will aggravate the problem of debt maturity mismatch and inhibit enterprise innovation.Third,the older the enterprise,the more conservative it will be,and the more obvious the inhibitory effect;Compared with non-state-owned enterprises,state-owned enterprises are more closely linked with the government,more sensitive to the introduction and change of policies,and have a stronger inhibitory effect.Compared with non-manufacturing industries,manufacturing has more investment in innovation activities,pays more attention,and has a stronger inhibitory effect.Finally,according to the conclusions,some suggestions are put forward from the two levels of government and enterprises to reduce the negative effects of uncertainty on enterprise innovation and promote the healthy development of enterprises. |
