Economic Policy Uncertainty,Financing Constraints And Corporate Innovation Investment

China’s economy has been in a stage of high-quality development,and the development of the economy no longer blindly pursues GDP growth,paying attention to its quality and efficiency,which requires domestic enterprises to continue to innovate and walk at the forefront of the world.The report of the 20 th National Congress of the Communist Party of China also pointed out that it is necessary to adhere to the core position of innovation in the core situation of China’s development,so as to achieve high-level scientific and technological self-reliance and self-improvement.In response to a series of economic policies in response to the complex environment at home and abroad,increasing economic policy uncertainty will have an impact on enterprises’ investment decisions,and the level of financing constraints faced by enterprises will affect how many resources enterprises can invest in innovative projects.Based on the above background,this paper takes China’s companies from 2010 to2019 as a sample,divides innovation into exploratory innovation and utilization innovation based on the perspective of ambidextrous innovation,studies the impact of economic policy uncertainty on enterprise innovation investment,and studies the mechanism role of financing constraints in between.It is found that the increase of economic policy uncertainty will significantly inhibit the level of innovation investment of enterprises,and will affect the innovation decision-making of enterprises through financing constraint channels.Economic policy uncertainty has a significant negative impact on both exploratory and utilised innovation input,but it has a stronger inhibitory effect on exploratory innovation investment.The heterogeneity results show that economic policy uncertainty has the most obvious inhibitory effect on the innovation investment of enterprises in the recession period,while the inhibitory effect on the innovation investment level of mature enterprises is the smallest.The restraining effect on private enterprises is more pronounced than that of state-owned enterprises.Finally,corresponding enterprise planning and policy recommendations are given: at the government level,the government should maintain the consistency and stability of macroeconomic policies,and formulate innovation support policies for different types of enterprises to guide enterprises to adjust innovation investment decisions;The government should vigorously promote the development of the capital market,promote the innovation of financial products and strengthen the construction of the credit system,so as to reduce the constraints on corporate financing;Formulate a sound competition mechanism to force enterprises to increase their innovation investment in order to be based on the market.At the enterprise level,enterprises should establish a sound risk management mechanism to cope with the uncertainty of macro policies;Enterprises should ensure the stability of internal funds,improve risk prevention capabilities,and alleviate the restrictions of external financing by improving their reputation;Enterprises should improve the talent training mechanism,when the economic policy changes,technology developers can develop new products in a timely and rapid manner according to the introduced policies.