经济政策不确定性下的创新决策：企业韧性视角

当代财经 ›› 2022, Vol. 0 ›› Issue (10): 102-114.

经济政策不确定性下的创新决策：企业韧性视角

李恩极¹, 张晨², 万相昱³

1.河北经贸大学工商管理学院,河北石家庄 050061;
2.山东财经大学财政税务学院,山东济南 250015;
3.中国社会科学院数量经济与技术经济研究所,北京 100732

收稿日期:2022-04-18 出版日期:2022-10-15 发布日期:2022-10-18
通讯作者: 李恩极,河北经贸大学副教授,经济学博士,主要从事政府治理与企业创新研究,联系方式lienji@ucass.edu.cn。
作者简介:张晨,山东财经大学讲师,经济学博士,主要从事数字政府研究;万相昱,中国社会科学院副研究员,经济学博士,主要从事经济政策评价研究。
基金资助:
国家社会科学基金青年项目“农户偏好和行为反应影响农业新技术应用机制的实地研究”(19CJY0038); 河北省高等学校人文社会科学研究青年基金项目“韧性视角下经济政策不确定性影响企业创新的机制、效应与对策研究”（SQ2022111）

The Innovation Decision-Making under Economic Policy Uncertainty: From the Perspective of EnterpriseTenacity

LI En-ji¹, ZHANG Chen², WAN Xiang-yu³

1. Hebei University of Economics and Business, Shijiazhuang 050061;
2. Shandong University of Finance and Economics, Jinan 250015;
3. Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences, Beijing 100732, China

Received:2022-04-18 Online:2022-10-15 Published:2022-10-18

摘要/Abstract

摘要： 在经济政策不确定性条件下,如何增强发展韧性、提升创新水平是企业面临的重要问题。利用共同因子模型对中国上市公司韧性进行了估算,并探讨了经济政策不确定性对不同韧性企业的创新活动的影响和作用机制。研究发现,企业韧性水平的差异会使经济政策不确定性对企业创新活动的影响产生门槛效应,当经济政策不确定性上升时,低韧性企业会减少创新活动,高韧性企业会增加创新活动;企业韧性的门槛效应在不同市场化地区和不同产权性质的企业中均存在;不同韧性企业的创新收益预期、融资约束和管理层风险偏好对经济政策不确定性的反应存在显著差异,这也是企业韧性门槛效应产生的主要原因。此外,企业韧性在一定程度上可作为企业内部治理的替代,向投资者释放积极信号,从而帮助企业获得更多融资。经济政策不确定情境下的创新活动有利于提高企业经营绩效,对企业破产的负面影响并不明显。

关键词: 经济政策不确定性, 企业创新, 企业韧性, 门槛效应

Abstract: Under the conditions of economic policy uncertainty, how to strengthen development tenacity and improve innovation level is an important issue that enterprises are faced with. By employing the common factor model, this paper estimates the tenacity of listed companies in China and investigates the influence of economic policy uncertainty(EPU)on the innovation activities of enterprises with different tenacitiesand their mechanisms. The findings show that the differences of the level of enterprise tenacity would generate threshold effects on the impact of the economic policy uncertainty on enterprise innovation activities. When EPU rises, enterprises with lower-tenacitywill reduce their innovation activities, while enterprises with higher-tenacitywill increase their innovation activities. The threshold effect of enterprise tenacity exists in different market regions and enterprises of different property rights nature. There are significant differences in the response to EPUof enterprises with different tenacityin terms of innovative income expectations, financing constraints, and management's risk preference, which is also the reason for the occurrence of the threshold effect in enterprise tenacity. In addition, enterprise tenacity can be used as an alternative to the internal governance of the enterprises to some extent, which send positive signals to investors, thereby helping enterprises obtain more financing. The innovative activities under the EPU conditions will help to improve the operation performance of enterprises, but the negative impact on the bankruptcy of enterprises is not obvious.

Key words: economic policy uncertainty, enterprise innovation, enterprise tenacity, threshold effect

中图分类号:

F272.3

李恩极, 张晨, 万相昱. 经济政策不确定性下的创新决策：企业韧性视角[J]. 当代财经, 2022, 0(10): 102-114.

LI En-ji, ZHANG Chen, WAN Xiang-yu. The Innovation Decision-Making under Economic Policy Uncertainty: From the Perspective of EnterpriseTenacity[J]. Contemporary Finance & Economics, 2022, 0(10): 102-114.

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