Macroeconomic Uncertainty And Enterprise Technology Innovation

Technological progress and innovation is the engines that drive the national or regional economy keeping forward.With the development of the global economy and technology,the level of technological innovation has become a key factor that affect a country's core competitive advantage.As an extremely complicated investment activity,innovation will be affected by many factors such as internal and external environmental changes.The characteristics of high risks,high input,and long period of innovation make it impossible for R&D activities to proceed in isolation from the actual environment and must be based on current and future economic conditions.At present,China is facing an important turning point in economic growth slowdown,structural adjustment,and pre-digestion policies.Contradictions highlight problems,and the macro economy faces greater uncertainty.The enterprises constitute an important unit of macroeconomics,and the macroeconomic environment and development level have a great influence on the operation and management activities of enterprises and innovation investment behavior.Therefore,what is the technological innovation behavior of Chinese companies in transition in the face of macroeconomic uncertainties? What is the mechanism of action and whether this effect is different due to the heterogeneity of company characteristics?In view of this,this paper adopts the financial data of China's A-share listed companies from 2007 to2015,and comprehensively uses relevant theories.The influence of macroeconomic uncertainties on the technological innovation of enterprises and the mechanism of action,and discusses the life cycle stages,financing capabilities of the company,and the regulatory role that management may have in the future.The study finds that an increase in macroeconomic uncertainty will significantly reduce the R&D investment of enterprises.The mechanism is to reduce the investment in R&D activities of enterprises by increasing the business risk and financing constraints,in order to maintain the long-term stability of the development of company.Further research shows that the inhibitory effect of macroeconomic uncertainties on corporate technological innovation investment is mitigated in companies that are in growth stages,companies with higher financing capabilities,and management's optimistic expectations for future growth.The possible contributions of this paper are as follows: First,the direct discussion of the relationship between macroeconomic uncertainty and corporate technological innovation has enriched the research on the factors affecting technological innovation and the economic consequences of macroeconomic uncertainty;second,When study the influence that macroeconomic certainty on the technological innovation of enterprises,this article examines the two mechanisms of corporate risk and financing constraints,providing a new perspective for existing research;Third,considering the unique institutional background of China,this article also discuss the effect that the life cycle,financing capacity and management's expected regulatory on the relationship between the two,this also can enrich the relevant theoretical results.