| The R&D behavior of an enterprise is not only related to its own decision-making,but also affected by exogenous uncertainty.Exogenous uncertainty refers to the change of the macro environment and economic development level that the economic subject cannot predict,including the unpredictability of government policies and system changes,as well as the volatility of the market environment in the real economy.After the 2008 financial crisis,countries frequently adjusted their economic policies to create a stable real economic environment for the development of innovative enterprises.In this context,in order to achieve economic restructuring and catch-up development,and to promote enterprise R&D efficiency,it is necessary to consider the following issues in combination with the perspective of uncertainty: How does exogenous uncertainty affect enterprise R&D efficiency,and whether there are differences in R&D efficiency characteristics of different companies,and what is the difference between exogenous uncertainty and R&D efficiency of different enterprises? Based on these issues,the following studies were conducted:Firstly,it is found that most of the literature related to enterprise R&D efficiency is based on the impact of uncertainty on enterprise innovation from the perspective of innovation input or output,but the research on enterprise R&D efficiency is rarely seen from the perspective of exogenous uncertainty.In particular,among exogenous uncertainty,the state-directed industrial upgrading policy has an important impact on enterprise innovation,but there are few literatures that deeply study the effect of industrial policy uncertainty on enterprise R&D efficiency.Due to the differences in the innovation of different enterprises,the literature studies the characteristics of enterprises such as different ownership,asset scale or financing condition,but neglected market competition degree which is the monopoly industry and the competitive industry enterprise group research.Secondly,this paper takes the China growth enterprise market(GEM)enterprises in 2011-2017 as samples and measures the R&D efficiency of enterprises based on stochastic frontier analysis.The overall R&D efficiency and the level of inefficiency of the samples were analyzed,and the sample enterprises were divided according to the state-owned enterprises and private enterprises,competitive industries and monopoly industries,high-tech industries and non-high-tech industries.The average comparison analysis was used to test whether there was any difference in the R&D efficiency of each group.The effect of market uncertainty and policy uncertainty and financial instruments on R&D efficiency is studied.Finally,we get the following conclusions:(1)The R&D efficiency level of listed companies on GEM in China is relatively low.According to the analysis of group average comparison results,it is found that there is a significant difference in the average R&D efficiency between state-owned enterprises and private enterprises,high-tech industries and non-high-tech industries,competitive industries and monopoly industry firms.(2)Market uncertainty has a significant negative impact on enterprise R&D efficiency.When market uncertainty rises,the R&D investment that is most sensitive to uncertainty will be cut or delayed,resulting in insufficient R&D investment and reduced R&D efficiency.The impact of market uncertainty on the R&D efficiency of enterprises with different ownership,market competition degree and high-tech industry attribute is asymmetric.The R&D efficiency of high-tech enterprises is affected more by market uncertainty than that of non-high-tech enterprises.The R&D efficiency of private enterprises is affected more by market uncertainty than that of state-owned enterprises.The R&D efficiency of competitive enterprises is affected more by market uncertainty than monopoly industries.(3)Policy uncertainty has a significant negative impact on enterprise R&D efficiency,and there is no asymmetric effect on different types of enterprise R&D efficiency.Fiscal and taxation policies have positive incentive effect on the R&D efficiency of enterprises,and have asymmetric influence on the R&D efficiency of different types of enterprises.Fiscal subsidies have a greater impact on the R&D efficiency of private enterprises than state-owned enterprises and on competitive industries than monopoly industries.The impact of tax incentives on the R&D efficiency of non-high-tech industries is greater than that of high-tech industries,on the R&D efficiency of private enterprises is greater than that of state-owned enterprises,and on the R&D efficiency of competitive industries is greater than that of monopolistic industries. |
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