Research On The Relationship Among Economic Policy Uncertainty?Government Implicit Guarantee And The Persistence Of Firm Innovation

In the new round of technological revolution,China's manufacturing industry is faced with the dual challenges of re-industrialization strategy to rebuild its competitive advantage in developed countries and industrial and capital transfer in developing countries.Innovation drives industrial upgrading and makes upward breakthrough become the inevitable choice for future development of manufacturing enterprises.The strategic plan of "Made in China 2025" points out that we must stick to innovation as the core and strengthen the dominant position of enterprise innovation.Only by maintaining the persistence of innovation can enterprises maintain core competitiveness and achieve high efficiency in the increasingly complex competitive environment.The innovation behavior of an enterprise is not only affected by its own internal resources,but also by changes in the external environment.Especially after the outbreak of the financial crisis,the instability of the economic policy environment at home and abroad has intensified,and the impact of macroeconomic policies on the operating behavior of micro-enterprises has become increasingly prominent.In order to smooth the impact of policy uncertainty on enterprise innovation,the government gives implicit guarantee to some enterprises,which not only alleviates the financing difficulties of enterprises but also improves the confidence of investors,but also interferes in the allocation of financial market resources to a certain extent,and the heterogeneity of enterprises begins to show.Taking the manufacturing listed companies from 2008 to 2016 as a research sample,the paper discusses the impact of economic policy uncertainty on enterprise innovation investment from a dual perspective of crowding out effect and restraining effect and empirically analyzes the mechanism of government implicit guarantees from two dimensions of property and financial subsidy.Then,according to different financial marketization schemes,analyze the difference in the role of implicit guarantee.Finally,combining enterprise heterogeneity characteristic analysis of different factors on the innovation continuous adjustment effect.The results show that economic policy uncertainty delays corporate investment decisions and exacerbates external financing constraints,which in turn inhibits the persistence of innovation.This inhibition is more obvious in enterprises with small scale,low market competitive position and large financing constraints.Implicit guarantee plays an important role in smoothing the volatility of innovation persistence,and this role is closely related to the degree of financial marketization.The lower the degree of financial marketization,the more significant the inhibitory effect of implicit guarantee on the persistence of innovation.The research combines the macroeconomic policy environment and micro-enterprise innovation behaviors,which not only helps companies adjust innovation decisions in a timely manner when facing policy fluctuations,but also further enriches related research on economic policy uncertainty and corporate behavior.Finally,according to the research results,this paper puts forward countermeasures and suggestions for the government to make policy and the enterprises to adjust the innovation decision respectively.