Research On The Impact Of Environmental Uncertainty On Enterprise R&D Investment

Enterprise technological innovation is an important part of the national innovation system.The innovation activities of enterprises are affected by a variety of factors inside and outside the organization.At present,the R&D investment of Chinese enterprises is still low.One of the important influencing factors is environmental uncertainty.Although domestic and foreign scholars have formed many research results on the impact of environmental uncertainty on corporate R&D investment,their research conclusions have not yet been unified.How to maintain R&D investment in a complex and changeable environment and improve innovation capabilities is always It is the focus of the theoretical and practical circles,so the research on enterprise R&D investment under environmental uncertainty has important theoretical and practical significance.Based on this,this paper selects my country’s A-share non-financial listed companies from 2007 to 2018 as the research object,empirically studies the relationship between environmental uncertainty and R&D investment,and verifies the mediating effect of the second type of agency costs and financing constraints.Two variables,manager overconfidence and government subsidies,were selected from the internal and external perspectives of the enterprise to verify the moderating effect of the two.The article analyzes the descriptive statistics of the data and the correlation coefficient matrix,conducts a multiple regression analysis on the relationship between environmental uncertainty and R&D investment,and uses three-step regression,Sobel test and Bootstrap test for the intermediary effect.The test of the adjustment effect adopts the multiple regression analysis method,and finally the robustness test and the endogenous test are carried out.Through the above analysis,the corresponding research conclusions are drawn,and a series of policy recommendations are put forward from the perspective of enterprises and governments.Finally,the article puts forward the possible limitations of the research,and puts forward suggestions for future research in related fields.Through empirical testing,the paper draws the following conclusions:(1)Environmental uncertainty is significantly negatively correlated with the R&D investment of enterprises,and environmental uncertainty inhibits the willingness and decision-making of enterprises to carry out innovative activities.Examining the mediation effect found that the inhibitory effect of environmental uncertainty on corporate R&D investment is mainly conducted through the second type of agency costs and financing constraints.Environmental uncertainty has increased the degree of information asymmetry,and the controlling shareholder’s interest encroachment on minority shareholders has increased,which ultimately leads to a decrease in R&D investment.At the same time,financing constraints caused by information asymmetry have also restrained companies’ R&D investment.(2)Managers’ overconfidence and government subsidies both significantly negatively regulate the relationship between environmental uncertainty and R&D investment,indicating that manager’s overconfidence and government subsidies can weaken the negative impact of environmental uncertainty on R&D investment.Overconfident managers are more likely to show higher risk-bearing ability and adventurous spirit in the face of environmental uncertainty,which is conducive to the conduct of corporate R&D activities.Government subsidies can directly provide companies with cash flow required for R&D activities,and release favorable signals to external investors,attracting external capital to flow to companies,to a certain extent,alleviate the financing constraints of companies,and are conducive to corporate innovation and R&D activities.get on.(3)After distinguishing the sample of overconfidence of managers and the sample of under-confidence of managers,we continue to test the moderating effect of government subsidies on environmental uncertainty and enterprise R&D investment.The results show that the moderating effect of government subsidies is only on managers’ overconfidence.It is obvious in the sample that when managers have a high degree of confidence,on the one hand,agency problems are smaller,managers have less incentive to grab private gains,and government subsidies can really flow into innovative projects;on the other hand,managers who are overconfident Under the incentive of the signal transmission of government subsidies,they can be more confident to engage in R&D activities.Therefore,when managers are more confident,government subsidies can better weaken the inhibitory effect of environmental uncertainty on R&D investment,and managers are overconfident and There is a synergistic effect in the moderating effect of government subsidies.