Research On The Impact Of Environmental Uncertainty On Enterprise Technological Innovation

The Fifth Plenary Session of the 19 th CPC Central Committee clearly put forward that "we should adhere to the core position of innovation in the overall situation of China’s modernization construction,and take scientific and technological self-reliance as the strategic support for national development".The establishment of a powerful country in science and technology needs to constantly seek breakthroughs in independent innovation.At present,influenced by COVID-19,the world economic situation is complicated and the external market is uncertain.The uncertainty of enterprises is increasing,the pressure of operation and the threat of competition are increasing.Technological innovation just fits the needs of the development of the times.It is an effective driving force for enterprises to obtain competitive advantages and sustainable development,and drive the development of high quality enterprises.Therefore,it is very important for the sustainable development of enterprises to pay attention to the impact of environmental uncertainty on technological innovation.However,whether environmental uncertainty can affect the technological innovation activities of enterprises,whether it is opportunity oriented or risk oriented,and through what mechanism and path,are issues worthy of in-depth discussion in the theoretical and practical circles.Based on the existing research literature,this paper integrates the innovation theory,information asymmetry theory,agency theory and other related theories,divides the enterprise’s innovation activities into technology R&D stage and achievement transformation stage from the perspective of innovation value chain,and takes the data of China’s listed companies from 2008 to 2019 as the research sample to explore the effect of environmental uncertainty on enterprise’s technology innovation activities Research.This paper not only discusses the mediating effect of the two kinds of agency problems on environmental uncertainty and enterprise technological innovation,but also explores the influence of the mechanisms to alleviate agency problems(information transparency,government subsidies)on environmental uncertainty and enterprise technological innovation.The results show that,on the whole,environmental uncertainty has an inhibitory effect on technological innovation in both technology R&D stage and achievement transformation stage,and the negative effect can last for two years.Further research finds that agency problem has a mediating effect on environmental uncertainty and enterprise technological innovation.Environmental uncertainty aggravates the second type of agency problem,and hinders the input and output activities of enterprise technological innovation through agency problem.The mechanism of alleviating agency problem is further discussed.Information transparency and government subsidies can effectively alleviate the agency problem,so as to alleviate the agency problem.The relationship between environmental uncertainty and technological innovation activities(innovation input and production)is analyzed.The reliability of the data results is enhanced by replacing the measurement of variables,lagging main variables and other robustness testing methods.