An Empirical Study On The Impact Of Credit Constraints On The Innovation Sustainability Of Military-civilian Fusion Enterprises

The 19 th National Congress of the Communist Party of China has elevated the“deep development of military-civilian integration” as a national strategy,and it connects closely the realization of our country’s economic development,national defense development,accelerating the modernization of the national governance system,governance capabilities with winning the country’s strategic advantages.Since2015,as an important subject under the military-civilian integration strategy,the military-civilian integration industry has developed vigorously.The number of military-civilian integration enterprises has increased sharply,and their positions in various industries have gradually risen.In the era of the in-depth development of the knowledge economy and cooperative innovation,only long-term sustainable innovation and development of military-civilian integration enterprises can ensure the healthy,stable,and long-term operation of the military-civilian integration industry.Although military-civilian integration enterprises enjoy a large amount of government subsidies,the characteristics of military-civilian integration innovation projects such as high investment,high risk,high confidentiality,and long-term cycles have inevitably increased external financing costs for enterprises and enlarged the plight of insufficient funds for military-civilian integration innovation research and development.In recent years,the changes in our country’s domestic and international economic policy environment have gradually increased,and economic policy uncertainty has also had a profound impact on corporate financing and innovation.This paper conducts research on the influence mechanism of economic policy uncertainty,financing constraints,and the sustainability of innovation of military-civilian enterprises at both theoretical and empirical levels.It uses survival analysis to verify the innovation status of military-civilian enterprises,and uses the patent data and financial data of military-civilian fusion listed companies were constructed to construct a dynamic random effect profit model for empirical analysis,and further explored the impact of credit constraints on the sustainability of military-civilian fusion enterprises’ innovation under economic policy uncertainty.The empirical results show that military-civilian fusion enterprises are innovation-driven enterprises and have a state of continuous innovation for a period of time.Financing constraints have an incentive effect on the continuous innovation of military-civilian fusion enterprises,and economic policy uncertainty will inhibit the long-term innovation of military-civilian fusion enterprises.In the face of uncertain external economic policies,financing constraints can have a negative impact on the sustainability of military-civilian integration enterprises’ innovation and play a moderating role.Based on the above conclusions,this paper made policy recommendations for relevant government departments.