The Research On The Impact Of The Business Environment Uncertainty On Corporate Innovation

Whether the trade war between China and the United States,the sudden COVID-19 or the war between Russia and Ukraine,it poses a huge challenge to the global economy,and the future economic outlook is full of uncertainty.These uncertain factors have a great impact on the daily business activities of enterprises,which not only increases the financing difficulty of enterprises and intensifies the increasingly fierce international competitive environment,but also affects the formulation of corporate strategy and decision-making.In the rapidly changing international situation,if Chinese enterprises want to maintain sustainable growth,they must seize opportunities and dare to innovate.Innovation is not only the key to the survival of enterprises in the era of economic globalization,but also the driving force of China’s technological progress.Looking at the international economic society,the competition between countries is in the final analysis the competition in the field of science and technology.As one of the important subjects of technological innovation,enterprises should undertake the important task of R & D and innovation.So,is environmental uncertainty an "opportunity" or a "trap" for enterprises? will it promote innovation or inhibit innovation? Further,what is the specific impact mechanism of environmental uncertainty on enterprise innovation? Is there a moderator? Is there heterogeneity in the innovation willingness of enterprises of different nature affected by uncertainty?In order to answer these questions,this paper first defines the concept of business environment uncertainty and corporate innovation,combs the relevant literature,summarizes the shortcomings of existing research,and defines the research ideas and methods of this paper.Secondly,it analyzes the inhibitory effect of business environment uncertainty on enterprise innovation from two channels: increasing financing constraints and weakening the effectiveness of internal control,and puts forward the regulatory effect of market competitive position on the relationship between them.Then,according to the different attributes of enterprises,this paper analyzes the "selection effect" of business environment uncertainty on corporate innovation.Finally,using the entropy method,this paper constructs a comprehensive index of business environment uncertainty including macro,industry and micro dimensions,and systematically analyzes the mechanism of business environment uncertainty affecting enterprise R & D innovation by taking the national A-share listed companies from 2010 to 2019 as a sample.The empirical results show that:(1)the uncertainty of business environment will inhibit the innovation behavior of enterprises.The higher the uncertainty,the less the R & D and innovation activities of enterprises;(2)Environmental uncertainty inhi bits the innovation behavior by increasing enterprise financing constraints and weakening the effectiveness of internal control;(3)Market competitive position can effectively alleviate the inhibitory effect of uncertainty on innovation;(4)Environmental uncertainty has a "selective effect" on corporate innovation.Specifically,the innovation of private enterprises,enterprises in central China,enterprises with small government subsidies,offensive enterprises,high tech industries and competitive indus tries is more affected by uncertainty.Based on the main conclusions of empirical research,this paper puts forward relevant policy suggestions to promote corporate innovation behavior.On the one hand,the Chinese government should actively broaden the f inancing channels of enterprises,avoid frequent changes in economic policies,issue targeted subsidies,increase subsidies to private enterprises,central enterprises,pioneering enterprises,high-tech industries and highly competitive industries,further activate the innovation power of Chinese enterprises.On the other hand,enterprises should pay attention to internal control management,enhance innovation awareness and strive for the goal of independent innovation in China.