Economic Policy Uncertainty,Financial Flexibility And Enterprise R & D Investment

Since the outbreak of the financial crisis in 2008,the global economy has been running in a downturn.Various governments have continuously introduced a series of new policies to deal with the impact of the financial crisis and alleviate the economic problems caused by the crisis.Economic policy uncertainty has become the focus of academic research.Under the current economic new normal,China’s economy is facing the opportunity of structural optimization and transformation and upgrading,and the R&D investment of enterprises is the internal driving force of a country’s economic development.Therefore,the strategy of building an innovative national country is placed at the core of national development.At present,China’s overall R&D investment is entering a period of rapid growth,and technological progress has become the main driving force for more enterprises to seek development.However,the fluctuation of economic policy will change the economic environment of enterprises,resulting in the inability to predict whether the investment can bring them profits and the future income scale,and thus affect their R&D investment.There are rich studies on the impact of economic policy uncertainty on enterprise R&D investment,but consistent conclusions have not been reached.Investment and financing are important topics in financial management,but there are few studies on combining enterprise R&D investment and financing under the uncertainty of economic policy.The development of listed companies in China is closely related to the economic policy,for practical reasons,this paper will be macro economic policy and micro level of enterprise decision-making behavior,the economic policy uncertainty,financial flexibility,enterprise R&D investment into the same framework,to encourage enterprises to strengthen R&D investment,improve the importance of financial flexibility and the future financial flexible policy formulation and implementation put forward reasonable Suggestions.This paper in 2008-2020 China Shanghai A-share listed companies as research samples,with optimal order financing theory,financing constraint theory,principal and agent theory,analyzes the influence of Chinese listed company economic policy uncertainty on enterprise R&D investment,and for the first time the enterprise financing policy(financial flexible policy)into the research framework,further analyzes the different financial flexible policy on the relationship between the two.The study found that:(1)the economic policy uncertainty has significantl y promoted the enterprise R&D investment,that is,the higher the economic po licy uncertainty,the higher the enterprise R&D investment.(2)Financial flexibi lity strengthens the positive effect of economic policy uncertainty on enterpriseR&D investment.(3)Further research has found that,compared with debt fle xibility,cash flexibility has a more significant effect in strengthening economic policy uncertainty and promoting R&D investment.The research conclusion of this paper provides evidence for enterprises to strengthen R&D investment and reasonably choose financial flexible policies under the uncertainty of economic policies.Enterprises should actively use the dividends brought by economic pol icies to increase R&D investment so as to improve the value of enterprises,bu t also reasonably choose financial flexible policies.