The Impact Of Economic Policy Uncertainty On Enterprise Innovation

This is clearly about the importance of national economic policies for the development of enterprises,and stable economic policies are conducive to the development and progress of enterprises.The long-term development of an enterprise cannot be separated from the innovation in all aspects.To some extent,the innovation of an enterprise represents the development ability of an enterprise.Therefore,this paper takes China’s economic policy uncertainty index as an indicator to study the impact of economic policy uncertainty on enterprise innovation.Considering that enterprises may be affected by the fluctuation of macro environment and performance pressure to make more financial investment,showing a higher level of financialization,which will have an impact on enterprise innovation.Therefore,this paper puts firm financialization in the framework of the influence of economic policy uncertainty on firm innovation and tests the mediating effect of firm financialization.By referring to relevant studies and considering the availability of data,this paper conducts empirical research based on the data of listed non-financial enterprises in Chinese mainland from 2011 to 2021 and obtains the following results:(1)Although economic policy uncertainty can effectively promote innovation input of enterprises,it inhibits innovation output and innovation efficiency.(2)Although economic policy uncertainty can effectively promote corporate financialization,it mainly promotes water-storing financialization and inhibits profit-seeking financialization.(3)Firm financialization plays a partial mediating role in the way that economic policy uncertainty promotes firm innovation input,but it should be explained according to the masking effect.(4)Corporate financialization plays a partial intermediary role in the way that economic policy uncertainty reduces corporate innovation output,in which water-storing finance becomes the intermediary effect and profit-seeking finance becomes the masking effect.(5)Corporate financialization plays an intermediary role in the path that economic policy uncertainty reduces corporate innovation efficiency,among which profit-driven financialization and water-storage financialization should be explained according to the masking effect.According to the conclusion,the following suggestions are put forward:(1)Enterprises should pay more attention to innovation efficiency,reduce ineffective investment and increase innovation transformation.(2)Enterprises should flexibly allocate financial assets and make proper use of the role of "profit-seeking" and "reservoir" of corporate financial assets to promote the development of enterprises and avoid excessive financialization.(3)Enterprises should comprehensively consider the relationship between innovation investment and financial investment to promote the sound development of enterprise financialization and enterprise innovation.(4)In order to promote enterprise innovation,the national government should ensure the stability of national economic policies as far as possible,and formulate corresponding policies to promote enterprise innovation at the same time.