Research On The Influence Of Economic Policy Uncertainty On The Peer Effect Of Enterprise Innovation Investment

Under the new situation of scientific and technological revolution,the global innovation competition is increasingly fierce,and our innovative development faces new opportunities and challenges.As the main body of scientific and technological innovation,enterprises’ innovation level is the key to promote the whole society’s innovation development.An important source of funding for promoting innovative business development,innovation investment is important for improving the innovation ability and level of firms and even the whole society.Because the uncertainty of innovation projects themselves and the external environment will exacerbate the problem of information asymmetry,managers tend to learn from and imitate the innovative investment decisions of other firms in the same group in order to reduce information acquisition costs and decision risks,leading to the generation of the peer effect of enterprise innovation investment.Especially when economic policies are uncertain,the ambiguity and uncertainty of the external business environment are intensified,and enterprises are faced with more serious information asymmetry and principal-agent problems when making innovation investment.At this time,managers tend to choose innovation investment decisions similar to those of other enterprises in the same group,whether for the consideration of reducing information acquisition costs or safeguarding personal interests.It further intensifies the peer effect of enterprise innovation investment.In this context,it is worth exploring how economic policy uncertainty affects the conglomeration effect of enterprise innovation investment.Based on this,this paper first analyzes the intrinsic logical relationship between enterprise innovation investment,cohort enterprise innovation investment and economic policy uncertainty at the theoretical level.Secondly,taking the A-share listed companies from 2011 to 2020 as research samples,we analyze the existence of the peer effect of enterprise innovation investment and the impact of economic policy uncertainty on it,and conducts a series of robustness tests.In the further analysis,the mechanism of economic policy uncertainty affecting firm innovation investment peer effect,property rights heterogeneity and industry innovation investment change direction heterogeneity are studied.Finally,corresponding policy recommendations are made based on the conclusions.After the above analysis,the conclusion is as follows:(1)There is a peer effect on enterprise innovation investment;(2)Economic policy uncertainty exacerbates the peer effect of enterprise innovation investment;(3)Economic policy uncertainty affects this effect through information acquisition and principal-agent mechanism.Compared with enterprises with information advantages,the peer effect of innovation investment in enterprises with information disadvantages is more significant.Compared with enterprises with higher governance level,enterprises with lower governance level in the industry have more significant innovation investment peer effect.(4)This effect is affected by economic policy uncertainty differently for firms with different property rights.(5)There are significant differences in the influence of economic policy uncertainty on this effect in different changing directions.Compared with the decrease of the overall innovation investment in the industry,when the overall innovation investment in the industry increases,the peer effect of enterprise innovation investment is more significantly affected by economic policy uncertainty.The innovation of this paper is mainly reflected in: firstly,it expands the conduction path of group effect of macro-environment on enterprise innovation investment.At present,most of the researches on the co-group effect of enterprise innovation investment focus on the micro enterprise characteristics,but lack the analysis of macro environment.Therefore,the research in this paper expands the conduction path of the homogeneity effect of macro environmental influence.Secondly,it deepens the research content of the cohort effect of economic policy uncertainty on enterprise innovation investment.This paper studies the mechanism of economic policy uncertainty affecting the effect,property right heterogeneity and industry innovation investment change direction heterogeneity,which can guide enterprises to conduct rational imitation learning of peers,so as to improve innovation investment and innovation ability.