| Innovation plays a key role in an economy with sustained economic growth and is an inexhaustible source of economic growth.If one country wants to establish itself in the international community,it needs to reach the world leading position in for example science,technology,culture and other aspects.In the process of reaching the summit,what is the most needed is the inexhaustible innovation.The report of the 20 th National Congress of the CCP indicate that the problem of unbalanced and insufficient development in China is still outstanding,there are many bottlenecks in promoting high-quality development,and the ability of scientific and technological innovation is still not strong.In this regard,it is proposed to improve the scientific and technological innovation system,adhere to the core position of innovation in the overall situation of China’s modernization construction,and rank in the forefront of innovative countries before 2035,which reflects the importance of China’s strategic level on technological innovation.In recent years,frequent exogenous events(such as the COVID-19 epidemic)have not only seriously disrupted the world economic order,had an exogenous impact on the stable development of the world economy,but also put world economy on risk.In the face of the changing macroeconomic environment,the Chinese official has carried out a variety of economic policies to deal with it,which makes the uncertainty of China’s economic policies rise continuously,thus affecting the micro enterprise behavior.As the most dynamic individual in the economy,enterprises are the strongest main force of innovation in China.Therefore,it is necessary to figure out the influence of economic policy uncertainty on corporate innovation and its way to explore the path of high-quality economic development.In this regard,this paper uses the unbalanced panel data of A-share listed companies from 2012 to 2021 as the research sample,and analyzes the influence of economic policy uncertainty on corporate innovation based on the three transmission paths of corporate financialization,financing constraints and investor sentiment;Based on the heterogeneity of the nature of enterprise ownership,the Listing sector and geographical location factors,this paper explores the impact of economic policy uncertainty on corporate innovation.The research results show that: firstly,the rise of economic policy uncertainty will have an inhibitory effect on corporate innovation in general;Secondly,the rising uncertainty of economic policy will squeeze out the innovation investment of enterprises by expanding the degree of corporate financialization,and then inhibit innovation;Thirdly,the rising uncertainty of economic policy will inhibit enterprise innovation by increasing corporate financing constraints;Fourthly,the rising uncertainty of economic policy will inhibit corporate innovation by reducing investor sentiment;Last,the rising uncertainty of economic policy will have different impacts on different types of enterprises.Specifically,the rise of economic policy uncertainty has a stronger inhibition on the innovation of non-state-owned enterprises,enterprises listed on the GEM and enterprises in the eastern region.In view of the above research conclusions,this paper puts forward the following Proposals: First of all,maintain the stability and predictability of the policy,and make sure the accuracy and long-term effectiveness of the policy implementation;Secondly,accelerate the cooperation and innovation between government and enterprises,and encourage local government to hold shares in local non-state-owned enterprises;Thirdly,we should accelerate the reform of the credit system in the financial market,ease the financing constraints of small and medium-sized enterprises,and enhance the innovative and scientific research capabilities of small and medium-sized enterprises.Finally,keep the internal cash flow of the enterprise stable and establish corresponding risk responding mechanism. |
