Economic Policy Uncertainty,Dual Innovation And Total Factor Productivity Of Resource-based Firms

This paper is based on the project of National Social Science Foundation of China(22XGL003),the Key Project of National Natural Science Foundation of China(71631006)and the Major Project Cultivation Program of Jiangxi University of Science and Technology(19ZDPY-08).Taking the impact of the total factor productivity of resource-based enterprises on the fluctuation of economic policy uncertainty as the main line of research,the methods of comparative analysis,combination of theoretical analysis and empirical analysis,and combination of inductive analysis and deductive analysis are selected.On the basis of summarizing and analyzing the relevant literature and theoretical basis of the total factor productivity and policy uncertainty of enterprises,This paper explores the possible impact of economic policy uncertainty on the total factor productivity of resource-based enterprises and the mechanism of the two dimensions of dual innovation,seeks ways and methods for resource-based enterprises to deal with economic policy uncertainty,and puts forward relevant policy suggestions after empirical analysis.The main research contents and conclusions are as follows:First of all,the paper briefly introduces the prospect theory,investment theory,organizational dual theory,contingency theory,endogenous growth theory,real option theory and other related theories involved in the research.In addition,relevant research results at home and abroad are systematically reviewed from four aspects: economic policy uncertainty,total factor productivity of enterprises,the relationship between economic policy uncertainty and total factor productivity of enterprises,and dual innovation,which provides theoretical and literature basis for the study on the relationship between foreign equity ratio and export performance of enterprises in this paper.A comprehensive analysis shows that most of the studies on economic policy uncertainty have long focused on the overall impact at the macro level,but less on the micro level of economic policy uncertainty.At the same time,there are few literatures to explore the impact of economic policy uncertainty on the total factor productivity of enterprises and identify the mechanism.Targeted studies based on the data samples of resource-based enterprises that play an important supporting role in our economy are rare.In addition,with the introduction of the concept of bivariate innovation into the field of technological innovation,there are few literatures on the study of firms’ bivariate innovation as a mechanism,and there is still much room for exploration on how firms’ bivariate innovation choices affect the relationship between economic policy uncertainty and total factor productivity in different macro environments and micro-management situations.Based on the above literature review,this paper analyzes the mechanism of economic policy uncertainty on the total factor productivity of resource-based enterprises,and proposes relevant research hypotheses.Secondly,the data samples of 345 listed Chinese resource-based enterprises from 2007 to2021 are selected,and the intermediary effect model is established based on the least square method fixed effect and the regression analysis is carried out.Explore whether economic policy uncertainty will affect the total factor productivity of resource-based enterprises,and what transmission mechanisms the two dimensions of dual innovation,exploitative innovation and exploitative innovation,play respectively in the process of economic policy uncertainty affecting the total factor productivity of resource-based enterprises.After controlling the control variables such as R&D investment,enterprise scale,asset-liability ratio,return on assets,enterprise growth,export status and cash flow,the mediating effects of exploratory innovation and exploitative innovation are compared and analyzed.The regression results show that economic policy uncertainty has a significant inhibitory effect on the total factor productivity of resource-based enterprises.After further exploring the mediating effect of binary innovation,it is found that exploratory innovation plays a significant mediating effect between the two.The increase of economic policy uncertainty will significantly reduce the exploratory innovation activities of resource-based enterprises,and then reduce the total factor productivity of resource-based enterprises.However,utilization innovation plays a masking effect between the two relationships.The increase of economic policy uncertainty will significantly promote utilization innovation of resourcebased enterprises,and thus improve the total factor productivity of resource-based enterprises.Thirdly,based on the benchmark model,a moderating effect model containing the competitive position of enterprises and the degree of industry competition is constructed,and the negative moderating effect of the uncertainty of economic policy on the total factor productivity of resource-based enterprises is empirically tested.The research shows that the higher the competitive status of resource-based enterprises and the fiercer the degree of industry competition,the less the negative impact of economic policy uncertainty on the total factor productivity of resource-based enterprises.In addition,this paper also explores the property rights nature and life cycle heterogeneity of resource-based enterprises.Empirical results show that the inhibition effect of economic policy uncertainty on the total factor productivity of resource-based enterprises is significant in non-state-owned enterprises,resource-based enterprises at maturity and growth stage,but not significant in state-owned enterprises and resource-based enterprises at decline stage.Finall,this paper summarizes the research conclusions,lists the main innovation points,and gives corresponding policy suggestions and decision-making reference from the government level and enterprise level based on the conclusions,which provides decisionmaking reference basis for Chinese resource-based enterprises to reasonably cope with economic policy risks,steadily improve the total factor productivity,and achieve high-quality development during the strategic transformation period.