政府竞争视角下经济政策不确定性对企业创新的影响研究

Abstract
Figure/Table
References
Related Citation (15)

Download: PDF (1176 KB) HTML (1 KB)
Export: BibTeX | EndNote (RIS)

Abstract Based on the data of A-share listed companies from 2007 to 2020,this paper constructs empirical panel data containing macroeconomic policy uncertainty indicators,local government and listed company characteristics variables,and illustrates the mechanism of economic policy uncertainty's influence on firms' innovation behavior from the perspective of government competition.The study found that economic policy uncertainty has a positive effect on enterprise innovation and the impact is heterogeneous.The incentive effect on innovation input of state-owned enterprises,innovation output of non-state-owned enterprises and innovation level of high-tech enterprises is more obvious,and this conclusion still holds after a series of robustness tests.At the same time,it further explored its impact mechanism from the perspective of government competition,and found that economic policy uncertainty will stimulate enterprise innovation by promoting local governments to compete for innovation,while to compete for growth and compete for attracting investment will have a masking effect in the mechanism of economic policy uncertainty promoting enterprise innovation.The conclusions provide enlightenment for how the central government should reasonably encourage local governments to engage in healthy and orderly interaction and competition,so as to promote enterprises to improve their innovation ability in the face of uncertain environment.

Key words： Enterprise innovation Economic policy uncertainty Local government competition Masking effect

Received: 04 November 2021

PACS:

E790.37

	Service

	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	Zou Caifen
	Wang Yalei
	Zhou Yujia
	Wei Linpeng

Cite this article:

Zou Caifen,Wang Yalei,Zhou Yujia, et al. Research on the Impact of Economic Policy Uncertainty on Enterprise Innovation from the Perspective of Government Competition[J]. , 2022, 3(11): 56-68.

URL:

http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2022/V3/I11/56

[1]JULIO B,YOOK Y.Political uncertainty and corporate investment cycles[J].Journal of finance,2012,67 (1):45-83.
[2]耿中元,李统,何运信.经济政策不确定性对企业投资的影响——企业家信心的中介效应及代理成本的调节作用[J].复旦学报 (社会科学版),2021,63 (1):184-193.
[3]CALDEIRA E.Yardstick competition in a federation:theory and evidence from China[J].China economic review,2012,23 (4):878-897.
[4]王红建,李青原,邢斐.经济政策不确定性、现金持有水平及其市场价值[J].金融研究,2014 (9):53-68.
[5]陈德球,金雅玲,董志勇.政策不确定性、政治关联与企业创新效率[J].南开管理评论,2016,19 (4):27-35.
[6]顾夏铭,陈勇民,潘士远.经济政策不确定性与创新——基于我国上市公司的实证分析[J].经济研究,2018,53 (2):109-123.
[7]顾群,王文文,李敏.经济政策不确定性、机构投资者持股和企业研发投入——基于研发异质性视角[J].软科学,2020,34 (2):21-26.
[8]杜江,刘诗园.经济政策不确定性、金融发展与技术创新[J].经济问题探索,2020 (12):32-42.
[9]蒋腾,张永冀,赵晓丽.经济政策不确定性与企业债务融资[J].管理评论,2018,30 (3):29-39.
[10]张倩肖,冯雷.宏观经济政策不确定性与企业技术创新——基于我国上市公司的经验证据[J].当代经济科学,2018,40 (4):48-57,126.
[11]弗兰克·奈特.风险、不确定性与利润[M].安佳,译.北京:商务印书馆,2010.
[12]AGHION P,BlOOM N,GRIFFITH R,et al.Competition and innovation:an inverted-u relationship[J].Quarterly journal of economics,2005,120 (2):701-728.
[13]梁权熙,田存志,詹学斯.宏观经济不确定性、融资约束与企业现金持有行为——来自中国上市公司的经验证据[J].南方经济,2012 (4):3-16.
[14]董小红,刘向强.经济政策不确定性会影响股票流动性吗——基于中国上市公司的经验证据[J].商业经济与管理,2020 (8):57-69.
[15]曹建海,邓菁.补贴预期、模式选择与创新激励效果——来自战略性新兴产业的经验证据[J].经济管理,2014,36 (8):21-30.
[16]王鹏,王健,林津,等.引资竞争、财政竞争与地方政府土地供给策略互动行为——基于271个地级市土地交易数据[J].中国土地科学,2020,34 (8):33-43.
[17]傅勇,张晏.中国式分权与财政支出结构偏向:为增长而竞争的代价[J].管理世界,2007 (3):4-12,22.
[18]陈凯,肖鹏.财政分权、地方政府竞争与技术创新——基于277个地级市的空间计量分析[J].中国科技论坛,2021 (2):69-79.
[19]李玉梅,桑百川.FDI与我国内资企业自主创新互动关系的实证分析[J].国际贸易问题,2011 (2):126-135.
[20]LU Y,TAO Z,ZHU L.Identifying FDI spillovers[J].Journal of international economics,2017 (7):75-90.
[21]曾国安,马宇佳.论FDI对中国本土企业创新影响的异质性[J].国际贸易问题,2020 (3):162-174.
[22]张梁梁,杨俊,罗鉴益.财政分权视角下地方政府科技支出的标尺竞争——基于265个地级市的实证研究[J].当代财经,2016 (4):29-39.
[23]肖建华,胡精劲.财政分权与省域科技创新效率——基于地方政府竞争中介效应[J].华东经济管理,2021,35 (3):1-9.
[24]BlOOM N.The impact of uncertainty shocks[J].Econometrica,2009,77 (3):623-685.
[25]BORN B,PFEIFER J.Policy risk and the businesscycle[J].Journal of monetary economics,2014,68:68-85.
[26]GHIRELLI C,GIL M,PÉREZ J,et al.Measuring economic and economic policy uncertainty and their macroeconomic effects:the case of Spain[J].Empirical economics,2019,60 (2):869-892.
[27]COLOMBO V.Economic policy uncertainty in the US:does it matter for the Euro area[J].Economics letters,2013,121 (1):39-42.
[28]胡奕明,顾祎雯.地方政府债务与经济增长—基于审计署2010-2013年地方政府性债务审计结果[J].审计研究,2016 (5):104-112.
[29]定明捷,张梁.地方政府政策创新扩散生成机理的逻辑分析[J].社会主义研究,2014 (3):75-82.
[30]刘柳,屈小娥.经济政策不确定性环境下地方政府债务扩张动因再检验——基于新口径城投债视角的实证分析[J].财政研究,2019 (10):32-46.
[31]MACKINNON D P,KEULL J L,LOCKWOOD C M.Equivalence of themediation,confounding and suppression effect[J].Prevention science,2000,1 (4):173-181.
[32]温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,22 (5):731-745.
[33]李文贵,余明桂.民营化企业的股权结构与企业创新[J].管理世界,2015 (4):112-125.
[34]BAKER S R,BLOOM N,DAVIS S J.Measuring economic policy uncertainty[J].The quarterly journal of economics,2016,131 (4):1593-1636.
[35]DAVIS S J,LIU D,SHENG X S.China Policy uncertainty indices based on mainland papers[EB/OL].(2019-01-04)[2021-09-27].http://www.policyuncertainty.com/china_monthly.html.
[36]卞元超,白俊红. “为增长而竞争”与 “为创新而竞争”——财政分权对技术创新影响的一种新解释[J].财政研究,2017 (10):43-53.
[37]吴勋,白蕾.财政分权、地方政府行为与雾霾污染——基于73个城市PM2.5浓度的实证研究[J].经济问题,2019 (3):23-31.
[38]何凌云,马青山.财政分权对城市创新的影响——基于地方政府竞争视角[J].经济与管理研究,2020,41 (10):132-144.