经济政策不确定性与创新—基于我国上市公司的实证分析 阅读全文
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Title | Economic Policy Uncertainty and Innovation——Evidence from Listed Companies in China
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作者 | 顾夏铭 陈勇民 潘士远 |
Author | Gu Xiaming,Chen Yongmin and Pan Shiyuan |
作者单位 | 浙江大学经济学院;美国科罗拉多大学 |
Organization | Zhejiang University;University of Colorado |
作者Email | xiaminggu@zju.edu.cn;yongmin.chen@colorado.edu;shiyuanpan@zju.edu.cn |
中文关键词 | 经济政策不确定 创新 R&D 专利 |
Key Words | Economic Policy Uncertainty; Innovation; R&D; Patent |
内容提要 | 本文构建了一个经济政策不确定性如何影响企业创新的理论机制,提出经济政策不确定性会对企业创新产生激励效应和选择效应。在此基础上,本文利用Baker et al.(2016)构建的中国经济政策不确定性指数和我国上市公司的创新数据来进行实证研究。结果表明,与经济政策不确定性抑制企业投资活动的已有结论不同,经济政策不确定性正向影响上市公司R&D投入和专利申请量。此外,这一经济政策不确定性与创新活动的关系受政府补贴、金融约束、企业所有权性质、行业特征等因素影响,这与经济政策不确定性对企业创新产生的选择效应和激励效应相吻合。 |
Abstract | This paper gives a mechanism on how economic policy uncertainty influences innovation. It puts forwards that economic policy uncertainty will have both incentive effect and selective effect on firm's innovative activities. Using the Economic Policy Uncertainty index of Baker, Bloom, and Davis (2016) and data of listed companies in China, we conduct empirical research on how innovative activities are affected by economic policy uncertainty. The empirical results indicate that economic policy uncertainty positively affects both R&D and patent application among the listed companies in China, contrary to its known negative impact on firm investment. Moreover, this relationship between policy uncertainty and innovations is influenced by factors such as government subsidy, financial constraint, ownership, and industry characteristics; it is consistent with the view in our mechanism that policy uncertainty can have selective and incentive effects on firm innovation. |
文章编号 | WP1313 |
登载时间 | 2018-12-12 |
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