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论文编号：	12559
作者编号：	2120192877
上传时间：	2021/6/15 21:13:42
中文题目：	经济政策不确定性、融资约束与企业创新的 关系研究 ——基于创业板上市公司的实证
英文题目：	Research on the Relationship between Economic Policy Uncertainty, Financing Constraints and Enterprise Innovation ——Based on empirical study of listed companies on the Growth Enterprise Market
指导老师：	李莉
中文关键字：	经济政策不确定性；企业创新；融资约束；金融资产配置
英文关键字：	Keywords: Economic policy uncertainty; Enterprise innovation; Financing constraints; Financial asset allocation
中文摘要：	创新是经济发展的本质，是社会发展的核心因素。目前，我国经济已经进入新常态，传统以要素驱动经济增长的方式难以为继，科技创新成为新的驱动力。国家应将创新作为经济发展的重要引擎，打造独特的竞争优势。然而，技术创新通常会被许多方面不确定性因素所影响，经济政策不确定性就是其中一个重要的影响因素。从全球来看，一股保护主义、单边主义掀起的逆全球化浪潮，给世界经济带来了很大的不确定性。同时，我国正处在两个一百年交汇之际，是一个经济转轨时期，政府审时度势，不断调整现行的经济政策以适应我国经济社会的发展，宏观环境处于一个较高的不确定性状态，因此，分析经济政策不确定性对企业创新产生的影响以及作用机制具有重要的意义。 本文选取创业板上市企业 2014 年- 2019年数据作为样本，利用中介效应分析法和调节效应分析法，探讨经济政策不确定性对融资约束、企业创新的影响，并构建中介效应模型，分析经济政策不确定性是否会通过影响融资约束来进一步影响企业的创新研发，同时将金融资产配置作为调节变量纳入模型中，得到的实证结果如下：第一，经济政策不确定性会抑制当期以及滞后一期的企业创新。第二，融资约束在经济政策不确定性与企业创新之间发挥中介作用。第三，金融资产配置能够发挥蓄水池功能，一定程度上削弱经济政策不确定性对企业创新的负向影响。第四，经济政策不确定性对企业创新的关系在不同特质的公司中影响程度不同，经济政策不确定性对非国有企业以及受到政府补贴程度较低的企业创新活动抑制作用更强。最后，本文根据得到的研究结论，从政府和企业两个层面，提出应对经济政策不确定性，缓解融资约束以及激发企业创新活力的相关建议。
英文摘要：	Innovation is the essence of economic development and the core factor of social development. At present, Chinese economy has entered the new normal. The traditional method of factor-driven economic growth is unsustainable. Technological innovation has become the new driving force. China should regard innovation as an important engine of economic development and create unique competitive advantages. However, technological innovation is usually affected by uncertain factors in many aspects, and economic policy uncertainty is one of the important influencing factors. From the global perspective, a wave of anti-globalization triggered by protectionism and unilateralism has brought great uncertainty to the world economy. At the same time, our country is at the intersection of two centuries, which is a period of economic transition. The government constantly adjusts the current economic policies to adapt to economic and social development. The macro environment is in a state of high uncertainty. Therefore, it is of great significance to analyze the impact of economic policy uncertainty on enterprise innovation and the mechanism of action. This paper selects the data of Growth Enterprise Market listed companies from 2014 to 2019 as the sample, uses the intermediary effect analysis and the moderating effect analysis method to explore the impact of economic policy uncertainty on financing constraints and corporate innovation .This paper constructs a mediating effect model to analyze whether economic policy uncertainty will further affect the innovation and R&D of enterprises by affecting financing constraints. At the same time, financial asset allocation is incorporated into the model as a moderating variable. The empirical results obtained are as follows: First, economic policy uncertainty will inhibit current and lagging periods enterprise innovation. Second, financing constraints play an intermediary role between economic policy uncertainty and corporate innovation. Third, the allocation of financial assets can play the role of a reservoir, and weaken the negative impact of economic policy uncertainty on corporate innovation. Fourth, the relationship between economic policy uncertainty and corporate innovation has different effects in companies of different characteristics, and economic policy uncertainty has a stronger inhibitory effect on non-state-owned enterprises and enterprises that receive less government subsidies for their innovation activities. Finally, based on the research conclusions obtained, this article puts forward relevant suggestions on coping with economic policy uncertainty, alleviating financing constraints, and stimulating enterprise innovation vitality from the government and enterprise levels.
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