|
|
Risk or Opportunity:the Impact of Economic Policy Uncertainty on Breakthrough Innovation in Manufacturing Industry |
Xu Chaoyang,Zhao Xiaoyang,Xu Guang |
(Wuhan Textile University Accounting College,Wuhan 430200,China) |
|
|
Abstract Using the data of China's A-share manufacturing listed companies from 2010 to 2017,this study based on the theory of real options and the theory of macroeconomic policy uncertainty,which revealed the mechanism of the impact of economic policy uncertainty on breakthrough innovation in manufacturing.And from the perspective of behavioral finance,this paper examines the role of managers' overconfidence in regulating the relationship between the two.The results of the study show that economic policy uncertainty have a depressing effect on breakthrough innovation in manufacturing,and this inhibition is more pronounced in advanced manufacturing.Overconfidence of managers has weakened the inhibitory effect of economic policy uncertainty on manufacturing breakthroughs.Non-state-owned manufacturing enterprises are more affected by economic policy uncertainty than state-owned manufacturing enterprises,and the regulation of managers' overconfidence is more prominent in non-state-owned manufacturing enterprises.In addition,by further analyzing the impact of economic policy uncertainty on breakthrough innovation in manufacturing,it is found that financing constraints play a mediating role in economic policy uncertainty and breakthrough innovation.The conclusions of the study have certain implications for the manufacturing industry to reduce the risk of economic policy uncertainty and seek opportunities for high-quality development.
|
Received: 05 November 2019
|
|
|
|
|
[1] SALIHA Z.Supporting absorptive capacity for knowledge brokers:evidence of Canadian health organizations[J].Internation-al Journal of Innovation and Technology Management,2013,10 (3) :1-18.[2] WEEDS H.Strategic delay in a real options model of R&D competition[J].The Review of Economic Studies,2002,69 (3) :729-747.[3] 沈毅,张慧雪,贾西猛.经济政策不确定性、高管过度自信与企业创新[J].经济问题探索,2019(2):39-50.[4] 孟庆斌,师倩.宏观经济政策不确定性对企业研发的影响:理论与经验研究[J].世界经济,2017(9) :75-98.[5] 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.[6] GULEN H,ION M.Policy uncertainty and corporate investment[J].The Review of Financial Studies,2015,29(3):523-564[7] 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.[8]KALAMOVAM,JOHNSTONEN,HASCIC I.Implications of policy uncertainty for innovation in environmental technologies:the case of public R&D Budgets[M].Netherlands:Springer,2012:99-116. [9] 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.[10] BERNANKEB S.Irreversibility,uncertainty,and cyclical investment[J].Quarterly Journal of Economics,1983,98(1):85-106.[11] 亚琨,罗福凯,李启佳.经济政策不确定性、金融资产配置与创新投资[J].财贸经济,2018,39(12):95-110.[12] 宋玉禄,陈欣,施文韵.经济政策不确定性冲击下企业研发的“风险”与“机遇”——基于传统产业与先进制造业对比[J].企业经济,2018,37(10):35-43.[13] ORTEGA-ARGILES R,PIVA M,POTTERS L,et al.Is corporate R&D investment in high-tech sectors more effective[J].Contemporary Economic Policy,2010,28(3):353-365.[14]ROLL R.The hubris hypothesis of corporate takeovers[J].Journal of Business,1986,59(2):197-216. [15] 余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013 (1) :149-163.[16] 王山慧,王宗军,田原.管理者过度自信与企业技术创新投入关系研究[J].科研管理,2013,34(5):1-9.[17] 张信东,郝盼盼.企业创新投入的原动力:CEO个人品质还是早年经历——基于CEO过度自信品质与早年饥荒经历的对比[J].上海财经大学报,2017,19(1):61-74.[18] 魏哲海.管理者过度自信、资本结构与公司绩效[J].工业技术经济,2018,37(6):3-12.[19] 张峰,刘曦苑,武立东,等.产品创新还是服务转型:经济政策不确定性与制造业创新选择[J].中国工业经济,2019(7):101-118.[20] 易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101-112.[21] 鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,48(1):4-16.[22] 温忠麟,侯杰泰,张雷.调节效应与中介效应的比较和应用[J].心理学报,2005(2):268-274. |
|
|
|