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| 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） |
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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.
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Received: 05 November 2019
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