|
|
|
| How does Policy Uncertainty Affect Enterprise's Innovation Performance: An Analysis of Mediating Role of Interregional R&D Factor Flow |
| Wang Jinfu,Li Jiahui,Zhang Yingying |
| (School of Management, Xi'an Polytechnic University, Xi'an 710048, China) |
|
|
|
|
Abstract Enterprises are rational economic subjects, and their profit-seeking nature of enterprises will make the uncertain policy environment either beneficial or detrimental to enterprise innovation. Although many scholars point out that the reasons for the divergence of benefits and drawbacks may lie in enterprise heterogeneity or differences in enterprise investment approaches, and argue that the rational use of market uncertainty caused by policy uncertainty to boost enterprise innovation development is the optimal choice in reform, most research findings still end up helplessly pointing to the need for government to maintain policy stability, and fail to provide concrete guidance on how governments can apply the potential advantages of policy uncertainty. An important reason for this is the disconnect between real-world needs and academic research findings. The heterogeneity of policy goals and measures in reality will inevitably lead to diverse policy uncertainties, while academics currently still take a holistic view of the relationship between policy uncertainty and firm innovation performance, which ultimately leads to a gap between practice and theory. As policy uncertainty induced by relevant policy adjustments in China in recent years has generally improved firm innovation, and an in-depth analysis of which type of policy uncertainty has played a positive role would be helpful to strengthen this incentive effect and provide comprehensive suggestions for policy system construction.#br#Due to the limitations of the research perspective, previous studies implied that the R&D factors of enterprises only came from local government agencies or financial institutions such as banks, and mostly focused on the role of intra-regional R&D factor inputs in the policy uncertainty and enterprise innovation performance. In fact, unlike the concept of regional R&D factor input as stock, the uneven regional spatial development pattern of information technology development overlays the inter-regional flow of R&D factors as a new driving force for enterprise innovation development, and differs significantly from the regional stock of R&D factors in innovation effect. In this context, if we still analyze how intra-regional R&D factors influence firms' innovation decisions in an uncertain policy environment from a static perspective and ignore the inter-regional interactions, we will inevitably be out of touch with the reality of firms' innovation practices.#br#The data in this study is from 2007-2019. Among them, all the data related to enterprises come from China Science and Technology Statistical Yearbook and China High Technology Industry Statistical Yearbook. To ensure the reliability of the regression results, this paper deflates all the nominal value data to obtain the actual value. At the same time, all data, except for the flow of R&D factors, are logarithmically processed.#br#The findings of the study are as follows :(1) in general, policy uncertainty is detrimental to firm innovation performance and R&D factor flow, specifically, policy uncertainty at the supply level has a negative effect on firm innovation performance and R&D factor flow, while the opposite is true for policy uncertainty at the demand and environment levels; (2) R&D factor flow such as talent and capital both play a partial mediating effect between policy uncertainty and firm innovation performance; (3) it's found that policy uncertainty at the supply level negatively affects firms' innovation performance by inhibiting the flow of R&D factors such as talent and capital, while policy uncertainty at the demand and environment levels positively affects firms' innovation performance by promoting the flow of R&D factors such as talent and capital.#br#This paper takes a government perspective and analyzes the impact of different types of policy uncertainty on firm innovation performance. In addition, instead of taking a static perspective to analyze the role of regional R&D factor, this paper focuses on the mediating role of inter-regional R&D factor flow with the assumption of spatial correlation to provide a new perspective and new ideas on the mechanism of policy uncertainty and provide a theoretical basis for the rational use of R&D factors by enterprises.#br#
|
|
Received: 17 February 2022
|
|
|
|
|
|
| [1] AKRON S,DEMIR E, JMD ESTEBAN, et al. Economic policy uncertainty and corporate investment: evidence from the U.S. hospitality industry[J].Tourism Management,2020,77(6):104-119.[2] DEJUAN-BITRIA D, GHIRELLI C. Economic policy uncertainty and investment in Spain[J]. Journal of the Spanish Economic Association, 2021,58(5):1-38.[3] WU ZHANG,ZHANG ZOU. The economic policy uncertainty and firm investment in Australia[J]. Applied Economics,2020,52(31):1-25.[4] WEEDS H.Strategic delay in a real options model of R&D competition[J].The Review of Economic Studies,2002,69(3):729-747.[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] 赵萌,叶莉,范红辉.经济政策不确定性与制造业企业创新——融资约束的中介效应研究[J].华东经济管理,2020,34(1):49-57.[7] 邓江花,张中华.经济政策不确定性与企业创新投资[J].软科学,2021,35(6):23-28.[8] 卓乘风,邓峰.创新要素流动与区域创新绩效——空间视角下政府调节作用的非线性检验[J].科学学与科学技术管理,2017,38(7):15-26.[9] CLAESSENS S,FEIJEN E,LAEVEN L. Political connections and preferential access to finance: the role of campaign contributions[J]. CEPR Discussion Papers, 2007, 88(3):554-580.[10] 张永安,关永娟.创新政策工具组合、创新能力与创新绩效研究[J].科技进步与对策,2020,37(21):118-126.[11] 李妹,高山行.环境不确定性、组织冗余与原始性创新的关系研究[J].管理评论,2014,26(1):47-56.[12] 赵红,杨震宁.环境不确定性、研发管理与技术创新绩效间关系的实证分析[J].技术经济,2017,36(8):9-17,47.[13] 任广乾,徐瑞,刘莉,等.制度环境、混合所有制改革与国有企业创新[J/OL].南开管理评论:1-20[2022-06-06]. http://kns.cnki.net/kcms/detail/12.1288.f.20220512.1141.002.html.[14] 崔世娟,李玲玉,汤迎丰,等.制度环境不确定性、联盟组合配置与企业绩效：一个基于fsQCA方法的研究[J].科技管理研究,2022,42(1):140-148.[15] 杨省贵,顾新.区域创新体系间创新要素流动研究[J].科技进步与对策,2011,28(23):60-64.[16] 陈德球,陈运森,董志勇.政策不确定性、市场竞争与资本配置[J].金融研究,2017，60(11):65-80.[17] 韩峰,王业强.市场潜力、政府干预与人口城市化[J].中国人口科学,2017，31(1):59-70,127.[18] 郭平.政策不确定性与企业研发投资:“延迟效应”还是“抢占效应”——基于世界银行中国企业调查数据的分析[J].山西财经大学学报,2016,38(10):1-12.[19] 张永安,耿喆,王燕妮.区域科技创新政策分类与政策工具挖掘——基于中关村数据的研究[J].科技进步与对策,2015,32(17):116-122.[20] 杨洋,魏江,罗来军.谁在利用政府补贴进行创新——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015,31(1):75-86,98,188.[21] 白俊红,王钺,蒋伏心,等.研发要素流动、空间知识溢出与经济增长[J].经济研究,2017,52(7):109-123.[22] 李静,楠玉.人才为何流向公共部门——减速期经济稳增长困境及人力资本错配含义[J].财贸经济,2019,40(2):20-33.[23] 张炜,费小燕,肖云,等.基于多维度评价模型的区域政策评估——以江浙沪三省为例[J].科研管理,2016,37(S1):614-622.[24] 方辉. 区域创新政策评价指标体系构建与应用研究[D].杭州：杭州电子科技大学,2015.[25] 樊霞,陈娅,张巧玲.经济政策不确定性、政府隐性担保与企业创新持续性[J].管理学报,2020,17(9):1347-1354.[26] 王进富,李嘉辉,张颖颖,等.政府资助波动、技术市场发展程度与国有企业R&D投入[J].科技进步与对策,2021,38(10):28-35.[27] 蒋天颖,谢敏,刘刚.基于引力模型的区域创新产出空间联系研究——以浙江省为例[J].地理科学,2014,34(11):1320-1326.[28] 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.[29] 吴延兵.R&D与生产率——基于中国制造业的实证研究[J].经济研究，2006,39(11):60-71. |
|
|
|
