摘要
本文构建随机动态优化模型研究宏观经济政策不确定性对企业研发投入影响的作用机制,并利用中国上市公司2008-2015年的相关数据对该问题进行了经验检验。研究发现:企业的研发投入与宏观经济政策不确定性正相关,即宏观经济政策不确定性具有敦促企业通过研发活动谋求自我发展的效应;越容易受不确定性因素影响的企业,宏观经济政策不确定性对企业研发投入的促进作用越强;研发投入转化为预期回报效率越高,风险偏好程度越高的企业,宏观经济政策不确定性对企业研发投入的促进作用越弱。
This paper builds a dynamic stochastic optimization model to study the impact of macro- economic policy uncertainty on R＆D expenditure of enterprises. In addition, we conduct empirical tests with data of A-share listed companies in China between 2008 and 2015. We find that R＆D expenditure of the enterprises is positively related to macroeeonomic policy uncertainty ; the more vulnerable the enterprise is to the uncertainty factors, the stronger the influence of uncertainty of the macroeconomic policies on the promoting R＆D expenditure; the more efficiently the enterprise turns R＆D expenditure into expected returns, the less intensely the uncertainty of the macroeconomic policies affects R＆D expenditure promotion ; the uncertainty of the macroeconomic policies has weaker effect on R＆D expenditure of the more risk-pre- ferred enterprises.
作者
孟庆斌
师倩
Meng Qingbin Shi Qian
出处
《世界经济》
CSSCI
北大核心
2017年第9期75-98,共24页
The Journal of World Economy
基金
中国人民大学科研基金(2017030185)的资助
关键词
研发投入
宏观经济政策不确定性
随机动态优化
R＆D expenditure, macroeconomic policy uncertainty, dynamic stochastic optimization
