摘要
宏观经济政策不确定性对我国企业技术创新有何影响是一个亟待解答的理论问题。本文使用2004—2015年我国A股上市公司的数据,采用Probit模型和面板固定效应模型实证分析了宏观经济政策不确定性对企业技术创新的影响。研究发现:宏观经济政策不确定性会加剧银行信贷风险,致使企业面临较强的融资约束,对企业技术创新具有明显的抑制作用;相对于国有企业,宏观经济政策不确定性对民营企业技术创新的抑制作用更强;相对于东部地区,宏观经济政策不确定性对于中西部地区企业技术创新的抑制作用更大。
Based on Probit model and panel fixed effect model,this paper investigates the impact of macroeconomic policy uncertainty on corporate technological innovation by using firm-level panel data from Chinese A-share listed companies from 2004to 2015.It is found that macroeconomic policy uncertainty,which exacerbates banks'credit risk and causes strong financing constraints,has a significant inhibiting effect on corporate technological innovation.Compared with state-owned firms,macroeconomic policy uncertainty has a stronger inhibiting effect on technological innovation of private firms.Compared with the eastern region,macroeconomic policy uncertainty has a greater inhibiting effect on corporate technological innovation in the central and western regions.
出处
《当代经济科学》
CSSCI
北大核心
2018年第4期48-57,共10页
Modern Economic Science
基金
陕西省软科学技术项目"科技创新引领带动产业转型升级研究"(项目编号:2017KRM045)
关键词
政策不确定
技术创新
融资约束
企业性质
金融发展水平
Policy uncertainty
Technological innovation
Financing constraints
Firm property
Financial development level
