Hainan Vocational University of Science and Technology, Haikou, China.
Jiangxi Administration Institute, Nanchang, China.
PLoS One. 2022 Nov 15;17(11):e0272983. doi: 10.1371/journal.pone.0272983. eCollection 2022.
This paper uses data of Chinese listed enterprises and economic policy uncertainty index for empirical analysis, and conducts a study through three channels of monetary policy uncertainty affecting enterprise innovation investment, and finds that economic policy uncertainty has a positive promotion effect on enterprise R&D investment, and its increase in tension is instead a clear signal that can effectively increase enterprise R&D investment, this promotion effect seems unexpected, this paper Through theoretical analysis and combined with the actual practice, this incentive effect is found to be in line with reality. However, in the subsequent heterogeneity analysis, this paper finds that it positively promotes R&D investment when economic policy uncertainty is low and may have a suppressive effect on R&D investment when monetary policy uncertainty is high.
本文使用中国上市企业数据和经济政策不确定性指数进行实证分析，通过货币政策不确定性影响企业创新投资的三个渠道进行研究，发现经济政策不确定性对企业 R&D 投资具有正向促进作用，其紧张程度的增加反而成为有效增加企业 R&D 投资的明确信号，这种促进作用似乎出乎意料，本文通过理论分析并结合实际情况，发现这种激励效应符合现实。然而，在后续的异质性分析中，本文发现，当经济政策不确定性较低时，它会对 R&D 投资产生正向促进作用，而当货币政策不确定性较高时，可能会对 R&D 投资产生抑制作用。
