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经济政策不确定性、内外部治理因素与企业创新绩效

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随着科技创新步伐的加快,世界各国的经济政策均呈现不确定性的状态.宏观经济政策的不确性对微观企业的创新活动会产生何种影响,一直是学界关注的话题.本文基于2011-2020年中国上市公司的数据,探讨了经济政策不确定性和内外部治理因素对企业创新绩效的影响.研究发现:经济政策不确定性对企业实质性创新和策略性创新绩效均具有显著的促进效应;外部治理因素——环境规制对这种促进作用具有强化效应,且强化效应主要体现在企业的策略性创新活动中;无论是对实质性创新还是策略性创新绩效,内部治理因素——企业社会责任对这种促进作用均具有强化效应,且对实质性创新的强化效应更为明显;经济政策不确定性对企业创新绩效的促进效应主要体现在国有企业、不存在政治关联的企业和非高科技企业的创新活动中.研究结论有助于政府进一步优化与调整经济政策,引导和鼓励企业通过加强内部治理更好地实施创新驱动发展战略.
With the accelerated pace of sci-entific and technological innovation,the economic policies of all countries in the world are character-ized by uncertainty.How the uncertainty of macro-economic policies will affect the innovation activities of micro enterprises has been a topic of academic interest.This article explores the impact of economic policy uncertainty and internal and external govern-ance factors on enterprises innovation performance based on the data of Chinese listed companies from 2011 to 2020.The study finds that:economic policy uncertainty has a significant facilitating effect on enterprises substantive and strategic innovation per-formance;the external governance factor-environ-mental regulation has a reinforcing effect on this fa-cilitating effect,and the reinforcing effect is mainly reflected in enterprises strategic innovation activities;and the internal governance factor-Corporate Social Responsibility(CSR)has a reinforcing effect on this facilitating effect,both on the performance of substantive innovation and on the performance of strategic innovation,and the reinforcing effect is more pronounced on the performance of substantive innovation;the facilitating effect of economic policy uncertainty on enterprises innovation performance is mainly reflected in the innovation activities of state-owned enterprises,politically unaffiliated enter-prises,and non-high-tech enterprises.The findings of the study help the government to further optimize and adjust economic policies to guide and encourage enterprises to better implement the innovation-driven development strategy by strengthening internal gov-ernance.

Economic policy uncertaintyEnterprise innovation performanceEnvironmental regulationCorporate social responsibility

魏涛、朱钦林

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太原科技大学经济与管理学院

经济政策不确定性 企业创新绩效 环境规制 企业社会责任

山西省教育科学"十四五"规划2021年度课题2022年太原科技大学研究生联合培养示范基地项目2023年度太原科技大学研究生教育创新项目

GH-21539JD2022009SY2023047

2024

宏观经济研究
国家发展和改革委员会宏观经济研究院

宏观经济研究

CSSCICHSSCD北大核心
影响因子：1.739
ISSN：1008-2069
年,卷(期)：2024.(1)
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