Economic Policy Uncertainty,Government Subsidies and Innovation of Agriculture-related Enterprises
Based on the sample of China's A-share agriculture-related listed companies from 2011 to 2021,this paper explores the impact of economic policy uncertainty on the innovation investment of agriculture-related enterprises and the moderating effect of government subsidies.The study found that economic policy uncertainty is positively stimulating the innovation investment of agriculture-related enterprises.Heterogeneity test shows that this incentive effect is more obvious in agricultural enterprises with high government subsidies,high SA index,state-owned property rights,and location in southern and central regions;government subsidies negatively regulate the relationship between economic policy uncertainty and innovation investment of agriculture-related enterprises.The heterogeneity test shows that this moderating effect is particularly significant in agricultural enterprises with high government subsidy,low SA index,non-state-owned property rights,southern and eastern regions,but has a significant positive moderating effect on agricultural enterprises with low government subsidy.The research conclusions can provide practical evidence for the government to adjust economic policies moderately to stimulate innovation,and moderately reduce government subsidies to reduce the negative externalities of subsidy policies.
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