The Impact Mechanism of Economic Policy Uncertainty on Corporate Innovation:Analysis Based on the Moderating Role of Risk-Taking and Financing Constraints
Economic policy uncertainty(EPU)is a critical external environmental factor influencing corporate innovation,with its variability potentially exerting profound impacts on innovation practices.However,existing studies primarily focus on the direct effects of policy uncertainty on innovation outcomes,with insufficient attention to its underlying mechanisms and moderating factors.Based on panel data from A-share listed companies in China,this study systematically examines the impact of EPU on corporate innovation and explores its internal mechanisms through the perspectives of risk-taking and financing constraints.The findings reveal that EPU significantly inhibits corporate innovation,with more pronounced negative effects on non-state-owned and high-tech enterprises.Mechanism tests with a focus on moderating effects further indicate that reduced proactive risk-taking,increased passive risk-taking,and heightened financing constraints all amplify the negative impact of EPU on corporate innovation.Differentiating between types of innovation,the study finds that the amplifying effects of risk-taking and financing constraints are significant for incremental innovation but not for breakthrough innovation.To mitigate the adverse effects of policy uncertainty on corporate innovation,the government should enhance policy stability and predictability while improving the capital market to alleviate financing constraints.Meanwhile,corporates should optimize risk management and proactively seize innovation opportunities to maintain competitive advantages.
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