Influence Mechanism of Technological Environment Uncertainty on Enterprise Innovation:Empirical Study Based on Real Option Theory
Based on the real option theory,this paper constructs an objective evaluation index of technological environment uncertainty and analyzes its impact on enterprise innovation and mechanism using the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2021.It is found that the technological environment uncertainty inhibits enterprises'in-novation,and enterprises show the waiting option effect rather than the growth option effect.After using instrumental varia-bles to alleviate the possible endogenous problems and other tests,the above conclusions are still robust,and technical envi-ronment uncertainty is mainly reflected in inhibiting enterprise exploratory innovation.Further research on the action path shows that technological environment uncertainty increases uncertainty avoidance and agency costs for enterprises,hindering innovation.In addition,the nature of property rights plays a regulatory role;that is,the inhibitory effect of technological environment uncertainty is more obvious in private enterprises.
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