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Economic Policy Uncertainty and Enterprise Innovation: an Empirical Study Based on Chinese Listed Companies

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DOI: 10.25236/iceesr.2020.077


Tianhao Li

Corresponding Author

Tianhao Li


Economic policy uncertainty is one of the hot topics in academic research recently. Based on the mediating effect of financing constraints, this paper studies the relationship between policy uncertainty and enterprise innovation, and examines the ownership form and scale heterogeneity of Chinese A-share listed companies from 2008 to 2019. The results show that: economic policy uncertainty can promote enterprise innovation, and economic policy uncertainty enhances the financing constraints of enterprises, thus reducing its positive impact; compared with non-state-owned enterprises, economic policy uncertainty promotes state-owned enterprises more obviously; compared with small-scale enterprises, economic policy uncertainty has a greater impact on large-scale enterprises. Therefore, the government is supposed to create a good external environment for enterprise innovation and ease the financing constraints of enterprises.


Economic policy uncertainty, Enterprise innovation, Financing constraint