Macroeconomic Uncertainty and Corporate Ｒ＆D
Macroeconomic Uncertainty and Corporate Ｒ＆D
Author：PAN Lingyun，DONG Zhu Journal：Research on Economics and Management Date：2021（3）
Abstract:
Ｒegarding the theme of uncertainty and firm innovation，as the majority of studies used the single dimension of policy uncertainty as a research perspective，this paper attempts to lead factors that affect the corporate Ｒ＆D to a more general dimension: macroeconomic uncertainty． It is found that macroeconomic uncertainty has an obvious inhibitory effect on the corporate Ｒ＆D． After using the per capita direct loss of natural disasters as a tool variable and the 2008 financial crisis as a natural experiment to alleviate the endogenous problems，the conclusion is still established． Further testing of the channel shows the negative effect is mainly through the entrepreneurial confidence channel and the financing constraint channel． These findings suggest that governments should place a stable economic environment in an important position to hedge against the inhibitory effects of macroeconomic uncertainty on innovation．
Keywords:
macroeconomic uncertainty; entrepreneurial confidence; financing constraint; corporate Ｒ＆D; government
- 附件【Download.pdf】已下载次