Analysis on the Threshold Effect of Economic Policy Uncertainty, Governance Quality and Technological Innovation
Wang Dong1, Rong Weibo1, Zhang Guiyang2, He Guangxi3
1. School of Public Administration,Nanjing University of Finance and Economics,Nanjing 210023,China;
2. School of Economics and Management,Nanjing University of Science and Technology,Nanjing 210094,China;
3. Chinese Academy of Science and Technology for Development,Beijing 100086,China
Abstract:In response to the spread of COVID-19 and the escalation of trade war,countries have frequently changed their macroeconomic policy,which brings a series of uncertain impacts on domestic innovation activities.Based on the panel data of 21 major economies from 1996 to 2015,this paper uses the quality of government governance quality as the threshold variable to construct a threshold regression model,and analyzes the impact of economic policy uncertainty on S&T innovation.The empirical results show that there is a single threshold for S&T innovation in the six dimensions of government governance quality,such as corruption control,governance effectiveness and political stability,the reduction of economic policy uncertainty will significantly improve the level of scientific and technological innovation.Therefore,in the process of leading high-quality economic development driven by innovation,China can start from two aspects of reducing the uncertainty of economic policy and improving the quality of government governance,and at the same time raise the level of domestic S&T innovation,promoting high-quality development of economy from supply side.
汪栋, 荣维博, 张桂阳, 何光喜. 经济政策不确定性、政府治理质量与科技创新的门槛效应分析[J]. 中国科技论坛, 2022(9): 34-42.
Wang Dong, Rong Weibo, Zhang Guiyang, He Guangxi. Analysis on the Threshold Effect of Economic Policy Uncertainty, Governance Quality and Technological Innovation. , 2022(9): 34-42.
[1]MASAYUKI M.What types of policy uncertainty matters for business[J].Pacific economic review,2016(5):527-540.
[2]杜江,刘诗园.经济政策不确定性、金融发展与技术创新[J].经济问题探索,2020(12):32-42.
[3]GULEN H,ION M.Policy uncertainty and corporate investment[J].The review of financial studies,2016,29(3):523-564.
[4]许志伟,王文甫.经济政策不确定性对宏观经济的影响——基于实证与理论的动态分析[J].经济学(季刊),2019,18(1):23-50.
[5]黄宁,郭平.经济政策不确定性对宏观经济的影响及其区域差异——基于省级面板数据的PVAR模型分析[J].财经科学,2015(6):61-70.
[6]郝威亚,魏玮,温军.经济政策不确定性如何影响企业创新——实物期权理论作用机制的视角[J].经济管理,2016,38(10):40-54.
[7]YIZHONG W,YUELING W,FRANK M.S.Uncertainty and corporate R&D investment:evidence from Chinese listed firms[J].International review of economics and finance,2017(47):176-200.
[8]张倩肖,冯雷.宏观经济政策不确定性与企业技术创新——基于我国上市公司的经验证据[J].当代经济科学,2018,40(4):48-57,126.
[9]佟家栋,李胜旗.贸易政策不确定性对出口企业产品创新的影响研究[J].国际贸易问题,2015(6):25-32.
[10]顾欣,张雪洁.经济政策不确定性、劳动力成本上升与企业创新[J].财经问题研究,2019(9):102-110.
[11]王红,李克.经济政策不确定性、融资约束与企业创新[J].武汉金融,2021(7):53-61.
[12]顾夏铭,陈勇民,潘士远.经济政策不确定性与创新——基于我国上市公司的实证分析[J].经济研究,2018,53(2):109-123.
[13]孟庆斌,师倩.宏观经济政策不确定性对企业研发的影响:理论与经验研究[J].世界经济,2017,40(9):75-98.
[14]ATANASSOV J,JULIO B,LENG T.The bright side of political uncertainty:the case of R&D[J].Social science electronic publishing,2015(1):1-59.
[15]鲁桐,党印.投资者保护、行政环境与技术创新:跨国经验证据[J].世界经济,2015,38(10):99-124.
[16]艾永芳,佟孟华,孙光林.文化差异、制度环境和科技创新——基于跨国视角的比较分析[J].经济问题探索,2017(12):50-61.
[17]孟涛,郭栋,龚璞.正式制度与非正式制度对科技创新的影响研究——基于全球112个国家和地区的面板数据分析[J].北京师范大学学报(社会科学版),2017(5):150-160.
[18]洪名勇,郑丽楠,刘林龙.服务效率、制度环境与国家间科技创新差异[J].宏观质量研究,2020(3):104-119.
[19]赵强,曾凡烨,钟昌标.区域制度环境差异对科技创新影响研究[J].科技与经济,2015,28(3):26-30.
[20]苏勇,马文杰,韩自然,等.制度对区域技术创新的影响[J].技术经济,2013,32(12):40-45+95.
[21]MIRELLA D,FABRIZIO P.The market for corporate control:do countries and technological regimes matter[J].International review of applied economics,2011,25(6):725-751.
[22]郝新东,杨俊凯.东道国科技创新、制度质量与中国OFDI门槛效应分析——基于“一带一路”视角[J].科技进步与对策,2020,37(6):77-83.
[23]沙文兵.东道国特征与中国对外直接投资逆向技术溢出——基于跨国面板数据的经验研究[J].世界经济研究,2014(5):60-65,73-89.
[24]丁一兵,付林.东道国特征与中国对外直接投资的逆向技术溢出——基于投资动机视角的分析[J].南京师大学报(社会科学版),2016(5):46-58.
[25]张成思,刘贯春.中国实业部门投融资决策机制研究——基于经济政策不确定性和融资约束异质性视角[J].经济研究,2018,53(12):51-67.
[26]纪洋,王旭,谭语嫣,等.经济政策不确定性、政府隐性担保与企业杠杆率分化[J].经济学(季刊),2018,17(2):449-470.
[27]李文静,朱喜安.经济政策不确定性、融资约束与技术创新[J].统计与决策,2021(20):141-145.
[28]VIRGINIA H,MARIA J N.The effect of the magnitude and direction of institutional distance on the choice of international entry modes[J].Journal of world business,2015,50(1):122-132.
[29]HANSEN B E.Threshold effects in non-dynamic panels:estimation,testing,and inference[J].Journal of econometrics,1999(93):345-368.
[30]BAKER S,BLOOM N,DAVIS S.Measuring economic policy uncertainty[J].Quarterly journal of economics,2016,131(4):1593-1636.