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Research on the Impact of Economic Policy Uncertainty on Enterprise Innovation——Based on the Mediation Effect Model

Huiteng Huang, Yumeng Xue


The article uses the data of A-share listed companies in China's Shanghai and Shenzhen stock exchanges from 2007 to 2017 to analyze the internal mechanism of economic policy uncertainty, corporate financialization and corporate innovation, and empirically studies the impact of corporate financialization on economic policy The mediating effect in the relationship between certainty and enterprise innovation. The results show that economic policy uncertainty effectively promotes corporate innovation, and corporate financialization plays a significant mediating effect in the promotion of economic policy uncertainty to corporate innovation. The results of a regulated mediating effect model further show that the mediating effect There are heterogeneous characteristics among enterprises of different sizes, different ownership properties and different enterprise growth.


Economic Policy Uncertainty; Enterprise Innovation; Enterprise Financialization; Intermediary Effect Model

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DOI: http://dx.doi.org/10.18686/fm.v6i2.3277