经济政策不确定性感知、数字化转型与企业研发投入——基于协同视角

Perceived Economic Policy Uncertainty, Digital Transformation, and Enterprise R&D Investment: Based on a Collaborative Perspective

摘要:

以科技创新推动产业创新,关键在于加大企业研发投入。在经济政策不确定性加剧和数字化转型深化的双重背景下,企业研发投入将受到何种影响具有重要研究价值。以2012—2022 年沪深 A 股上市公司为研究对象,详细探讨了经济政策不确定性感知与数字化转型对企业的研发投入的协同影响。研究结果表明,企业经济政策不确定性感知与数字化转型之间存在协同效应,这种协同效应显著加大了企业的研发投入力度。这一结论在采用工具变量法在内的等多种稳健性检验之后依然成立。异质性分析表明,企业经济政策不确定性感知与数字化转型两者对其研发投入的正向协同作用在第一、二产业,制造业企业及非国有企业中更为明显。机制研究显示,数字化人力资本、企业税收优惠和高管战略眼光是经济政策不确定性感知与数字化转型对企业研发投入发挥协同作用的三个潜在渠道。 研究拓展了对于经济政策不确定性感知、数字化转型与企业研发投入三者关系的理论认识,并为企业在面对复杂多变的经济政策环境及加速数字化转型进程时,进行有效的研发决策提供了政策启示。

Abstract:

The key to promoting industrial innovation through technological innovation lies in increasing enterprise research and development investment. In the context of increasing economic policy uncertainty and deepening digital transformation, it is of great research value to determine the impact on enterprise research and development investment. Using A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as a sample, the synergistic impact of perceived economic policy uncertainty and digital transformation on corporate R&D investment was examined. Corporate R&D investment is significantly increased by the synergistic effect between perceived economic policy uncertainty and digital transformation. This conclusion is empirically confirmed through multiple robustness tests including instrumental variables. Heterogeneity analysis shows that the synergistic effect of uncertainty in corporate economic policies and digital transformation on R&D investment is more pronounced in the primary and secondary industries, manufacturing, and non-state-owned enterprises. Mechanism tests reveal that digital human capital, corporate tax incentives, and executive strategic foresight are three potential channels for the synergistic impact of perceived economic policy uncertainty and digital transformation on corporate R&D investment. Relevant literature on the relationship between perceived economic policy uncertainty, digital transformation, and enterprise R&D investment is expanded, with policy insights provided for corporate R&D decision- making amid volatile economic policy environments and accelerated digital transformation processes.