国际经济与贸易学院知识库

The 19th National Congress of the Communist Party of China stated that "innovation is the primary driving force for development and the strategic underpinning for building a modernized economy." As the core competence of enterprises, innovation ability not only affects the market competition situation of enterprises, but also determines the survival and development of enterprises.The fifth Plenary Session of the 19th CPC Central Committee further pointed out that innovation plays a central role in the overall modernization drive, which once again demonstrated China's firm determination to take innovation as the support for development.Enterprises are the main body of innovation and the main battlefield of innovation. In order to achieve the goal of innovation-driven success, we must grasp the main line of enterprise innovation and overcome the existing shortcomings and deficiencies.

In recent years, at the same time, the sino-us trade friction and the outbreak of the new champions league international environment caused by the volatility has increased trade policy uncertainty, facing the construction of domestic and international development of binary pattern requirements and continuous impact of exogenous events, our government inevitably change trade policy for timing control, and the frequent changes of trade policy will cause rising trade policy uncertainty,And then influence the behavior of micro enterprises. Therefore, it is necessary and urgent to explore the impact of trade policy uncertainty on enterprise technological innovation and its path, which is helpful to consolidate China's innovation achievements and promote the innovation-driven strategy.

Based on this, this paper takes Shanghai and Shenzhen listed companies from 2007 to 2020 as research samples. Firstly, the panel model is used to empirically study the impact of trade policy uncertainty on firms' technological innovation.Then the mediating effect model is used to empirically study the channels through which trade policy uncertainty affects firm's technological innovation.Finally, the sample enterprises are divided into manufacturing and non-manufacturing enterprises to test the difference of the impact of trade policy uncertainty on them.The results show that: first, trade policy uncertainty can promote technological innovation;Secondly, the promotion effect of trade policy uncertainty on technological innovation is different among enterprises in different industries. Specifically, compared with non-manufacturing enterprises, the promotion effect is more obvious in manufacturing enterprises.Third, firm financialization is the intermediary path that trade policy uncertainty promotes firm technological innovation, that is, trade policy uncertainty promotes firm technological innovation by inhibiting firm financialization.Based on the research conclusions, this paper puts forward policy suggestions from the government and enterprise levels. Government departments should give full consideration to the prospective and timeliness of trade policies, and focus on the possible negative effects of trade policies on enterprises.Scientifically assess the impact of macro trade policies on market stability and enterprise expectations, reduce information asymmetry of policies, promote enterprise innovation behavior due to advantages, and reduce enterprise innovation cost; Enterprises should dare to innovate, strengthen the forecasting and analyzing ability of enterprise strategic planning department to trade policy adjustment, and formulate scientific development plan for manufacturing enterprises.