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| Economic Policy Uncertainty， Government Implicit Guarantee and the Persistence of Firm Innovation |
| FAN Xia，CHEN Ya，ZHANG Qiaoling |
| South China University of Technology, Guangzhou, China |
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Abstract Taking the manufacturing listed companies from 2008 to 2016 as a research sample，the study discusses the impact of economic policy uncertainty on enterprise innovation persistence and empirically analyzes the mechanism of government implicit guarantees from two dimensions of property and financial subsidy. The results show that economic policy uncertainty delays corporate investment decisions and exacerbates external financing constraints, which in turn inhibits the persistence of innovation. Implicit guarantee has an important role in smoothing the volatility of innovation investment, and this role is closely related to the degree of financial marketization. The lower the degree of financial marketization, the more significant the inhibitory effect of implicit guarantee on the persistence of innovation. Therefore, while adjusting the current economic policy to stimulate economic growth, the government should also pay attention to the negative impact of its policy uncertainty on the persistence of firm innovation, deepen financial reform, and release innovation vitality.
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Received: 13 November 2019
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