企业创新对于推动我国经济高质量发展具有重要作用。本文利用经济政策不确定性指数和我国上市公司相关数据, 采用逐步回归法建立固定效应模型, 实证研究了经济政策不确定性、融资成本和企业创新之间的关系。结果表明, 经济政策不确定性提高会增加企业融资成本, 阻碍企业创新活动, 且该中介效应为部分中介效应。进一步研究表明, 经济政策不确定性提高时, 我国上市公司更倾向于通过发行债券获取资金。因此, 政府要保持经济政策相对稳定, 完善多层次资本市场体系建设, 推出更多直达实体经济的货币政策工具, 更好地支持企业创新和发展。

Since China implemented the supply side structural reform in 2015, the government has intensified itsmacroeconomic policy adjustment and economic structure. After the outbreak of COVID-19 in 2020, China's economic policyuncertainty has increased rapilly, exerting certain impact on the real economy. Corporate innovation plays an important rolein promoting China's high-quality economic development. The government also proposed to give full play to the advantagesof the new national system,, strengthen scientific and technological innovation and technological breakthrough, and promotethe establishment of a new development patlern of“double cyele". Therefore, the study of the impact of economic policyuncertainty on enterprise innovation has strong theoretical and practical significance. <br/>This paper takes A-share listed companies in Shanghai and Shenzhen as the research object, and uses the data of R&Dinvestment level of listed companies, palent application volume, enterprise capital cost, uncertainty index of China's economicpolicy and so on, with the stepwise regression method, a fixed effect model to empirically study the relationship between China's economic policy uncertainty, financing cost and enterprise innovation from the perspective of intermediary effect, and further discusses the impact of economic policy uncertainty on the issuance of stocks and bonds of Chinese listed companies. <br/>This paper draws the following three conclusions. Firstly, economic policy uncertainty has a negative correlation withenterprise innovation and a positive correlation with enterprise financing cost. Secondly, the increase of economic policyuncertainty will increase the financing cost of enterprises, thus hindering their innovation activities, and the intermediaryeffect is only part of the overall intermediary effecl, which is also supported by the fact that the uncertainty of economic policywill also affect the innovation of enterprises through real options, financial friction and other channels in the previous research. Thirlly, when the uncertainty of economic policy increases, Chinese listed companies prefer to obtain funds by issuing bonds. <br/>This paper puts forward the following three su ggestions. Firstly, the government should maintain the stability, continuityand sustainability of economic policy. econdly, the government should broaden financing channels, improve credit guaranteesystem and venture capital system, and solve the problem of enterprise financing. Thirdly, the government should improve themuli-level capital market system, launch more monetary policy tools directly to the real economy, support enterprise innovationand promote China's high-quality economic development.

在中国经济转型背景下,连锁董事网络作为非正式制度的体现和社会资本的载体,是企业获取外部资源的重要途径。连锁董事网络位置体现了网络权力,会通过机会感知、资源整合和知识吸收效应进而影响企业创新能力。本文拓展了创新能力的动态维度,运用社会网络分析方法,以2009&#x02014;2018年中国A股上市公司数据为样本,实证研究连锁董事网络位置对企业动态创新能力的差异化作用机制,并探讨治理情境对二者关系的调节作用。研究发现,连锁董事网络中心度对创新投入能力、创新产出能力、创新转化能力均有显著影响;结构洞对创新投入能力有显著影响,而对创新产出能力和创新转化能力的影响不显著;连锁董事网络位置与动态创新能力之间的关系会受到多重治理因素调节效应的差异化影响。本文的理论分析拓展了连锁董事网络和动态创新能力的相关研究,可以为中国企业动态创新、公司治理制度安排和连锁董事网络构建提供借鉴。

This paper introduces a model in which the firm's returns depend on trading volume when the firm defers disclosure, because market makers use volume to draw inferences about better-informed investors' private information on firm value. In addition, we show that a firm's commitment to a policy of timely disclosure of a broader range of outcomes dampens the slope coefficient on volume in a Taylor expansion of the log of the absolute value of returns on volume. The reason for this is that when a firm commits to a policy of timely disclosure of a broader range of outcomes, the deferral of a report indicates that the outcome is extreme. This heightens adverse selection. In turn, this makes informed trade more costly and hence less likely, thereby rendering returns less dependent on trading volume as a source of information about firm value. This result predicts that firms committing to more disclosure should experience a smaller slope coefficient on trading volume. Thus, the slope coefficient offers a potential tool for measuring the economic consequences of shifts in disclosure regimes.

little attention has been paid on the effect of the cooperative breadth and cooperative depth of enterprise’s openness from the perspective of the cohesive characteristics of internal knowledge base and enterprise’s life cycle．To make up for such a gap，this paper attempts to reveal the differences in the effects of the breadth and depth of cooperation and the cohesion of internal knowledge networks on exploratory innovation performance at different stages of the enterprise life cycle. Based on the knowledge-based theory and the perspective of enterprise life cycle, this paper uses the panel data of 176 listed electronic information enterprises in China from 2000 to 2019 to examine the impact of enterprise innovation openness and knowledge network cohesion on exploratory innovation performance at different stages of the life cycle. The Negative Binomial Regression results show that the influence of cooperation breadth and knowledge network cohesion on exploratory innovation performance is discrepant at different stages of development. There is an inverted U-shaped relationship between the breadth of cooperation and exploratory innovation performance of enterprises at the growing stage. The breadth of cooperation has a positive impact on exploratory innovation performance at the mature stage, while the breadth of cooperation has a negative impact at the recession stage. At the growing stage, the cohesion of enterprise’s knowledge network moderates the process in such a way that when it is at a high level, an enterprise’s exploratory innovation can benefit more from a moderate level of the breadth of cooperation. And the cohesion of enterprise’s knowledge network strengthens the positive influence of the cooperation breadth at the growth stage on the exploratory innovation performance, and weakens the negative influence at the recession stage. Nevertheless, for enterprises at every stage, the depth of cooperation has a positive impact on exploratory innovation performance, and the cohesion of knowledge network positively regulates the positive effect of cooperation depth.This study contributes to the literature on the relationship between innovation openness and exploratory innovation by investigating the enterprises at different life stages. From the perspective of knowledge base structure and life cycle of enterprise, it provides a theoretical framework between enterprise innovation openness, knowledge network cohesion and exploratory innovation at different life stages, integrating external cooperative openness and internal knowledge development. Thus it will also help to enrich the theory of exploratory innovation.This study makes several practical contributions. On the one hand, in exploratory innovation activities, electronic information enterprises face different innovation environments and innovation problems, and their own knowledge base is also different at different stages of the life cycle. So they need to dynamically adjust their strategy of cooperation breadth and cooperation depth by integrating internal and external factors of the enterprise to build a differentiated innovation network. Growing enterprises should choose an appropriate breadth of cooperation, avoiding blind and over-extensive cooperation with external organizations, and strive to coordinate and integrate knowledge resources within an &quot;effective&quot; time and space. Mature enterprises should actively promote extensive cooperation and allocate external partners with knowledge diversification. They especially need to cooperate with the partners with cross-technological fields or heterogeneous tacit knowledge. Declining enterprises should not carry out extensive cooperation, but should refine the scope of partners, and accurately search and allocate knowledge resources within a &quot;limited&quot; range of time and space, especially paying more attention to the deep cooperation with strong related partners.On the other hand, no matter which growth stage the enterprises are in, they should continuously improve the cohesion structure of the internal knowledge base, increasing the effective connection between knowledge elements for higher ability to absorb external heterogeneous knowledge and tacit knowledge and integrate internal and external knowledge. It will help to let a reasonable opening strategy play a more positive role in exploratory activities.Keywords: innovation openness; enterprise life cycle; knowledge network cohesion; exploratory innovation

Abstract: little attention has been paid on the effect of the cooperative breadth and cooperative depth of enterprise’s openness from the perspective of the cohesive characteristics of internal knowledge base and enterprise’s life cycle．To make up for such a gap，this paper attempts to reveal the differences in the effects of the breadth and depth of cooperation and the cohesion of internal knowledge networks on exploratory innovation performance at different stages of the enterprise life cycle. Based on the knowledge-based theory and the perspective of enterprise life cycle, this paper uses the panel data of 176 listed electronic information enterprises in China from 2000 to 2019 to examine the impact of enterprise innovation openness and knowledge network cohesion on exploratory innovation performance at different stages of the life cycle. The Negative Binomial Regression results show that the influence of cooperation breadth and knowledge network cohesion on exploratory innovation performance is discrepant at different stages of development. There is an inverted U-shaped relationship between the breadth of cooperation and exploratory innovation performance of enterprises at the growing stage. The breadth of cooperation has a positive impact on exploratory innovation performance at the mature stage, while the breadth of cooperation has a negative impact at the recession stage. At the growing stage, the cohesion of enterprise’s knowledge network moderates the process in such a way that when it is at a high level, an enterprise’s exploratory innovation can benefit more from a moderate level of the breadth of cooperation. And the cohesion of enterprise’s knowledge network strengthens the positive influence of the cooperation breadth at the growth stage on the exploratory innovation performance, and weakens the negative influence at the recession stage. Nevertheless, for enterprises at every stage, the depth of cooperation has a positive impact on exploratory innovation performance, and the cohesion of knowledge network positively regulates the positive effect of cooperation depth.This study contributes to the literature on the relationship between innovation openness and exploratory innovation by investigating the enterprises at different life stages. From the perspective of knowledge base structure and life cycle of enterprise, it provides a theoretical framework between enterprise innovation openness, knowledge network cohesion and exploratory innovation at different life stages, integrating external cooperative openness and internal knowledge development. Thus it will also help to enrich the theory of exploratory innovation.This study makes several practical contributions. On the one hand, in exploratory innovation activities, electronic information enterprises face different innovation environments and innovation problems, and their own knowledge base is also different at different stages of the life cycle. So they need to dynamically adjust their strategy of cooperation breadth and cooperation depth by integrating internal and external factors of the enterprise to build a differentiated innovation network. Growing enterprises should choose an appropriate breadth of cooperation, avoiding blind and over-extensive cooperation with external organizations, and strive to coordinate and integrate knowledge resources within an &quot;effective&quot; time and space. Mature enterprises should actively promote extensive cooperation and allocate external partners with knowledge diversification. They especially need to cooperate with the partners with cross-technological fields or heterogeneous tacit knowledge. Declining enterprises should not carry out extensive cooperation, but should refine the scope of partners, and accurately search and allocate knowledge resources within a &quot;limited&quot; range of time and space, especially paying more attention to the deep cooperation with strong related partners.On the other hand, no matter which growth stage the enterprises are in, they should continuously improve the cohesion structure of the internal knowledge base, increasing the effective connection between knowledge elements for higher ability to absorb external heterogeneous knowledge and tacit knowledge and integrate internal and external knowledge. It will help to let a reasonable opening strategy play a more positive role in exploratory activities.Keywords: innovation openness; enterprise life cycle; knowledge network cohesion; exploratory innovation