Political Periodic Interleaving, Policy Uncertainty and Enterprises' R&D Investment——An Empirical Study Based on Provincial Officials and Five-year Plan

Abstract

Abstract:

This paper examines the impact of periodic interleaving between official tenure and industry policies on firm's R&D investment. Using the sample of listed companies from 2006 to 2014, this paper finds that the growth rate of enterprises' R&D investment has a significant negative relationship with periodic interleaving between official tenure and Five Year Plan, and that the crowding-out effect of periodic interleaving on innovation investment of state-owned enterprises, non-high-tech enterprises and enterprises in the area of low degree of property right is more obvious. And further tests show that the potential approach of the crowding-out effect is to reduce enterprises' financial subsidies and risk taking. These results provide a new way for the development of incentive mechanism based on innovation driving.

Key words: official tenure, Five-year Plan, political periodic interleaving, policy uncertainty, enterprises' R&D investment

Dai Jing, Liu Fang, Zhang Hao, Xu Chuanhua. Political Periodic Interleaving, Policy Uncertainty and Enterprises' R&D Investment——An Empirical Study Based on Provincial Officials and Five-year Plan[J]. , 2019, 31(12): 100-114.

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