Economic Policy Uncertainty and Corporate Cooperative Research and Development: Empirical Evidence Based on Chinese Patent Data

Abstract

Based on patent data at the corporate level in China, this paper empirically tests the impact of economic policy uncertainty on corporate cooperative research and development (R&D) by constructing an econometric model. The results reveal that the higher the economic policy uncertainty, the lower the degree of corporate cooperative R&D. Heterogeneity analysis indicates that the negative impact of economic policy uncertainty on corporate cooperative R&D is more pronounced in non-state-owned enterprises and in firms with high financing constraints.