Economic Policy Uncertainty and Corporate Collaborative Innovation: Empirical Evidence from Chinese Listed Companies

Abstract

This paper examines the impact of economic policy uncertainty on corporate collaborative innovation. Against the backdrop of intensifying uncertainty, firms face heightened external volatility and tighter capital constraints, which prompt them to adopt collaborative innovation as a strategic means to reduce R&D expenditures and mitigate risks. Using panel data from A-share listed companies spanning 2008 to 2021, and employing the number of patents jointly applied for by firms with other entities as a proxy for collaborative innovation, we construct econometric models for empirical analysis. The results reveal that economic policy uncertainty exerts a significantly positive effect on collaborative innovation behavior. Further heterogeneity analysis indicates that this positive effect is considerably more pronounced among state-owned enterprises, firms in high-tech industries, and those with lower financing constraints. Overall, this research not only enriches the existing literature on economic policy uncertainty and corporate innovation, but also offers valuable policy implications for decision‑makers, assisting firms in optimizing their innovation activities amidst uncertainty and fostering high‑quality economic development.