The Impact of Environmental Uncertainty on Corporate Innovation: Evidence from Chinese Listed Companies

Corporate innovation is an important topic in the academic community, but there are few studies on impact of micro operation environment corporate innovation. Using data A-share listed companies Shanghai and Shenzhen from 2009 to 2020, this paper examines environmental uncertainty enterprise a perspective. The results show that overall negative correlation between Companies facing higher degree more cautious their investment. We also find was pronounced with weaker risk-taking ability. Further research finds financing constraints have partial intermediary effect innovation, is, can by increasing faced corporations. Our provides micro-level evidence for