Abstract: Strategic emerging industries as the focus of future development in China have been paid much attention by the central and local governments, a series of support policies have been introduced in succession , but the uncertainty of the promulgation and implementation of the relevant policies and the uncertainties arising from the process will affect the R&D investment activities of enterprises. This paper chooses strategic emerging industry-related enterprises as a research sample, based on the fact that the financing constraints affect the R&D investment of the enterprises, through the double angle of the suppression effect and the crowding out effect , we test the impact of policy uncertainty on R&D investment in emerging enterprises. The research results show that the policy uncertainty restrains the R&D investment of the emerging enterprises, and the uncertainty aggravates the financing constraints of the emerging enterprises and the tendency of fixed assets investment, and has the effect of suppressing and crowding out R&D investment. Further cross-sectional differential test found that policy uncertainty was more significant for private enterprises, aged enterprises, enterprises with lower marketization in the region.

摘要： 战略性新兴产业作为我国未来发展的重点，备受中央和地方政府重视，一系列扶持政策相继出台，但相关政策在颁布以及执行中存在的不确定性以及在此过程中引发的不确定性预期都将影响企业的研发投资行为。本文以战略性新兴产业相关企业为研究样本，基于融资约束影响企业研发投资的现实背景，通过抑制效应与挤出效应双重视角，实证检验了政策不确定性对新兴企业研发投资的影响。研究结果证明，政策不确定性抑制新兴企业研发投资，并且，该不确定性加剧了新兴企业的融资约束和固定资产投资倾向，对研发投资产生抑制效应和挤出效应。进一步截面差异性检验发现政策不确定性对民营企业、老龄企业、所处地区市场化程度较低的企业影响更加显著。