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<p>This study uses China’s A-share listed companies to examine the dynamic relationship between economic policy uncertainty, corporate monopoly, and corporate innovation from 2003 to 2022. The Tobit model is used to address the issue of variables being censored or restricted to a specific value. The research finds that economic policy uncertainty promotes corporate innovation, but corporate monopoly negatively mediates. Company size, age, return on assets, and Tobin’s Q have significant positive effects on innovation, while asset-liability ratio and cash flow negatively affect innovation. It is recommended that the government maintain transparency and consider the long-term impact of policies during the policy adjustment process to reduce uncertainty, Balance the negative correlation between corporate monopoly and innovation through policies, and optimize policy design to ensure that policies directly stimulate corporate innovation activities rather than just enhancing market forces; establish a mechanism to regularly evaluate the relationship between a company’s market strength and innovation capability, and adjust policy support and regulatory measures based on the evaluation results.</p>

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Investigating the dynamics between economic policy uncertainty, corporate monopoly and corporate innovation in Chinese enterprises

  • 期刊论文

  • 发表日期：

    2026年1月10日

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  • Tang Guoru,
  • J. S. Keshminder,
  • Azlul Kalilah Zaghlol,
  • Abdul Rahim Ridzuan

摘要

This study uses China’s A-share listed companies to examine the dynamic relationship between economic policy uncertainty, corporate monopoly, and corporate innovation from 2003 to 2022. The Tobit model is used to address the issue of variables being censored or restricted to a specific value. The research finds that economic policy uncertainty promotes corporate innovation, but corporate monopoly negatively mediates. Company size, age, return on assets, and Tobin’s Q have significant positive effects on innovation, while asset-liability ratio and cash flow negatively affect innovation. It is recommended that the government maintain transparency and consider the long-term impact of policies during the policy adjustment process to reduce uncertainty, Balance the negative correlation between corporate monopoly and innovation through policies, and optimize policy design to ensure that policies directly stimulate corporate innovation activities rather than just enhancing market forces; establish a mechanism to regularly evaluate the relationship between a company’s market strength and innovation capability, and adjust policy support and regulatory measures based on the evaluation results.