Research on the Impact of Economic Policy Uncertainty on Enterprises’ Green Innovation—Based on the Perspective of Corporate Investment and Financing Decisions

Improving enterprises’ green innovation ability is beneficial to realize the “win–win” of economic development and environmental protection. As the global economic situation is complex and volatile, economic policies changed frequently. Will the rising uncertainty of economic policies affect enterprises’ green innovation? Taking China’s A-share-listed companies from 2008 to 2019 as the research sample, the Baker index based on news media and network information is used to measure the uncertainty of national economic policy, and the official exchange index based on the complex network is used to measure the uncertainty of economic policy in prefecture-level cities. It is found that there is an inverted U-shaped relationship between economic policy uncertainty and firms’ green innovation capability. Moreover, the uncertainty index of national macroeconomic policy is mostly on the left side of the inverted U shape, which can promote the improvement of enterprises’ green innovation ability. However, too frequent changes in regional economic policies will inhibit enterprises’ green innovation ability. This paper further analyzes the moderating effect of financialization of investment behavior and financing constraint on the impact of economic policy uncertainty on green innovation of enterprises from the perspective of investment and financing behavior choice. It is found that the impact of economic policy uncertainty on green innovation is more obvious for firms with low financing constraints and low financialization