Abstract: Current assets, especially monetary assets have strong sensitivity to inflation. When enterprises hold excessive current assets during the period of high inflation, it would bear more value impairment risk. Hence, enterprises will balance the proportion between holdings and expenditure of monetary assets in the period of rising inflation. Based on this logic, this paper, with its focus on enterprises' independent innovation, studies whether the enterprise will hedge against potential inflation risk with positive independent innovation during the inflation rising period. The results indicate that enterprises will consider the inflation rate impact when adjusting their independent innovation level, which means that the enterprises will average up their own independent innovation level when the inflation rate is on the rise. Besides, they indeed hedge against inflation risk based on the innovation strategy choice, and increase their enterprise value as well. Furthermore, the evidence indicates that industry-oriented macroeconomic policies provide more investment chances for supportive enterprises. Overall, the paper further reveals the micro transmission mechanism of the inflation and macroeconomic policies, and enriches the study of factors influencing the enterprises self-innovation behavior. Understanding enterprises' independent innovation strategy under the inflation and macroeconomic policies could help the government to adopt more suitable policy objectives in order to guide and promote the development of enterprise independent innovation.

Key words: Inflation, Industrial Policies, Enterprise Independent Innovation

摘要： 流动性资产特别是货币性资产对通货膨胀具有较高的敏感性,在高通货膨胀时期,企业将因持有过多货币性资产而承担价值减损的风险。因此,在通货膨胀上升时企业会权衡货币性资产持有与支出的比重关系,避免资产贬值损失。基于此,本文聚焦于企业自主创新,探讨在通货膨胀上升时期企业是否通过积极的自主创新行为调整资产结构,对冲潜在的通货膨胀风险。研究发现:企业自主创新水平调整会考虑通货膨胀的影响,当通货膨胀处于相对上升时期,企业会相应增加自主创新水平,且基于规避通货膨胀风险的自主创新有助于增加企业价值。进一步研究表明,由于产业政策能够为扶持性企业提供更多的投资机会,因而在一定程度上会降低企业为对冲通货膨胀风险而进行的自主创新。本文的研究结论显化了通货膨胀和产业政策影响微观企业主体行为的微观传导机制,同时也丰富了企业创新影响因素的研究文献。理解通货膨胀和产业政策下企业的自主创新策略选择,有助于政府部门制定更为合适的政策目标,从而更好地引导和推动企业自主创新。

关键词: 通货膨胀, 产业政策, 企业自主创新