学术界关于经济政策不确定性与企业创新关系存在两种对立观点，为此，以经济政策不确定性为切入点，利用445家深圳A股上市公司2015－2020年的非平衡面板数据构建面板数据模型来探讨外部风险对企业创新活动的影响，并探究冗余资源在其中的调节作用。结果发现：（1）外部风险对企业创新活动具有显著的正向作用；（2）企业冗余资源会显著反向调节外部风险与企业创新活动的关系，企业在面临外部风险时可通过优化资源配置来提升自身创新活动水平；（3）外部风险对国有企业的影响较小，对非国有企业的影响更为显著；（4）外部风险对第二产业的影响较小，对第三产业的影响更为突出。因此，国家在政策制定过程中应尽量遵循稳定性和连续性，激发企业的创新动力；而企业则需要深入分析国家政策，加大创新投入、优化内部资源配置。

There are two opposing viewpoints on the relationship between economic policy uncertainty and enterprise innovation in the academia. Therefore, this paper takes economic policy uncertainty as the starting point, and constructs the panel data model by using the unbalanced panel data of 445 Shenzhen A-share listed companies from 2015 to 2020 in order to explore the impact of external risks on enterprise innovation activities, and to explore the regulatory role of slack resources. The results show that : ( 1 ) External risk has a significant positive impact on enterprise innovation activities ; ( 2 ) Enterprise slack resources will significantly reverse the relationship between external risks and enterprise innovation activities. And enterprises can improve their own innovation activities by optimizing resource allocation when facing external risks. ( 3 ) The impact of external risk on state-owned enterprises is small, the impact on non-state-owned enterprises is more significant ; ( 4 ) The impact of external risk on the secondary industry is small, the impact on the tertiary industry is more prominent. Therefore, the state should try to follow the stability and continuity in the process of policy making to stimulate the innovation power of enterprises. Meanwhile, enterprises need to deeply analyze national policies, increase investment in innovation, and optimize internal resource allocation.

国家自然科学基金项目“创新型企业持续创新过程战略风险决策及预警研究”（71663058）；国家自然科学基金项目“贫困地区的经济可持续发展与预防返贫研究”（71863034）。