Abstract: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.