【摘要】 近年来国际形势扰动叠加新冠肺炎疫情冲击，大宗商品价格呈现剧烈波动，这将极大地影响企业研发等创新性活动。套期保值具有平抑价格波动作用，因此套期保值的重要性日渐突出。本文创新性地从套期保值的角度去分析企业创新的影响因素，采用多期DID模型作为本文的实证模型。结果表明我国企业套期保值对企业创新具有促进作用，但是促进作用的时效性较短(套期保值当期有效),不具有长期影响效果，并且该激励效应也会随着行业的不同而呈现不同变化，这为后续研究套期保值与企业创新的实现提供了基础。更多还原

【Abstract】 In recent years, the international situation has been disturbed under the Pandemic Shock, the commodity prices have fluctuated violently, which will greatly affect innovative activities such as R&D and innovation of enterprises. In theory, hedging helps smooth out price volatility. To this end, this dissertation aims to find empirical evidence that hedging activities affect firm innovation. Taking Chinese A-share listed companies as the research objects, this dissertation uses the time-varying DID model for empirical analysis. The results show that the hedging of Chinese enterprises can promote Chinese enterprise innovation, but the timeliness of the promotion is short(the hedging is effective in the year), it has no long-term effect, and the incentive effect will vary with different industries.更多还原