Heterogeneity test: Life cycle.

In the continuous development of the Chinese economy, the desire for common prosperity among the people has become increasingly strong. However, the complex domestic and international situations, along with the economic uncertainties post-pandemic, have introduced significant uncertainties into government economic policies. In the long term, this uncertainty has a profound impact on intra-enterprise common prosperity, affecting society at large. This paper focuses on non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2020, examining the negative effects of economic policy uncertainty on intra-enterprise common prosperity. The results indicate that economic policy uncertainty has a significant adverse impact on intra-enterprise common prosperity, and this impact is more pronounced in state-owned enterprises, those in the growth life cycle, and companies with poor innovation capabilities and limited external support. Companies enhancing social responsibility and overall factor productivity can help mitigate these negative effects. Furthermore, in dynamic features, as the level of intra-enterprise common prosperity increases, the negative impact of economic policy uncertainty gradually diminishes, while the positive effects of overall factor productivity and corporate social responsibility on enterprises become more evident.伴随中国经济的持续发展，人民对共同富裕（common prosperity）的诉求日益强烈。然而，复杂的国内外形势叠加后疫情时期的经济不确定性，为政府经济政策的制定带来了显著的不确定性。从长期视角来看，此类不确定性对企业内部共同富裕（intra-enterprise common prosperity）具有深远影响，并进一步波及整个社会。 本文以2011-2020年沪深交易所非金融类上市公司为研究样本，考察经济政策不确定性（economic policy uncertainty）对企业内部共同富裕的负向影响。研究结果表明：经济政策不确定性对企业内部共同富裕存在显著的负向冲击，且该效应在国有企业（state-owned enterprises）、处于成长期的企业以及创新能力较弱、外部支持有限的企业中更为突出。企业通过加强企业社会责任（corporate social responsibility）建设与提升全要素生产率（total factor productivity），能够有效缓解经济政策不确定性带来的负向影响。进一步的动态特征分析显示，随着企业内部共同富裕水平的提升，经济政策不确定性的负向冲击逐渐减弱，而全要素生产率与企业社会责任对企业的正向促进效应则愈发显著。