We　empirically　examine　the　impact　of　economic　policy　uncertainty　(EPU)　on　the　investment　decision　of　China＇s　high-tech　manufacturing　industry　based　on　the　company＇s　investment　structure.　There　are　several　findings.　First,　innovation　investment　and　maintenance　investment　are　mutually　exclusive.　However,　enterprise　prefers　innovation　investment　when　facing　higher　EPU.　Second,　excess　return,　asset　irreversibility　and　external　market　demand　are　three　important　mechanisms　of　the　impact　of　EPU　on　the　corporate　investment　decision.　Finally,　higher　financing　constraints　weaken　the　impact　of　EPU　on　investment　decision.　Firms　with　higher　capital　intensity　tend　to　reduce　both　innovation　investment　and　maintenance　investment　when　EPU　rises.　The　research　shows　that　when　the　EPU　increases,　enterprises　in　China＇s　high-tech　manufacturing　industry　are　more　inclined　to　choose　innovation　investment.　©　2022　Elsevier　B.V.