Monetary Policy,Financing Constraints And Enterprise Innovation Investment

Innovation is an inexhaustible source of a country's prosperity,and also a driving force for enterprises to gain market competition status.If an enterprise wants to achieve sustained development,it is necessary to deeply understand the importance of innovation.Although the country attaches great importance to enterprise innovation,capital investment in innovation is also gradually increasing,but the enterprise innovation is still subject to the general constraints of funds.The imperfect capital market in China leads to the limited financing channels for enterprises.The banking industry high barriers to entry,state-owned commercial banks occupy half of the country credit market,private capital is difficult to enter the credit market lead to the competition between banks is not sufficient,the bank credit discrimination makes the most of enterprise financing is very difficult.Therefore,if we want to solve the problem of enterprise innovation shortage,we must solve the problem of enterprise financing constraint first.The traditional research point of view is that monetary policy is to reduce the cost of enterprise financing,thereby affecting the relevant investment.However,with the in-depth study of monetary policy,scholars generally believe that the impact of monetary policy is not a direct investment in the enterprises,but to ease the financing constraints of enterprises firstly,and then influence the investment decision of enterprises.In other words,monetary policy will not only affect the supply of money,but also can change the external financing capacity of enterprises.By changing the external financing capacity,it will affect the investment decisions of enterprises.Based on the study of related research,carried out the first of the scholars related academic achievements,then in-depth analysis of the relationship between monetary policy,financing constraints and enterprise innovation investment of the three combined with the related theory,put forward the corresponding assumptions and use of the micro data validation.Considering the institutional factors of China,based on the different nature of the property and in different degree of marketization of the enterprises in the sub sample regression,verify the impact on monetary policy,financing constraints and enterprise innovation research on the relationship between the three.The results show that the financing constraint will restrain the innovation investment;the monetary policy will significantly influence the restraining effect of the financing constraint on the innovation investment.The introduction of property rights and found in the degree of marketization index,monetary policy has significant moderating effect on the financing constraints and enterprise innovation investment in non enterprise relationship;and monetary policy can be adjusted in the inhibition of corporate financing constraints in the high degree of market for enterprise innovation investment.Finally,this paper also puts forward some suggestions on relevant conclusions and adjust each country's monetary policy is a signal for the enterprise are possible,enterprises should adjust their investment strategy according to the corresponding monetary policy,improve their financing ability.In formulating and implementing monetary policy,the people's Bank of China should be targeted,and can not regard all enterprises as homogeneous,blind pursuit of economic growth,and neglect of the enterprise's capital needs.