Research On Monetary Policy,Debt Financing And Firm's R&D Investment

At present,our country's economy is in the new normal period during which economy is characterized by structural slowdown.In this "new normal" economy,our country is in the implement of the strategy on "transferring mode and adjusting structure".Building innovation driven engine is an important means to implement this strategy.As an important driving force for economic growth,R&D must be taken seriously and encouraged.However,in reality,R&Dinvestment is facing serious financing constraints.As an important way of financing,can debt financing support R&Dinvestment?The conclusions of study on this problem are not consistent.In addition,monetary policy will have an impact on corporate debt financing.As an important macroeconomic policy,it is necessary to explore the impact of monetary policy on the relationship between debt financing and R&Dinvestment,so as to gain a deeper understanding of R&Dinvestment and financing problems.Listed companies in China's A shares(excluding financial companies)as the research object and its 2007-2015 R&D data and other data from 2006 to 2014 as the sample,This paper uses the method of theoretical analysis and empirical test to study the relationship between the total debt size and R&D investment,the relationship between the source of debt,debt maturity and R&D investment,and the influence of monetary policy on the relationship between them.The following conclusions are drawn through the study:(1)Total liabilities,bank loans and commercial credit are negatively correlated with R&D investment.(2)Commercial credit has negative moderating effect on the relationship between bank loans and R&D investment and it can indirectly support R&D investment by relaxing the blocking effect of bank loans on R&D investment;(3)Under different monetary policies,the relationship is not significantly different between bank loans and R&D investment and the impact of commercial credit on the relationship between bank loans and R&D investment.(4)The relationship between debt maturity and R&D investment is nonlinear,and it is positive "U" type;(5)In the period of loose monetary policy,the debt maturity and R&D investment are positive "U" type relationship;In the period of monetary policy tightening,the debt maturity and R&D investment relationship is negative linear relationship.Through the study,we finally understand the relationship between the debt maturity,the source of liabilities and the R&D investment,and the difference of the relationship between themunder different monetary policies.For the first time,macroeconomic policy is introduced into the study of the relationship between debt financing and R&D investment,and the indirect support of commercial credit to R&D investment is found.