Monetary Policy And Corporate Innovation

In the process of rapid economic growth in China,with the constant constraints of human capital,resources,and environmental factors,the labor-based traditional economic growth mechanisms and development model has gradually become difficult to adapt to China's current economic development scale and speed.In the face of increasingly prominent problems such as imbalanced industrial structure and environmental pollution,enterprise innovation has become a new driving force capable of advancing current economic development.Companies need to invest a lot of manpower,material resources and other research and development costs for innovation,must have a stable supply of funds as support,that is,companies need to have the ability to obtain capital from the capital market and currency market.Monetary policy is an economic policy that influences market interest rates through central bank regulation of money supply,thus affecting aggregate demand.It is closely related to the financial structure,currency market,and capital market conditions of a country.Then will the input and output of enterprise innovation change with the constant changes in China's monetary policy?Will the heterogeneity between companies affect the degree of influence of monetary policy on enterprise innovation?What kind of conduction mechanism does monetary policy use for enterprise innovation?What role does the enterprise innovation mediator play in the process of monetary policy transmission?This article is based on the monetary policy perspective,using a sample of listed companies from 2003 to 2015 to use the fixed-effect model to test the macroscopic monetary policy's transmission mechanism and effect on micro-enterprise innovation,and to break the "black box" part of macro and micro research.From the perspective of enterprise innovation capital chain,motives of enterprise innovation and inhibition of enterprise innovation,the path of monetary policy to enterprise innovation is explored.Afterwards,according to the heterogeneity of the companies,the sample is grouped according to scale and ownership,and further design some regulatory variables to examine the effect of monetary policy on enterprise innovation.The results of the study indicate that(1)The implementation of loose monetary policy has a significant role in the promotion of enterprise innovation,and its role in state-owned companies and large-scale companies is more pronounced;(2)The promotion effect is mainly achieved by alleviating the external financing constraints of listed companies and enhancing the motivation for enterprise innovation;(3)The role of loose monetary policy on the promotion of enterprise innovation will increase with the listed companies' equity concentration and government subsidies.The conclusions of this paper have certain implications for companies to enhance independent innovation and the government's rational formulation of policies.It is believed that the government should not neglect the heterogeneity of companies while paying attention to enterprise innovation,should provide good external financing environment and healthy market competition environment for enterprise innovation.The market competition environment,improve the government subsidy mechanism,so that subsidies can maximize the effect of play a role in promoting innovation.