Research On The Influence Of Monetary Policy On Enterprise Innovation From The Perspective Of Bank Risk Taking

In recent years,China's economic development has gradually slowed down.In the past,the extensive economic development model was unsustainable and needed to find new economic development momentum.As an important driving force of social development,innovation is at the core of the overall development of the country.Enterprise innovation is an important part of social innovation.Solidly promoting enterprise innovation is the main task to promote high-quality economic development.As far as the external influence factors of enterprise innovation are concerned,the existing research literature mainly focuses on the influence of legal environment,government innovation subsidies and multi-level capital markets on enterprise innovation.Few literatures study how macro-monetary policy affects enterprise innovation.However,in reality,monetary policy can influence enterprise innovation through various channels,and bank risk exposure is a potential important transmission channel.In view of this,this paper uses bank risk taking as a mediator to study the impact of monetary policy on corporate innovation.In terms of theoretical research,this paper analyzes the transmission mechanism of monetary policy affecting enterprise innovation under the intermediary effect of bank risk.The basic logic is as follows: monetary policy changes will affect bank risk-taking behavior,loose monetary policy will increase bank risk-taking willingness,and tightening policies will reduce bank willingness to bear risk;and changes in bank risk-taking levels will affect corporate innovation.Financing constraints,which in turn affect corporate innovation activities,will increase the level of bank risk-taking,which will reduce corporate financing constraints,thereby promoting R&D and innovation of enterprises.The decline in bank risk-taking will increase corporate financing constraints and thus inhibit corporate R&D innovation.In terms of empirical research,this paper selects China's non-financial listed companies from 2007 to 2017 to form a dynamic panel model,and uses the generalized system moment estimation(SYS-GMM)to estimate the model.It empirically analyzes how monetary policy affects enterprise innovation through bank risk exposure..In the first step,the broad money supply growth rate and the interbank offered rate are used as the proxy variables of monetary policy,and the bankruptcy risk,non-performing loan ratio and loan approval index are used as the proxy variables of bank risk taking,and the impact of monetary policy on bank risk exposure is empirically analyzed.The second step is to use bankruptcy risk as the agent indicator of bank risk taking,and the intensity of enterprise R&D investment as the agent of innovation agent,and empirically analyze the impact of bank risk-taking on enterprise innovation.The third step is to broaden the growth rate of money supply and peers.The lending rate is used as the proxy variable of monetary policy,the investment intensity of R&D is the index of innovation agent of enterprises,and the impact of monetary policy on enterprise innovation is empirically analyzed.Finally,the bank's risk-taking is added to the model of monetary policy affecting enterprise innovation,and the mediating effect of bank risk-taking is explored.The conclusions of the study are as follows:(1)Changes in monetary policy will significantly positively affect bank risk exposure.Loose monetary policy will increase the bank's risk-taking level,and tight monetary policy will reduce the bank's risk-taking level.At the same time,the risk-taking levels of commercial banks of different natures will be different in the face of monetary policy changes.Large-scale joint-stock commercial banks The level of risk-taking is more significantly affected,indicating that the risk-taking of large joint-stock commercial banks is more susceptible to monetary policy adjustments than other banks.(2)The bank's risk-taking level has a significant positive impact on the R&D and innovation of enterprises.The bank's risk-taking level is improved,and the R&D investment intensity and registered patents of enterprises will also increase significantly.(3)Monetary policy will have a significant impact on corporate innovation.Different monetary policy agency indicators have a significant impact on corporate R&D investment intensity and registered patents.(4)Bank risk-taking plays a mediating role in the process of monetary policy affecting enterprise innovation,but this intermediary role is only a partial intermediary.The contributions of this paper are mainly as follows:(1)From the field of enterprise innovation research,the existing literature rarely involves the impact of monetary policy on enterprise innovation,and it does not study from the perspective of bank risk taking.This paper takes bank risk taking as the mediator.Linking monetary policy to corporate innovation is a new attempt.(2)This paper longitudinally expands the research on the transmission channel of monetary policy.The existing research mainly focuses on “monetary policy?bank risk-taking”,and this paper will extend this channel vertically to the “bank risk-taking?enterprise innovation” link.This enriches the research on the transmission mechanism of monetary policy..