Research On The Impact Of Monetary Policy On The Relationship Of R&D Investment And Corporate Performance

With the increasingly fierce economic globalization and market competition,technological progress and innovation have become the strategic decision-making behavior of a enterprise even a country.Research and Development(R&D)is a direct source of technological progress for enterprises,and it is also an important guarantee for the country to improve its own innovation capabilities and scientific and technological competitiveness.At present,our country is in the critical stage of “economic transformation and industrial upgrading” under the new economic normal.To achieve the transformation of economic growth mode from investment-driven to innovation-driven,it requires the joint efforts of enterprises and government.In the process of promoting corporate innovation and investment,the government's macro-control and policy formulation are particularly important.However,due to imperfections in capital markets and information asymmetries and the resulting external financing constraints and agency problems,as well as R&D investment has the characteristics of large investment amount,long period,slow realization,etc.,the R&D investment and investment performance of Chinese enterprises are both affected by the size of the company itself and the internal governance structure,it is also affected by external financing environment and macro monetary policy.This article takes China GEM listed company as a research sample.The first part first elaborates the research background,research purpose and research significance of this paper,and then systematically reviews and comprehensively reviews the relevant research at home and abroad;The second part analyzes the current situation of China's R&D investment,analyzes the scale,intensity and structure of China's R&D investment,and compares China's major scientific and technological powers in the world with a view of the development status of R&D investment in China;The third part is the theoretical analysis and research hypothesis.Based on the theoretical basis of the analysis and put forward three research hypotheses to be studied in this paper;The fourth part is empirical research,taking the panel data of Chinese GEM listed companies from 2013 to 2016 as research samples,through descriptive statistics,correlation analysis and multiple the regression method empirically studies the relationship between monetary policy,R&D investment,and corporate performance,and explains and analyzes the empirical results;The fifth part is the research conclusion and the countermeasures.The result shows that the R&D input intensity and the enterprise performance are in the first drop,then rise and fall again.Monetary policy has a moderating effect on the relationship between R&D investment and corporate performance through corporate cash flow,and this regulatory effect will change with changes in monetary policy.Therefore,the R&D investment intensity of a company must be controlled within the range of rising R&D investment benefits.According to the R&D input intensity of different monotonous ranges and the optimization effect of the R&D investment effect brought by China's macro monetary policy environment,the company should reasonably arrange and adjust the R&D investment strategy so that the company's R&D activities can run smoothly.