The Impact Of Monetary Policy On R&D Investment Under The Impact Of Economic Policy Uncertainty

At present,China's economic development has entered a new normal.The report of the 19 th National Congress of the Communist Party of China stresses that we should firmly implement the innovation-driven development strategy and accelerate the construction of an innovative country.As the main carrier of innovation,R & D is an important part of enterprise investment decision-making.Some scholars have shown that the R & D input intensity of enterprises has a certain role in promoting the output of technological innovation,and the output of technological innovation of enterprises has a significant role in promoting the international competitiveness of enterprises.This will improve the research and development of enterprises to the height of the competitiveness of enterprises or even the national competitiveness.However,the R & D of enterprises is characterized by high investment,big risk,long cycle and asymmetric information,which determines that the R & D investment of enterprises is affected by factors such as insufficient funds,financing difficulties,macroeconomic environment fluctuations,etc.,among which the uncertainty of monetary policy and economic policy are undoubtedly the two more important factors.Based on the transmission mechanism theory of monetary policy,theory of technological innovation,the real option theory and theory of financing constraints,the macro monetary policy will inevitably affect the investment behavior of micro enterprises,and the external economic policy uncertainty will also adjust the impact of monetary policy on enterprise research and development.Therefore,it is necessary to study the relationship among monetary policy,economic policy uncertainty and R & D investment.The research on the interaction between macro-economic policy and micro enterprise behavior has always been in a fragmented situation.In this paper,the uncertainty of monetary policy and economic policy is included in the research framework of enterprise R & D,aiming to expand the new perspective of enterprise R & D research,and provide some more extensive empirical evidence for the research.Firstly,this paper combs the literature review of monetary policy,economic policy uncertainty and R & D investment of enterprises,and then puts forward the theoretical basis of this paper,and on this basis,three main assumptions of this paper are put forward: first,loose monetary policy will significantly improve the level of R & D investment of enterprises;second,economic policy uncertainty on monetary policy and R & D of enterprises Third,the above effects are more significant in state-owned enterprises.Taking 2014-2018 A-share listed companies as the research sample,the data are sorted and analyzed by Excel and Eviews software,and the hypothesis proposed in this paper is tested by descriptive statistics,correlation analysis and multiple regression analysis.The results show that: monetary policy will affect the R & D investment of enterprises,loose monetary policy will significantly improve the level of R & D investment of enterprises;economic policy uncertainty will reverse regulate the relationship between monetary policy and R & D investment of enterprises,weaken the effect of monetary policy on R & D investment of enterprises;compared with non-state-owned enterprises,the above effects and regulatory effects are more significant in state-owned enterprises Remarkable.Finally,according to the conclusion of the study,the paper puts forward policy suggestions on how to deal with the uncertainty of economic policy and how to promote the level of R & D investment of Chinese enterprises.