Research On The Impact Of Monetary Policy On Enterprise Value

At present,China's economic development is at a critical stage of industrial structure optimization,so,the different influence of the monetary policy on different industries has attracted much attention because it is characterized by asymmetric effects.Meanwhile,technological innovation is also the theme of economic development.Through literature review,this paper finds that there are few literatures on the impact of technological innovation level on enterprises.For the above reasons,this paper studies the asymmetric impact of monetary policy on enterprise value from the perspective of investment level of industrial technological innovation.At the beginning of the study,the article selects the data of all China main board listed companies from 2014 to 2018 as the research sample.Secondly,through theoretical analysis and panel regression model,this paper studies the mechanism of how the monetary policy,investment level of industrial technological innovation and their combined effects influence the market value of enterprises.Third,the paper further analyzes the influence of investment level of industrial technological innovation on enterprise value under different monetary policy environments.Fourth,the above research samples are grouped according to the industry size and industry status of the samples for sub-sample research.Finally,the robustness and endogeneity of the model were tested.Through the above studies,the paper mainly draws the following conclusions:(1)monetary policy has a positive impact on enterprise value;(2)for an enterprise,the higher its investment level in industrial technological innovation,the greater the impact of monetary policy on its market value;(3)the impact of industrial technological innovation input level on enterprise value is affected by monetary policy.In a loose environment,there are positive externalities on enterprise value,and vice versa.And in fact,the looser policy,the greater the positive externalities;the tighter policy,the greater the negative externalities.At the end of the article,this paper puts forward corresponding suggestions from the two aspects of policy makers and enterprise managers.