Monetary Policy Uncertainty,Maturity Mismatch And Enterprise Innovation

Innovation is an important part of development,which related to the future of the country.At the government work conference in 2022,it was proposed to continue to strengthen support for enterprise innovation,provide large-scale financial support for enterprise innovation through tax incentives,and promote a virtuous circle of technology,industry and finance.Innovation is not easy to implement,which requires a lot of capital to maintain.Monetary policy uncertainty will worsen the financing environment of the enterprise,and then affect the innovation and development of the company.Therefore,exploring the mechanism of monetary policy uncertainty on corporate innovation is an important issue,which related to high-quality economic development.This thesis takes the listed firms in China from 2006 to 2020 as a sample,to verify the relationship between monetary policy uncertainty and enterprise innovation,and introduces the maturity mismatch,to describe the transmission path between them.On the basis of research,considering the compulsion and initiative of enterprise maturity mismatch,and the moderating effect of enterprise nature and government subsidies on the above path.The main conclusions of this paper are as follows:First,monetary policy uncertainty inhibits enterprise innovation.Innovation has the characteristics of high investment and high risk,and needs long-term and stable funds as support.Monetary policy uncertainty will deteriorate the financing environment of enterprises,increase the level of financing constraints of enterprises,and then affect innovation investment.Second,monetary policy uncertainty can inhibit innovation through maturity mismatches.Enterprise capital mainly comes from the financial market,and its term structure will be affected by the term of funds in the market.Monetary policy uncertainty increases the risk level of banks,and banks will reduce lending,and replace long-term loans with short-term loans to control risk.And it will increase the level of maturity mismatch of enterprises.To control risk,enterprises will reduce investment in high-risk innovation activities.Third,maturity mismatch is not only passively accepted by the enterprise,but also the result of the enterprise’s active choice.Monetary policy uncertainty will worsen the financing environment of enterprises,increase the level of corporate financing constraints,and which are forced to use short-term loans to support long-term investment.At the same time,the uncertainty also increases interest rates.In order to reduce financing costs,enterprises will actively choose short-term loans to make up for their capital needs,which will increase the degree of maturity mismatch.Fourth,through the heterogeneity analysis,both state-owned and non-state-owned enterprises are inevitably affected by monetary policy uncertainty,but non-state-owned enterprises are more strongly inhibited.This is due to the existence of implicit guarantees of state-owned enterprises,which make it easier to obtain credit resources when uncertainty is heightened.Government subsidies can ease the liquidity pressure of enterprises,help enterprises cope with shocks which caused by uncertainty,and promote enterprise innovation.This thesis attempts to analyze the impact of monetary policy uncertainty on corporate innovation from the perspective of enterprise maturity mismatch.In terms of the causes of enterprise maturity mismatch,this thesis not only considers the helplessness of enterprises,but also analyzes the initiative of enterprises.Limited by the acquisition of financial information of non-listed companies,this article does not include it,which has certain limitations.