Monetary policy shock and corporate innovation: Evidence from China

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems Pub Date : 2024-09-01 DOI:10.1016/j.ecosys.2024.101226

引用次数: 0

Abstract

This paper investigates whether and how monetary policy shock (MPS) affects corporate innovation using a large sample of 3,082 Chinese listed firms over the period 2007–2019. We provide robust evidence that firms increase their innovative activities when faced with MPS. Further analyses show that firms in competitive industries or with less market power are more inclined to increase innovation in the event of MPS, and that the influence of MPS on corporate innovation is more pronounced for firms with more growth opportunities or better financial conditions. We also find that firms tend to increase innovation to a larger extent in expansionary periods than in contractionary ones.

查看原文本刊更多论文

货币政策冲击与企业创新：来自中国的证据

本文以 2007-2019 年间 3,082 家中国上市公司为大样本，研究货币政策冲击（MPS）是否以及如何影响企业创新。我们提供了强有力的证据，证明企业在面临货币政策冲击时会增加创新活动。进一步的分析表明，竞争性行业或市场支配力较弱的企业在发生 MPS 时更倾向于增加创新，而 MPS 对企业创新的影响对于增长机会较多或财务状况较好的企业更为明显。我们还发现，与紧缩时期相比，企业在扩张时期更倾向于增加创新。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Economic Systems ECONOMICS-

CiteScore

4.90

自引率

0.00%

发文量

审稿时长

48 days

期刊介绍： Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.