Impact of monetary policy on corporate R&D investment: From the perspective of loan term structure

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2024-12-03 DOI:10.1111/infi.12454

Yanling Yang, Yuegang Song

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引用次数: 0

Abstract

Monetary policy can directly impact corporate R&D investment, and it can also be achieved through loan term structure indirectly. This study examines the relationship between macro-level monetary policy and micro-level corporate R&D investment from the perspective of loan term structure using data from A-share listed companies in China from 2007 to 2018. The study has three major findings: (i) There is a positive correlation between monetary policy easing and corporate R&D investment. (ii) From the perspective of the loan term structure, when monetary policy tightens, changes in the loan term structure may discourage corporate R&D activities, which is more pronounced for non-state-owned, high-tech and growth-stage companies. The effect of unconventional monetary policy is greater than that of conventional monetary policy in the period of severe economic shock, and monetary policy has a clear asymmetric effect that is greater when it is tight than when it is accommodative. (iii) Through survival analysis, it is found that tight monetary policy is not conducive to prolonging the duration of enterprises' R&D investment. Based on these findings, the study presents recommendations that provide a reference for the government to implement macro-control.

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货币政策对企业研发投资的影响：基于贷款期限结构的视角

货币政策可以直接影响企业研发投资，也可以通过贷款期限结构间接影响企业研发投资。本文利用2007 - 2018年中国a股上市公司的数据，从贷款期限结构的角度考察了宏观层面货币政策与微观层面企业研发投资的关系。研究有三个主要发现：(1)货币政策宽松与企业研发投资之间存在正相关关系。(2)从贷款期限结构来看，当货币政策收紧时，贷款期限结构的变化可能会抑制企业的研发活动，这在非国有、高科技和成长期公司中表现得更为明显。在经济严重震荡时期，非常规货币政策的效果大于常规货币政策，货币政策存在明显的不对称效应，从紧货币政策的效果大于宽松货币政策的效果。（三）通过生存分析发现，从紧的货币政策不利于延长企业研发投资的持续时间。在此基础上提出建议，为政府实施宏观调控提供参考。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.