Monetary Policy, Monetary Fund And R&D Investment

Since 2008,the global economic crisis caused by the US subprime crisis has had a lasting and profound impact on various economics around the world.Every country around the world has adopted quantitative easing monetary policy to intervene in their economics,but the economy is still stuck in a prolonged slump.Under this serious reality,the major countries around the world have gradually realized that scientific and technological innovation plays the irreplaceable role in getting rid of the crisis and restoring economic growth.China,which is in the upgrading stage of industrial structure,needs to pay special attention to innovation.This paper mainly studies the effect of monetary policy to the enterprise research and development spending,the effect of enterprise monetary fund holding level during the process of monetary policy transmission these perspectives.This paper chose the relatively stable data in the macroeconomic development from 2012 to 2016 as the sample research period.At the same time,it selected financial indicators of listed manufacturing enterprises to make panel data.And it adopted fixed effect model in panel data estimation method.Enterprise monetary fund holding level was chosen as the controlled variable according to panel data and it studied and explained the influence of variable monetary policy to the research and development expenditure.The following conclusions are found from the study:firstly,China's loose monetary policy is conductive to enterprises to improve the level of research and development spending.Secondly,through the study of stepwise test regression coefficient method,it is found that monetary fund has partial mediating effect on the influence of monetary policy of the research and development expenditure of enterprises,but its mediating effect is rather weak with an effect value of 8.25%.thirdly,by dividing the enterprises into the holding group ofhigh money funds at the beginning and the holding group of less money funds at the beginning,using the monetary policy as the explanatory of variable to research and development expenditure as the regression.Through the research,it found the high money holding group was more sensitive to monetary policy,that is,when monetary policy expanded,the high money holding group spent more on research and development than the less money holding group.Fourthly,it can be found from the study that there was a "crowing out effect" between the amount of money held by people and the research and development expenditure of enterprises.At the same time,the change of monetary fund will negatively adjust the level of monetary policy on enterprise research and development expenditure,that is,when the holding level of monetary fund increases,the marginal effect of monetary policy on enterprise research and development expenditure will decrease.When the holding level of monetary fund decreases,the marginal effect of monetary policy on enterprise research and development expenditure will increase.The previous studies have focused on the impact of macro-policy changes on research and development spending.This paper further introduces controlling variable—the amount of money fund holding and analyzed it by combining qualitative and quantitative methods.It based on the influence of the monetary policy to the enterprise research and development spending,introduced control variable-the amount of enterprise monetary fund holding to study the monetary policy impact on the enterprise research and development spending levels that exist in the mediation effect,regulating effect and crowing out effect.