Monetary Policy,Enterprise Life Cycle And R&D Investment Behavior

With the development of the fourth industrial revolution,great changes have taken place in the way of global industrial competition.Scientific and technological innovation has gradually become an important force for the country to maintain healthy development and gain core competitiveness.On April 10,2018,at the opening ceremony of the Boao Forum for Asia,Comrade Xi Jinping,President of China,stressed that China must take the road of innovation and development.Only by mastering the core technology,can China’s development not be restricted by others.As an important organizational form,enterprises are the most important force in China’s innovation and development.R&D is the foundation of enterprise technological innovation and the source power of Chinese enterprises from "followers" to "leaders".However,due to the imperfection of China’s capital market and market failure,there are still many restrictive factors in R&D investment of enterprises.As we all know,the investment behavior of micro enterprises is easily influenced by macroeconomic policies,and R&D investment of enterprises is no exception.R&D investment has the characteristics of high risk,long cycle and high cost,which determines that R&D investment has absolute dependence on money.As one of the important tools to adjust the macro market,monetary policy has an important impact on the R&D investment behavior of enterprises through interest rate channels and credit channels.In addition,the development of enterprises is a dynamic process,enterprises in different stages of life cycle will make different R&D investment decisions.To ensure the sustainability and planning of R&D investment,we must master the rules of R&D investment in different stages of life cycle,and make scientific and rational investment decisions according to the changes of internal and external environment and their own characteristics.To sum up,both monetary policy and enterprise life cycle play an important role in R&D investment.Therefore,this paper studies the R&D investmentbehavior of enterprises from these two perspectives.This paper takes the listed companies of A-share manufacturing industry in Shanghai and Shenzhen from 2009 to 2017 as the research object,constructs a non-equilibrium panel,and empirically tests the relationship between monetary policy,enterprise life cycle and R&D investment through multiple regression model.Firstly,the relationship between enterprise life cycle and R&D investment is validated,and the law of enterprise R&D investment life cycle is obtained.On this basis,the difference of this law among enterprises in different property rights and different economic regions is investigated.Secondly,the relationship between monetary policy and R&D investment is examined,and the nature of different property rights and monetary policy and R&D investment in different economic regions are also examined.Finally,the paper examines the impact of monetary policy on R&D investment behavior of enterprises in different stages of life cycle by integrating monetary policy and enterprise life cycle.Through this study,the following conclusions are drawn:(1)There are differences in R&D investment behavior among enterprises in different life cycle stages.Specifically,the R&D investment of enterprises in the mature stage is the largest,followed by those in the growing stage and those in the recession stage.Compared with central state-owned enterprises and local state-owned enterprises,this phenomenon is more significant in private enterprises.Compared with the western region,this phenomenon is more significant in the central and Eastern regions.(2)There is a positive correlation between monetary policy and enterprise’s R&D investment,that is,loose monetary policy will promote enterprise’s R&D investment.Compared with private enterprises,this promotion effect is more obvious in central state-owned enterprises and local state-owned enterprises.Compared with the western region,this promotion effect is more significant in the central and Eastern regions.(3)Loose monetary policy can promote the R&D investment of enterprises in different life cycle stages,but this promotion effect is more significant in the growing and mature enterprises.Different from previous studies,this paper considers the characteristics of enterprise life cycle based on the analysis of the impact of macro-monetary policy on R&D investment of micro-enterprises,and obtains the life cycle law of enterprise R&D investment.At the same time,the impact of monetary policy on R&D investment ofenterprises with different life cycles is examined.The results of this study not only enrich the relevant theoretical research,but also provide a new perspective for the government to formulate macroeconomic policies and enterprises to make R&D investment decisions.