Monetary Policy, Financing Constraints And Enterprise Innovation Investment

Innovation is the core strength to enhance the country’s comprehensive competitiveness.Enterprise is the main body of national innovation,however,Insufficient investment in innovation in enterprises is common.Monetary policy is one of the main means for the Chinese government to implement macroeconomic regulation.we research the influence and mechanism of Monetary Policy on enterprise innovation investment,which has important practical significance to improve China’s independent innovation capability and industrial structure optimization and upgrading.Based on the collation of existing literature,This paper uses the fixed effect model and the mediating effect test method,Taking "Monetary Policy-Financing Constraints-Enterprise Innovation Investment" as the analysis path,selecting2013-2017 A-share manufacturing listed companies as research samples,to research the impact of monetary policy on corporate innovation investment and its mechanism of action.At the same time,taking into account the unique institutional factors in China,we regress analysis based on the nature of property rights.The study found:Loose monetary policy promotes investment in innovation,and monetary policy has a greater role in promoting non-state-owned enterprises;Financing constraints inhibit corporate innovation investment;Loose monetary policy eases corporate financing constraints,And this mitigation is more pronounced in non-state-owned enterprises;Financing constraints have some mediating effects in monetary policy affecting enterprise innovation investment,The degree of intermediary effect of financing constraints in non-state-owned enterprises is higher than that of state-owned enterprises.Finally,this paper also puts forward relevant suggestions while drawing relevant conclusions.The central bank can implement different monetary policies for different enterprises,so as to better play the macro-control function of monetary policy.we should accelerate the reform of the financial system and form an effective market competition mechanism.At the same time,enterprises should also strengthen their own innovation capacity building,not only to strengthen their credit system,but also to establish a sound information disclosure system.The innovation of this paper is reflected in the use of micro-enterprise data to test the financing constraints of monetary policy on corporate innovation investment.The conclusion of the study provides strong evidence that monetary policy affects micro-enterprise innovation investment.This paper integrates macroeconomic policiesinto the research framework of micro-entities,which breaks through the research boundaries between disciplines and opens up new perspectives for the study of factors affecting innovation investment in enterprises.