The Difference Influence Of Monetary Policy On Firm's Fixed Assets Investment And Innovation Investment From The Perspective Of Bank Risk-taking

With the decrease of the traditional fixed assets investment income,the economic development of our country is also slowing down gradually.The extensive economic growth mode of pulling the economy through high fixed assets investment does not have the characteristics of sustainable development,so it is urgent to find new economic development power.Innovation,as one of the core elements of social development,is the key factor to change to the stage of high-quality development.This paper attempts to explore whether monetary policy has different effects on fixed assets investment and innovation investment,and what are the reasons for the differences.After the financial crisis,the transmission channel of bank risk-taking of monetary policy has given us more thinking.Many scholars at home and abroad have verified that monetary policy will affect the level of bank risk-taking.Theoretically,the level of bank risk-taking investment may significantly affect the high-risk investment(innovation investment),but due to risk control or external supervision and other factors,it will not have a significant impact on the low-risk investment(fixed asset investment).Therefore,this paper believes that the transmission channel of bank risk-taking may be one of the reasons that lead to the different impact of monetary policy on fixed assets investment and innovation investment.In the empirical part,the first step is to verify whether there is a significant difference in the impact of monetary policy on fixed asset investment and innovation investment;the second step is to explore whether bank risk-taking is one of the reasons for the difference in the impact of monetary policy on the two kinds of investment.The second step is divided into two steps.First,we verify that monetary policy has a significant impact on bank risk-taking.Then,we add bank risk-taking as an intermediary variable on the basis of monetary policy's impact on two kinds of investment,and analyze whether bank risk-taking has different intermediary effects in the two transmission processes.The selected samples are the annual data of manufacturing listed companies in China from 2010 to 2018,and constitute a panel model.The fixed effect model and system generalized second-order moment method(sys-gmm)are used for empirical test.The conclusions are as follows:(1)monetary policy has a significant difference on the fixed assets investment and innovation investment of enterprises.When monetary policy is loose,although both kinds of investment will increase,there is a significant difference in the extent of increase.The impact of monetary policy on innovation investment of enterprises is greater than that on fixed assets investment of enterprises;(2)bank risk-taking is the cause of monetary policy's impact on innovation investment of enterprises One of the reasons for the significant difference between the two types of investment is that,firstly,monetary policy will significantly affect the level of risk-taking of banks.When monetary policy is loose,the level of risk-taking of banks will increase.Secondly,bank risk-taking reflects the intermediary effect in the process of monetary policy affecting innovation investment of enterprises,but not in the process of monetary policy affecting fixed asset investment of enterprises There is an intermediary effect,so it can be considered that the bank risk-taking is one of the reasons for the significant difference between the two kinds of investment.The contribution of this paper lies in:(1)expanding the transmission channel of bank risk-taking of monetary policy to the level of enterprise investment;(2)dividing enterprise investment into high-risk innovation investment and low-risk fixed asset investment,and studying whether there are differences in the impact of monetary policy on the two kinds of investment;(3)adding bank risk-taking into the process of monetary policy affecting the two kinds of investment Intermediate variables,to explore whether bank risk-taking is one of the reasons for the impact of monetary policy on the two investment differences.