货币政策不确定性与企业创新——基于我国上市公司的实证分析

Monetary Policy Uncertainty and Enterprise Innovation

经济政策不确定性对企业创新活动的影响已引起较大关注,但聚焦于货币政策不确定性对企业创新活动的影响尚缺乏深入探究。基于此,本文以2007-2018年我国上市公司为研究样本,实证分析了货币政策不确定性对企业创新的影响。结果显示:货币政策不确定性显著降低了企业的研发投入和专利申请数量;非国有企业、受政府补贴少的企业受到货币政策不确定性的负向影响更大。进一步研究还发现,货币政策不确定性通过增加金融市场摩擦,加剧企业融资约束影响企业创新投资。据此,提出以下政策建议:央行应关注货币政策调整带来的不确定性,加强窗口指导;加强对创新项目的金融服务;提升金融服务科技型企业的能力;应注重与地方政府的沟通,发挥牵头协调作用。

The impact of economic policy uncertainty on enterprise innovation activities has attracted great attention,but the impact of monetary policy uncertainty on enterprise innovation activities is still lacking in-depth exploration.Based on this,this article uses the Chinese listed companies from 2007 to 2018 as a research sample,and empirically analyzes the effects of monetary policy uncertainty on enterprise innovation.The results show that:monetary policy uncertainty significantly reduces the R&D investment and the number of patent applications;and the negative effect of monetary policy uncertainty on innovation of non-state-owned enterprises and enterprises with less government subsidies is more significant.This paper also finds that monetary policy uncertainty affects the innovation investment of enterprises by increasing financial market friction and intensifying the financing constraints of enterprises.Therefore,we put forward the following policy suggestions:the central bank should pay attention to the uncertainty brought by the adjustment of monetary policy and strengthen the window guidance,strengthen the financial services for innovative projects,enhance the ability of financial services for science and technology enterprises,pay attention to the communication with local governments and play a leading and coordinating role.