货币政策不确定性、双重金融摩擦与企业创新

Monetary Policy Uncertainty,Double Financial Friction and Enterprise Innovation

文章考虑信贷市场和股票市场的双重金融摩擦,研究货币政策不确定性对企业创新的影响以及双重金融摩擦的中介效应。结果表明:货币政策不确定性对企业创新具有显著的抑制作用,非国有企业、小规模企业以及高科技企业受到的抑制作用更强;货币政策不确定性上升通过加剧信贷市场摩擦和股票市场摩擦进而抑制企业创新;国有企业和高科技企业存在着显著的双重金融摩擦中介效应,而非国有企业和非高科技企业仅存在信贷市场摩擦中介效应;在双重金融摩擦中介效应中,信贷市场摩擦占比更大。

This paper researches the impact of monetary policy uncertainty on enterprise innovation,and the in⁃termediary effect of double financial friction in credit market and stock market.The results show that:Monetary poli⁃cy uncertainty has a significant inhibitory effect on enterprise innovation,in which the inhibitory effect on non state-owned enterprises,small-scale enterprises and high-tech enterprises is stronger;credit market friction and stock market friction are the intermediary channels for the monetary policy uncertainty to inhibit enterprise innova⁃tion;state-owned enterprises and high-tech enterprises have a significant double financial friction intermediary ef⁃fect while non-state-owned enterprises and non-high-tech enterprises have only a credit market friction intermedi⁃ary effect;the ratio of intermediary effect of credit market friction in the total effect is higher than that of stock mar⁃ket friction.