Monetary Policy, Bank Risk-taking, and Corporation R&D

Abstract

Abstract: R&D has the characteristics of high risk. Existing researches show that monetary policy changes will affect banks' risk-taking behavior. Therefore, the monetary policy can influence corporate R&D through banks' risk-taking. Based on the data of China's A-share listed companies from 2007 to 2017, this paper studies the impact of the monetary policy on corporations' R&D. The results show are as follws: (1) The monetary policy has significant impacts on corporations' R&D in China. The more relaxed the monetary policy is, the more active R&D is. (2) Banks' risk-taking plays a key intermediary role in the process of the monetary policy affecting the innovation of Chinese enterprises.

Key words: Monetary Policy, Bank Risk-taking, Corporation R&D

摘要： 以银行风险承担为中介变量,在货币政策与企业研发创新之间建立起联系,进而基于中国A股上市公司数据实证研究了货币政策冲击对企业研发创新的影响,并检验了银行风险承担在其中的中介作用。研究结果显示:第一,货币政策冲击显著地影响了我国企业研发创新活动,货币政策越宽松,企业研发创新就越活跃,这种影响主要存在于非国有企业,在国有企业中并不显著;第二,银行风险承担在货币政策冲击影响我国企业研发创新的过程中发挥了关键的中介作用,在数量型货币政策调控下,银行风险承担可能只发挥部分中介作用,而在价格型货币政策调控下,银行风险承担则发挥完全中介作用。

关键词: 货币政策, 银行风险承担, 企业研发

CLC Number:

F832.33

HE Yunxin, JIA Fucheng, GENG Zhongyuan. Monetary Policy, Bank Risk-taking, and Corporation R&D[J]. , 2020, 36(2): 53-63.

何运信, 贾富成, 耿中元. 货币政策冲击、银行风险承担与企业研发创新[J]. 财经论丛, 2020, 36(2): 53-63.

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