Abstract: In the process of the financial system reform, the financial equity connection, as a development mode of mutual integration between entity enterprises and financial institutions through funds, capital, and personnel, can effectively alleviate the financing constraints of enterprises and promote the development of enterprises. Enterprise innovation activities are characterized by high risk, large investment, long cycle and strong confidentiality, and often face serious financing constraints. Therefore, whether the financial equity connection can effectively promote corporate innovation activities needs to be further discussed. Under the guidance of the multi-target system, although China's monetary policy is generally stable, there are still some problems. For instance,it is difficult to balance the various targets,and the policy may not match the development of the real economy at certain stage. Specifically, the tight monetary policy will lead to the decrease of the market money supply and the increase of loan interest rates. Besides, the corporate innovation will face strong financing constraints. In addition, the complex internal and external economic environment will lead to frequent adjustments of the monetary policy and trigger uncertain expectations. As one of the important macroeconomic policies affecting the development of China's real economy, it is not clear whether the monetary policy will affect the relationship between the financial equity connection and corporate innovation activities.
This paper takes the data of China's A-share non-financial listed companies from 2007 to 2019 as samples to explore the impact of the financial equity connection on the corporate innovation and the moderating effect of the monetary policy on the relationship between them. It is found that the financial equity connection has a significant promoting effect on the innovation input, output and efficiency. When the appropriateness of the monetary policy is low, the financial equity connection has a stronger promoting effect on the innovation input, output and efficiency. When the monetary policy is tight, the financial equity connection has a stronger promoting effect on the innovation input, output and efficiency. When the uncertainty of the monetary policy is small, the financial equity connection has a stronger promoting effect on the innovation input, output and efficiency. Further research shows that the breadth, length and depth of the financial equity connection can significantly promote the innovation input, output and efficiency. The financial equity connection can fully improve the innovation quality of enterprises, and has the strongest promotion effect on high-quality invention patents, followed by utility model patents, and design patents. The monetary policy also plays a significant moderating effect on different types of innovation outputs, but has the greatest impact on high-quality innovation patents outputs.
This paper makes several contributions: Firstly, based on the institutional theory, this paper illustrates the difference of the effect of the financial equity connection strategy on the corporate innovation under different monetary policy scenarios. It provides theoretical reference for enterprises to promote the innovation development through the financial equity connection under different monetary policy scenarios. And the moderating effects of appropriateness, tightness and uncertainty of the monetary policy on the relationship between the financial equity connection and the corporate innovation are also comprehensively investigated through empirical tests, which can enrich the research on the monetary policy and micro firm behaviors. Secondly, based on the financing constraint theory and the synergistic effect theory, this paper analyzes the influence mechanism of the financial equity connection on the innovation input, output and efficiency. Through empirical tests, this paper comprehensively explores the impact of the financial equity connection on the innovation input, output and efficiency of enterprises, as well as different influences of the financial equity connection on different types of innovation output (invention patents, utility model patents, design patents). It can enrich the literature on the financial equity connection and the corporate innovation. Thirdly, this paper makes a systematic measurement of the financial equity connection from three perspectives of breadth, length and depth, and discusses the effect of the financial equity connection on the corporate innovation from multiple perspectives, which makes up for the deficiency of the quantitative research on the financial equity connection and provides data support for regulatory authorities' policy making. The findings of this study are of great significance to guide China's real enterprises to improve their innovation ability through the financial equity connection under different monetary policy scenarios, thereby promoting the high-quality development of the real economy.

Key words: Financial Equity Connection, Appropriateness of Monetary Policy, Tightness of Monetary Policy, Uncertainty of Monetary Policy, Corporate Innovation

摘要： 本文以我国A股非金融类上市公司2007—2019年数据为样本,深入探讨金融股权关联对企业创新的影响以及货币政策对二者关系的调节效应。研究发现:金融股权关联对企业创新投入、产出和效率均有显著的促进作用;上述促进作用在货币政策适度水平较低、货币政策紧缩期间和货币政策不确定性较小时更强。进一步研究表明,金融股权关联的模块广度、时间长度和持股深度均能显著促进创新投入、产出和效率;金融股权关联能够显著促进不同类型的创新产出,货币政策也能够发挥显著的调节效应,但对高质量发明专利的影响最大、实用新型专利次之、外观设计专利最小。该研究发现对引导我国实体企业在不同货币政策情境下,通过金融股权关联实践提升其创新能力、从而促进实体经济高质量发展具有重要意义。

关键词: 金融股权关联, 货币政策适度水平, 货币政策紧缩程度, 货币政策不确定性, 企业创新