Exploration of the relationship between firm growth and R&D investment under monetary policy adjustment

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-05-01 Epub Date: 2025-02-27 DOI:10.1016/j.frl.2025.107105

Min Liu , Jiurui He , Nana Liu

引用次数: 0

Abstract

This study utilizes a sample comprising data from Chinese listed enterprises spanning from 2015 to 2022 to investigate the influence of monetary policy on enterprise growth and R&D investment. Our findings reveal that enterprise growth adversely impacts R&D investment; however, during periods of loose monetary policy, such adverse effects are mitigated. Conversely, in times of tight monetary policy, non-state-owned enterprises confront more severe financing constraints. Notably, during these tight periods, the impact of monetary policy on R&D investment, stemming from the attenuation of enterprise growth, is comparable between state-owned and non-state-owned enterprises.

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货币政策调整下企业成长与研发投资关系探讨

本研究以2015 - 2022年中国上市企业数据为样本，考察货币政策对企业成长性和研发投资的影响。研究结果表明，企业成长性对研发投资有负面影响；然而，在宽松的货币政策期间，这种不利影响得到缓解。相反，在货币政策从紧的情况下，非国有企业面临更严重的融资约束。值得注意的是，在这些紧缩时期，货币政策对研发投资的影响（源于企业增长的衰减）在国有企业和非国有企业之间具有可比性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance