Central bank communication, corporate maturity mismatch and innovation

This paper analyzes the relationship between central bank communication and corporate innovation. The results show that: (1) Communication in a loose direction of the central bank will promote corporate innovation. (2) The higher the degree of consistency between words and deeds, the stronger the positive impact of central bank communication on corporate innovation. (3) The increase in the proportion of policy continuity words in the central bank communication text will amplify the positive impact of the loose communication on corporate innovation. (4) Communication in the loose direction of the central bank will inhibit the corporate behavior of "Corporate Maturity Mismatch", so as to promote corporate innovation. (5) The positive impact of central bank communication on corporate innovation is more significant in companies with stable investor sentiment and a high degree of management myopia. (6) The period of low moderation of monetary policy will help to strengthen the role of central bank communication in promoting corporate innovation.