The impact of US monetary policy on Chinese enterprises' R&D investment

被引：58

作者：

Zhang Dongyang ^{[1
,4
]}

Guo Yumei ^{[2
]}

Wang Zhaorui ^{[3
]}

Chen Yanbin ^{[3
]}

机构：

[1] Capital Univ Econ & Business, Sch Econ, Beijing, Peoples R China

[2] Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China

[3] Renmin Univ China, Sch Econ, Beijing, Peoples R China

[4] 121 Zhangjialukou, Beijing 100070, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2020年 / 35卷

基金：

中国国家自然科学基金;

关键词：

US monetary policy; R&D investment; Innovation intensity; UNCERTAINTY; FIRMS;

D O I：

10.1016/j.frl.2019.09.016

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

With economic globalization, the behavior of a domestic enterprise is significantly affected by foreign economic policy. This paper investigates the relationship between the US monetary policy and the R&D investment of Chinese enterprises from 2015 to 2018. Ultimately, we find that the Federal Reserve's interest rate hike has a positive and significant impact on R&D investment by Chinese enterprises, particularly for the small-scaled and low-innovative enterprises. Furthermore, other innovation proxies, including the intensification of new products and patents, are also driven by Federal Reserve's interest rate hike.

引用

页数：6

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