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

被引：56
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.
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页数：6
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