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

被引：47
|
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
收藏
页数：6
相关论文
共 50 条
  • [1] The impact of economic policy uncertainty and monetary policy on R&D investment: An option pricing approach
    de la Horra, Luis P.
    Perote, Javier
    de la Fuente, Gabriel
    [J]. ECONOMICS LETTERS, 2022, 214
  • [2] R&D Investment Decision, Monetary Policy and Enterprise Productivity
    Zhao, Yan
    [J]. PROCEEDINGS OF THE 3RD INTERNATIONAL CONFERENCE ON JUDICIAL, ADMINISTRATIVE AND HUMANITARIAN PROBLEMS OF STATE STRUCTURES AND ECONOMIC SUBJECTS (JAHP 2018), 2018, 252 : 680 - 688
  • [3] EFFECTS OF MULTIPLE MONETARY POLICY TOOLS ON ENTERPRISES' R&D INVESTMENT: DIFFERENCES AMONG INDUSTRY CATEGORIES
    Dou, Zhenjiang
    Xie, Mengxiang
    Wang, Xiaojun
    [J]. TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2022, 21 (01): : 83 - 100
  • [4] Can intellectual property rights protection and governmental R&D investment promote Chinese enterprises' R&D investment?
    Li, Wei
    [J]. KNOWLEDGE MANAGEMENT RESEARCH & PRACTICE, 2017, 15 (04) : 551 - 559
  • [5] Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
    Yang, Jingyuan
    Wang, Ling
    Sun, Ziyuan
    Zhu, Fangming
    Guo, Yihui
    Shen, Yan
    [J]. INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH, 2021, 18 (21)
  • [6] Enterprises' internationalization, R&D investment and enterprise performance
    Fu, Yanyu
    [J]. FINANCE RESEARCH LETTERS, 2024, 67
  • [7] Zhejiang Enterprises' R&D Management Innovation-The Investigation of Oversea R&D Investment
    Zhu Qin
    [J]. PROCEEDINGS OF 2009 INTERNATIONAL CONFERENCE ON GROWTH OF FIRM AND MANAGEMENT INNOVATION, 2009, : 405 - 409
  • [8] The long-run effects of monetary policy: The role of R&D investment in economic growth
    Alam, M. Jahangir
    Alvi, Eskander
    [J]. ECONOMIC MODELLING, 2024, 137
  • [9] Government innovation subsidy, monetary policy, and corporate R&D investment: evidence from China
    Zhang, Yupeng
    Huang, Min
    Kim, Yoonbai
    Wang, Qian
    [J]. ASIAN JOURNAL OF TECHNOLOGY INNOVATION, 2023, 31 (02) : 356 - 374
  • [10] SECULAR STAGNATION, R&D, PUBLIC INVESTMENT, AND MONETARY POLICY: A GLOBAL-MODEL PERSPECTIVE
    Cova, Pietro
    Notarpietro, Alessandro
    Pagano, Patrizio
    Pisani, Massimiliano
    [J]. MACROECONOMIC DYNAMICS, 2021, 25 (05) : 1267 - 1287
12345