货币政策、不同企业的信贷约束和研发生产项目投资决策

摘要/Abstract

摘要：

如何合理评估货币政策对企业R&D项目投资决策的影响已成为企业决策者面临的重要问题。本研究根据决策者认知偏差和分子动力学理论，在分析R&D项目中的实物期权特征和价值相互作用的基础上，研究了货币政策对不同股权性质企业的R&D项目投资决策的影响，研究表明：不同企业对货币政策的敏感程度不同；随着货币扩张强度的增加，不同企业对项目期权价值的预期和可获得的最大价值表现出差异性；在同一货币扩张强度下，随着投资额的增加，期权价值的上下限、预期值和可获得的最大价值不断增大；当货币扩张程度增大时，货币政策对预期值的解释力变强。最后，站在政府和企业的角度，给出了提高货币政策实施效果和企业创新能力的相关建议。

关键词: 货币政策, 信贷约束, R&, D项目, 投资决策

Abstract:

It is crucial for corporate decision-makers to appropriately evaluate the impact of monetary policy on their R&D investment decision. Based on corporate decision-makers' cognitive biases and molecular dynamics theory, this paper analyzes the real options characteristics of R&D projects and then studies how monetary policy affects R&D project investment decisions made by enterprises under different shareholding structures. We find that:different enterprises are at different level of sensitivity to monetary policy; when the degree of expansionary monetary policy strengthens, enterprises' expectations of project option value begin to differ from their maximum achievable value; under the same intensity of monetary expansion, with the increase of investment, the top and bottom limits of option value, expected value and the maximum achievable value increase; when monetary expansion degree increases, monetary policy becomes more explanatory for expected value. Finally, from the perspective of the government and enterprises, we propose relevant suggestions for improving the effect of monetary policy and the innovation ability of enterprises.

Key words: monetary policy, credit constraints, R&D project, investment decision-making

王超发, 孙静春. 货币政策、不同企业的信贷约束和研发生产项目投资决策[J]. , 2017, 29(11): 17-27.

Wang Chaofa, Sun Jingchun. Monetary Policy, Credit Constraints on Enterprises and Corporate R&D Investment Decision[J]. , 2017, 29(11): 17-27.

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