Monetary Policy, Credit Constraints on Enterprises and Corporate R&D Investment Decision

Abstract

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

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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