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Exploration of the relationship between firm growth and R&D investment under monetary policy adjustment

Author

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  • Liu, Min
  • He, Jiurui
  • Liu, Nana

Abstract

This study utilizes a sample comprising data from Chinese listed enterprises spanning from 2015 to 2022 to investigate the influence of monetary policy on enterprise growth and R&D investment. Our findings reveal that enterprise growth adversely impacts R&D investment; however, during periods of loose monetary policy, such adverse effects are mitigated. Conversely, in times of tight monetary policy, non-state-owned enterprises confront more severe financing constraints. Notably, during these tight periods, the impact of monetary policy on R&D investment, stemming from the attenuation of enterprise growth, is comparable between state-owned and non-state-owned enterprises.

Suggested Citation

  • Liu, Min & He, Jiurui & Liu, Nana, 2025. "Exploration of the relationship between firm growth and R&D investment under monetary policy adjustment," Finance Research Letters, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:finlet:v:78:y:2025:i:c:s154461232500368x
    DOI: 10.1016/j.frl.2025.107105
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