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The impact of monetary policy uncertainty on corporate innovation investment: A dual-channel analysis based on financing constraints and risk-taking

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  • Liang, Haitao
  • Wang, Sichen

Abstract

Using data on A-share listed companies in China from 2006 to 2023, this paper conducts an empirical analysis with a fixed-effects model. The study finds that monetary policy uncertainty significantly reduces corporate innovation investment; financing constraints play a significant mediating role between monetary policy uncertainty and corporate innovation investment; risk-taking also plays a significant mediating role in this relationship; the impact of monetary policy uncertainty on corporate innovation investment is heterogeneous between regulated and non-regulated industries; and it is likewise heterogeneous between high-tech and non-high-tech industries.

Suggested Citation

  • Liang, Haitao & Wang, Sichen, 2026. "The impact of monetary policy uncertainty on corporate innovation investment: A dual-channel analysis based on financing constraints and risk-taking," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026303
    DOI: 10.1016/j.frl.2025.109381
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