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

Min Liu, Jiurui He and Nana Liu

Finance Research Letters, 2025, vol. 78, issue C

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.

Keywords: Monetary policy; Firm growth; R&D investment (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:78:y:2025:i:c:s154461232500368x

DOI: 10.1016/j.frl.2025.107105

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