Econ Papers Daily / 期刊论文
结构性货币政策与企业创新韧性——基于中国MLF担保品扩容的实证研究
Structural monetary policy and corporate innovation resilience: an empirical study based on China’s MLF collateral expansion
摘要
Structural monetary policy influences corporate innovation by targeting financial resources towards specific sectors, firms, or instruments rather than relying solely on aggregate monetary adjustments. Using the 2018 collateral expansion of the medium-term lending facility (MLF) as a quasi-natural experiment and panel data on Chinese A-share listed firms from 2013 to 2024, this study finds that MLF collateral expansion significantly enhances corporate innovation resilience. The results remain robust across alternative specifications and robustness checks. Mechanism analysis shows that the policy strengthens innovation resilience through improved financing conditions, greater analyst consensus, and optimized human capital allocation.
中文摘要
结构性货币政策通过将金融资源定向引导至特定部门、企业或工具，而非仅依赖总量性货币调整，从而影响企业创新。本文以2018年中期借贷便利（MLF）担保品扩容作为准自然实验，并使用2013—2024年中国A股上市公司面板数据，研究发现MLF担保品扩容显著提升了企业创新韧性。该结果在替代设定和稳健性检验下依然稳健。机制分析表明，该政策通过改善融资条件、提高分析师一致预期以及优化人力资本配置来增强创新韧性。