货币政策、商业信用与科技创新投资

实证检验了商业信用对企业科技创新投资的影响与作用机制，以及在不同货币政策期的异同。研究发现：总体上，商业信用能够缓解创新融资约束，促进企业科技创新投资；在货币紧缩期，商业信用对创新融资约束有显著缓解作用，对创新投资的促进作用较之货币宽松期更为明显。进一步研究表明，国有企业能利用商业信用促进创新投资，且在货币紧缩期通过对商业信用的利用，缓解创新融资约束、促进创新投资；该现象在民营企业中不存在，可能与国有企业对商业信用有更强的获取及控制能力有关。研究成果丰富了商业信用的经济后果内涵，为解决企业创新融资问题提供了新思路。

Monetary Policies,Trade Credit and R&D Investments

This paper investigates the relationship between trade credit and corporate R&D investments, and whether this relationship varies under different monetary policies. Our results show that trade credit improves corporate R&D investments through easing financial constraints of R&D investments, and this effect is stronger under tightened monetary policies. Further, state owned enterprises are able to use trade credit to improve their R&D investments, especially under tightened monetary policies; however, these results are not found among private enterprises. This phenomenon may be due to the stronger power to obtain and control trade credit by state owned enterprises. Our results reveal the relationships between trade credit and R&D investments under different monetary policies, emphasizes the importance of the ability to obtain and control trade credit, and provide a new method for companies who are facing financing constraints in R&D investments to solve their problems.