摘要
Abstract
Private enterprises,especially high-tech enterprises,as the main body of China to achieve the transformation from high-speed development to high-quality development,often need a large amount of capital investment in R&D investment,and compared with debt financing,equity financing can better match the enterprise's innovation activities,optimize the financing structure by increas-ing the proportion of equity financing in the innovation investment of private enterprises,and be able to solve the problem of mismatch of financing in the field of technological innovation.And monetary policy plays a key role in improving the financing structure.Howev-er,the existing relevant empirical studies have not reached a consistent conclusion on how monetary policy plays a role in different ini-tial financing structures,and there is a lack of relevant simulation analysis based on DSGE.In view of this,this paper analyzes the rel-evant issues by constructing a DSGE model incorporating financing structure and monetary policy.This study identifies that:The posi-tive shock of equity financing will increase the success rate of R&D and the rate of technological progress and increase with the rise of the share of equity in the financing structure;The negative shock of interest rate induced by monetary policy easing will increase the to-tal equity financing and promote technological progress,and increase with the rise of the share of equity in the financing structure.Based on this,the paper puts forward policy recommendations,arguing that equity investment and diversified financing channels should be promoted,the financial structure should be optimized,reliance on debt financing should be reduced,and monetary policy should be improved in order to promote technological progress and corporate innovation.关键词
融资结构/货币政策/技术创新/DSGE模型Key words
financing structure/monetary policy/technological innovation/DSGE model分类
管理科学
