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中文摘要：
宏观调控政策对于微观企业投融资行为的影响，已成为公司金融领域重要研究热点。以2011—2015年沪深两市749家上市公司为样本，文章对中国货币政策调控对于企业研发投入的影响效应、作用渠道及货币政策扰动对这种影响效应的调节作用进行探讨。研究显示：货币政策宽松对企业研发投入水平具有显著地正向影响；中国货币政策对于企业研发投入的影响渠道在需求效应与供给效应两方面均成立；货币政策扰动负向调节货币政策与企业研发投入的关系，弱化货币政策对企业研发投入的影响效应。
英文摘要：
The impact of macroeconomic regulation on the enterprises investment and fiancing behavior is receiving much attention from both academic field and practice field. Based on a sample of listed companies from 2011 -2015, the paper empirically examines the impact of monetary policy on the enterprise R＆D expenditure, influence mechanism and the adjusting influence of monetary policy disturbance. The conclusions are as follows： Firstly, loose monetary policy has significantly incentive positive on the enterprise R＆D expenditure. Secondly, montary policy has both demand effect and supply effect on the enterprise R＆D expenditure in China. Thirdly, monetary policy disturbance has a negative moderating effect on the relationship between monetary policy and enterprise R＆D expenditure.
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