Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model

R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&a...

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Autores principales:	Jingyuan Yang, Ling Wang, Ziyuan Sun, Fangming Zhu, Yihui Guo, Yan Shen
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	R&D investment smoothing behavior financing constraints monetary policy uncertainty pharmaceutical manufacturing enterprises threshold regression model Medicine R
Acceso en línea:	https://doaj.org/article/4294aa07f8f84c2c8062f9cd7c8a8bcb
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spelling	oai:doaj.org-article:4294aa07f8f84c2c8062f9cd7c8a8bcb2021-11-11T16:40:22ZImpact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model10.3390/ijerph1821115601660-46011661-7827https://doaj.org/article/4294aa07f8f84c2c8062f9cd7c8a8bcb2021-11-01T00:00:00Zhttps://www.mdpi.com/1660-4601/18/21/11560https://doaj.org/toc/1661-7827https://doaj.org/toc/1660-4601R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of −13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D.Jingyuan YangLing WangZiyuan SunFangming ZhuYihui GuoYan ShenMDPI AGarticleR&D investment smoothing behaviorfinancing constraintsmonetary policy uncertaintypharmaceutical manufacturing enterprisesthreshold regression modelMedicineRENInternational Journal of Environmental Research and Public Health, Vol 18, Iss 11560, p 11560 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	R&D investment smoothing behavior financing constraints monetary policy uncertainty pharmaceutical manufacturing enterprises threshold regression model Medicine R
spellingShingle	R&D investment smoothing behavior financing constraints monetary policy uncertainty pharmaceutical manufacturing enterprises threshold regression model Medicine R Jingyuan Yang Ling Wang Ziyuan Sun Fangming Zhu Yihui Guo Yan Shen Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
description	R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of −13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D.
format	article
author	Jingyuan Yang Ling Wang Ziyuan Sun Fangming Zhu Yihui Guo Yan Shen
author_facet	Jingyuan Yang Ling Wang Ziyuan Sun Fangming Zhu Yihui Guo Yan Shen
author_sort	Jingyuan Yang
title	Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
title_short	Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
title_full	Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
title_fullStr	Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
title_full_unstemmed	Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model
title_sort	impact of monetary policy uncertainty on r&d investment smoothing behavior of pharmaceutical manufacturing enterprises: empirical research based on a threshold regression model
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/4294aa07f8f84c2c8062f9cd7c8a8bcb
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_version_	1718432293293391872

Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model

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