文章以2007-2014年已披露R&D支出的沪深A股上市公司为样本，实证检验了货币政策、会计稳健性与企业R&D投资之间的关系。结果发现：我国上市公司会计信息总体较为稳健，并且在货币政策紧缩阶段会计稳健性更高；会计稳健性与企业R&D投资显著负相关，这种负相关关系在民营企业中更为明显；进一步研究发现，紧缩的货币政策可以通过会计稳健性来间接影响微观企业R&D投资行为，与国有企业相比，货币政策的这种作用在民营企业中更显著。%Based on the panel data of R&D investment of Shanghai and Shenzhen A-shares listed companies revealed in their financial statements from 2007 to 2014,this paper empirically tests the relationship between monetary policy,accounting con⁃servatism and corporate R&D investment. The results show that the overall accounting information of Chinese listed companies is relatively robust and more stable in the stage of tight monetary policy. There is a significant negative relationship between ac⁃counting conservatism and corporate R&D investment and this negative relationship between them in private enterprises is more obvious. The further study finds that,tight monetary policy can indirectly affect the microscopic corporate R&D invest⁃ment behavior through the accounting conservatism. Compared with the state-owned enterprises,the effect of monetary policy is more significant in the private enterprises.
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