货币政策会影响银行、资本市场和企业的风险承担行为，而企业创新又有高风险特征，所以货币政策对企业创新应该有重要的影响。本项目通过横向和纵向拓展新近发展起来的货币政策风险承担传导渠道理论，研究货币政策通过影响银行风险承担、资本市场风险承担和企业风险承担进而影响企业创新的内在机理和实际效应，并分析这种影响效应的特征及调节因素。创新之处在于：①现有文献极少关注货币政策对企业创新的影响，更没有从风险承担视角来研究这种影响，本项目以风险承担为中间传导变量研究货币政策对企业创新的影响，填补了这方面的研究空白；②将单一的银行风险承担渠道拓展为包括银行风险承担、资本市场风险承担和企业风险承担在内的传导渠道系统，并将风险承担传导渠道从“货币政策→风险承担”延伸到“风险承担→企业创新”，从而拓展了货币政策风险承担传导渠道理论；③首次阐明货币政策通过风险承担对创新投资和一般投资的影响差异及其原因，并进行实证检验。

Monetary policy could affect the risk-taking of banks, capital market and enterprise, and meanwhile corporate innovation has a characteristic of high risk. Thus corporate innovation has a close relationship with monetary policy. This project is based on the newly developed theory on monetary policy transmission channel by bank risk-taking, and studies the mechanism of monetary policy's effect on corporate innovation by influencing the risk-taking behavior of banks, capital market investors and companies. Unbalanced dynamic panel model and system GMM are used to empirically test the influence of monetary policy's effect on corporate innovation through risk-taking, and analyze characteristics and factors of the effectiveness. The innovations of this project are as follows: ① Existing studies barely focus on monetary policy's influence on corporate innovation, But this project studies the influence of monetary policy on corporate innovation using risk-taking as the intermediary variable, which fills the blank field on this regard.②This article expands the single bank risk-taking channel into a channel system including bank risk-taking, investor risk-taking and corporate risk-taking, and expands the risk-taking transmission channel from "monetary policy →risk-taking" to "risk-taking→corporate innovation", which deepens and extends monetary policy risk-taking transmission channel theory. ③The article finds there are differences between the effect of risk-taking channel on corporate innovation investment and the effect of risk-taking channel on normal corporate investment, and illuminates the generative mechanism of this difference, and will provide Empirical evidences。