关键词: 中期借贷便利（MLF）, 企业创新, 融资约束, 公司治理

Abstract: In the process of Chinas highquality economic development，enterprise innovation plays a vital role This paper focuses on exploring the impact of monetary policies，especially innovative monetary policy tools，on enterprise innovation Specifically，taking the exogenous event of the expansion of the collateral for the Mediumterm Lending Facility （MLF） as an entry point，and using the differenceindifferences model，it conducts a multidimensional analysis by comparing the differences in the innovation output of enterprises whose bond collateral nature has changed before and after the policy implementation
Based on the research，this paper draws the following conclusions：Firstly，after the central bank implemented the policy of expanding the collateral for the MLF，the innovation output of enterprises has shown a significant increase This phenomenon indicates that this policy has played a positive and effective role in promoting enterprise innovation，injecting strong impetus into enterprise innovation activities，and verifying the positive correlation between innovative monetary policies and enterprise innovation output from the perspective of actual data
Secondly，considering the characteristic that the implementation of the MLF policy highly depends on the participation of bank institutional investors，the expansion of the collateral policy demonstrates a unique impact mechanism On the one hand，it can strengthen the supervisory role of banks as creditors，making enterprises pay more attention to longterm strategic planning in the process of business decisionmaking and increasing their investment in research and development This supervisory role is like an “invisible hand”，guiding enterprises to focus on longterm development and avoid shortterm behaviors，thus creating a favorable internal governance environment for innovation activities On the other hand，more intuitively，the expansion of the MLF collateral policy can effectively reduce the bond issuance costs of enterprises and provide sufficient and stable financial support for enterprises to carry out research and development activities 
Finally，the promoting effect of innovative monetary policies on enterprise innovation output shows obvious heterogeneity among different types of enterprises Specifically，for nonstateowned enterprises and those with low credit ratings，innovative monetary policies have played a crucial role By effectively alleviating the financing constraint problems faced by enterprises，they have significantly enhanced the innovation output of these enterprises This reflects the unique value of this policy in helping such relatively disadvantaged enterprises break through the capital bottleneck and stimulate innovation vitality In regions with a high concentration of banks and among enterprises that had a closer borrowing relationship with banks before the policy shock，innovative monetary policies can more effectively enhance the innovation output of enterprises by strengthening the supervisory role of banks as creditors 

Key words: Medium-term Lending Facility （MLF）, corporate innovation, financing constraints, corporate governance